Translated by: MOS Finance Team Yufeihong
JP Morgan recently announced a partnership with Alipay to provide U.S. credit card payment services for Alibaba’s website, the Voice of America reported on Oct. 13. JP Morgan has become the only global bank that can manage the market payment cycle, while Ant Group has the opportunity to enter the U.S. digital payment field and small and medium-sized enterprises involved in the United States.
Such a partnership would mean that U.S. consumers shopping on Alibaba’s website would go through Alipay. However, last month news broke that the Chinese government planned to split Alipay’s parent company, Ant Group, and force Ant Group to hand over user data to a company partially owned by the Communist Chinese government. Jack Ma’s Ant Financial Services is already in the hands of the Chinese Communist Party.
This has raised concerns among Western observers who fear that this cooperation could give the Chinese Communist Party’s military access to the U.S. user data and the government access could become a national security risk.
The Chinese Communist Party’s pervasive global infiltration and its access to and control of other countries’ financial services pose an even greater security threat. Unfortunately, few in the West have noticed the existential threat.
Proofread by: Redd
Posted by: Redd
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