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China is breaking down walls and breaking down the powers of its Big Tech businesses at a pace that regulators and politicians in the US can only dream of.
The two largest Chinese technology companies, Alibaba and Tencent, promised to open their online empire on Monday and end the lack of interoperability between their platforms.
Tencent’s payment systems are currently not available on Alibaba’s websites and vice versa. Links to Alibaba’s online shopping malls cannot be placed on Tencent’s messaging application WeChat. Short videos of ByteDance, the owner of TikTok and its Chinese sister app Douyin, can also not be posted on WeChat.
But our China team reports that both companies summoned after a meeting with the Ministry of Industry and Information Technology (MIIT) last week, says they will now give competitors access to their “walled gardens”. The meeting was also attended by ByteDance, Baidu, NetEase, Huawei and Xiaomi.
‘We support the decision of the Ministry of Industry and Information Technology and [will] implement it in phases, ”said Tencent. Alibaba said it would “fully comply” with the ministry’s demands.
At the same time, we learned that Beijing Alipay, the super-app of Jack Ma’s Ant Group that has more than 1 billion users, wants to break up and create a separate app for the company’s profitable lending business, in the most visible restructuring yet of the fintech giant.
Regulators have already ordered Ant to separate the two lending units of the company, Huabei, which is similar to a traditional credit card, and Jiebei, which makes small unsecured loans, from the main business. Now officials want these lending companies to have their own independent app as well.
According to the plan, Ant will also have to transfer the user data that lends its decisions to a new and separate joint venture that earns credit, which is partly state-owned, according to two people familiar with the process. “The government believes that the monopoly of big technology is the monopoly of their technology,” said a person close to financial regulators in Beijing. “It wants to put an end to it.”
If you missed it, The Great Read last week looked at the vision of Chinese leader Xi Jinping on how data should be protected and used to boost the economy and order people’s lives.
The internet of (five) things
1. Kape buy ExpressVPN
A UK-listed digital privacy company run by billionaire Teddy Sagi, acquires one of the world’s most renowned virtual private network providers. Cape Town’s agreement with buy competitor ExpressVPN of its founders for $ 936 million in cash and shares is one of the biggest to hit a UK technology company in recent years. Sagi features in us new list of the top 100 British entrepreneurs and look at our analysis why the UK does not succeed in producing any dominant technology companies. Poor is possibly the closest to it in terms of global influence and Ken Costa argues An IPO from London would be the best outcome for the chip designer.
2. South Korea’s crypto restriction on ‘kimchi coins’
South Korean cryptocurrency traders are ready for losses of more than Won3tn ($ 2.6 billion), as two-thirds of the country’s crypto exchanges will be wiped out in a regulatory overhaul. In other crypto news, Coinbase is the largest cryptocurrency exchange in the US ready to borrow $ 1.5 billion of mortgage investors this week. European hedge fund Brevan Howard will ‘expand significantly’ its invasion of digital assets with the launch of a new unit focused on the industry. Alphaville says news of a Walmart link with Litecoin, cryptocurrency definitely not true.
3. Ireland fails to enforce EU law against Big Tech
Ireland is failure to apply the EU’s privacy laws to US Big Tech companies, according to privacy activists. Google, Facebook, Apple, Microsoft and Twitter all have their European headquarters in Dublin. The FT View, on the UK’s cutbacks of key safeguards of the EU’s general data protection regulation, as set out in a consultation unveiled on Friday, is that this is not the way to go.
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4. Japan acknowledges late risks of cyber war
Japan has finally begun launching its Digital Agency — a new cybernetic government arm created by analogous panic over the large amount of paperwork involved in day-to-day government. But if it gets so embarrassing, Japan will pay a reputation price for its decades – long footsteps, writes Leo Lewis.
5. Apple’s prospects in cars and in court
Before the unveiling of the iPhone 13 tomorrow, Read our analysis his chance to start an Apple car soon. Patrick McGee too judge Friday’s court ruling, where the U.S. judge who chaired Epic Games’ high-profile anti-trust case against Apple refuses to give a full victory.
Technical week ahead
Monday: Oracle, the business software provider whose shares have risen 40% this year, gives its results in the first quarter after the market closed.
Tuesday: The iPhone 13 and a appeal Watch Series 7 is expected to be revealed at an event at headquarters starting at 10:00 a.m. in the Pacific. SEC Chairman Gary Gensler will testify before the Senate Banking Committee and then expect questions about crypto exchanges his recent warnings. SpaceX The first all-civilian crew is launched into space, with the Inspiration 4 mission as a philanthropic endeavor, with the goal of raising $ 200 million for St Jude’s Children’s Hospital in Memphis, Tennessee.
Friday: Shareholders of Alibaba will meet in Hangzhou for its annual meeting. The group of two fellows experienced negative headlines, including from a case of sexual assault with employees, which prosecutors dropped last week. It also struggles with Beijing’s crackdown on alleged monopolistic practices by technology enterprises.
Technical tools-Maverick’s hands-free jetpack
It looks like something out of a movie and the first images of Maverick Aviation se jetpack released today features chief technology officer Matt Denton, who worked on animatronics and control systems for the Star Wars series. The jetpack is geared towards more serious challenges, such as maintenance work, inspections and rescues, and is designed to operate hands-free so people can make safer flights, and precise landings on structures that are difficult to access — from wind turbines to military hardware and construction projects. The British start-up Maverick says that the jetpack can be reconfigured as a heavy-duty drone that can be controlled remotely and carry ten times the weight of current systems of the same size on the market — easy enough to handle an accident like a haunted one. to bring climber to safety. The first manned test flight is for next summer and the company is looking for further investment to take the jetpack to market.