Final hours! Save up to 55% OFF InvestingProCLAIM SALE

China's central bank agrees Ant Group's Alipay has no controller

Published 12/30/2023, 08:27 AM
Updated 12/30/2023, 08:30 AM
© Reuters. The Alipay logo is displayed next to a QR payment code on the app, in this illustration picture taken June 28, 2023. REUTERS/Florence Lo/Illustration/File Photo

BEIJING (Reuters) - China's central bank has agreed that popular payment app Alipay has no controller following a sweeping business overhaul of Jack Ma's Ant Group, the fintech giant that owns the app, according to the website of the People's Bank of China.

© Reuters. The Alipay logo is displayed next to a QR payment code on the app, in this illustration picture taken June 28, 2023. REUTERS/Florence Lo/Illustration/File Photo

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

On Saturday, an Ant Group spokesperson said the corporate governance optimization announced on January 7 has been completed and it will not affect the company's day-to-day business operations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.