Jack Ma’s Alipay Reign Officially Over, IPO Back on Track

China’s central bank has agreed that payment app Alipay no longer has a controller after a sweeping business overhaul of Jack Ma’s Ant Group, the fintech giant that owns the app, putting its long-awaited IPO back on track.

The People’s Bank of China announced the decision concerning Alipay.com Co, one of Ant’s major entities in China, on its website on Saturday.

Also on AF: China’s Factory Slump Deepens, Stimulus Pressure Grows

In January, Ant Group said its founder Jack Ma would no longer control the fintech giant and would give up most of his voting rights.

Now, a year later, a group spokesperson has said the ‘corporate governance optimisation’ had been completed and it will not affect the company’s day-to-day business operations.

Reuters with additional editing by Sean O’Meara

Jack Ma to be a Visiting Professor at Tokyo University

China Allows Ant Group to Release Finance AI Products to Public

China’s Ant Group Facing $1.1bn Fine, to End PBOC Revamp

Jack Ma Returns to China in Sign of Easing Tech Crackdown

Sean O’Meara

Sean O’Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

Source link