Biden administration defends World Bank pick over TikTok business ties

The Biden administration supported its defense Nominated to Lead Over his tenure with the World Bank Business connections ByteDance is TikTok’s Chinese parent, and the video app is at the forefront in a push to regulate financial ties between China and the United States.

General Atlantic’s vice-chairman, Major investor in ByteDance Ajay Banga was nominated by more than 20 Chinese companies. prompted questions About the White House As bipartisan backlash grows over China’s influence operations, the vetting process is being reworked.

BIDEN-WORLD BANK PICK’S CHINESE BOARD TIES RISE VETTING QUESTIONS

A spokesperson for the Treasury Department distanced the nominee’s firm from TikTok in a statement supporting Banga. Washington Examiner Friday “General Atlantic’s investment in ByteDance predates Banga’s work there.”

Banga’s past experience as a Mastercard executive, a global payment company, is a testimony to his commitment to protecting consumer information.

“From his tenure at Mastercard, Banga knows firsthand the importance of taking concrete measures to protect the data privacy of consumers,” This official from the Treasury Department added.

Banga is the president and CEO for Mastercard in 2020. It is possible to win China’s central bank granted approval for the access to its $27 trillion payments marketplace. This long-serving executive is also a member of the board for Singapore’s $298 Billion state investment fund, Temasek. Check out these lists China’s exposure at 22%

China’s potential military and economic ambitions have been under closer scrutiny by Washington.