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Jack Ma's Alipay caps online loan rates at 24 pc

To better protect the interests of consumers, we decided to impose the rule on limiting interest rates to 24 per cent for products being marketed on Lifestyle, the company said

Jun Luo Bloomberg 

Alipay, China’s leading internet payments platform, will enforce a cap of 24 per cent on interest rates charged by lenders on its site as Chinese authorities are said to be preparing to crack down on so-called online microlenders. The platform, part of the Ant Financial business controlled by billionaire Jack Ma, said in an emailed statement that it recently discovered some lenders charging rates that exceed the legal limit and using “inappropriate methods to collect debt”. “To better protect the interests of consumers, we decided to impose the rule on ...

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First Published: Sun, November 26 2017. 01:17 IST
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