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Breakingviews – How Ant fell into fintech’s middle-income trap

HONG KONG, Feb 9 (Reuters Breakingviews) – It’s been almost ten years since the company now known as Ant tipped China’s clunky financial system on its head. The pivotal moment was the launch of Yu’e Bao, a service that lets online shoppers shift their payment balances into a money-market fund for a …

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