businessUpdated: Dec 24, 2020, 15:46 ISTOne of China’s top companies, tech-giant Alibaba, is being investigated by regulators on charges of monopolistic practices, the government announced Thursday. The SAMR investigation will focus on the monopolistic behaviour, the so-called “choosing one from two” practice and coaxing merchants to sign exclusive cooperation pacts, which then prevents them from offering products on rival platforms. Separately, the People’s Bank of China, the China Banking Regulatory Commission and China Securities Regulatory Commission will also meet affiliate Ant Group for “supervisory and guidance” talks. Ant Group is the developer of AliPay, an ubiquitous mobile payment system in China, which has also invested in India’s Paytm. “Alibaba will actively cooperate with regulators to complete the investigation,” according to the statement, adding that the company’s business operations remain unaffected.

Source: Hindustan Times December 24, 2020 08:19 UTC