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.
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