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Alibaba, Ant Group agreed to terminate data-sharing agreement, annual report says

( July 27, 2022, 05:30 GMT | Official Statement) -- MLex Summary: Chinese e-commerce giant Alibaba and its fintech affiliate Ant Group agreed to terminate their data-sharing agreement on July 25, according to the annual report for the fiscal year ending March 31, released yesterday. Following the termination, the companies are set to negotiate the terms of data sharing arrangements on a case-by-case basis to the extent necessary for each party to provide services to their respective customers and in line with applicable laws and regulations, the report said. Alibaba and Ant entered into a data sharing agreement in 2014 which would have expired in 2064. The dissolution of the agreement comes against the backdrop of the government’s continuous financial oversight on Ant Group and heightened scrutiny of data violations, after the country's data privacy law and data security law took effect last year. The statement is attached: ...

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