Ant Group, the fintech giant affiliated with Alibaba Group, has announced a significant reorganization of its mobile payment platform, Alipay. The company is splitting the platform into two business units: the Digital Payment Business Group and the Alipay Business Group. This strategic move aims to foster innovation and drive future growth.
The Digital Payment Business Group will focus on developing cutting-edge payment products, integrating multiple departments, including the Online Payment and Offline Payment units. Meanwhile, the Alipay Business Group will prioritize expanding Alipay’s user base and monetizing its services through divisions such as advertising and digital products.
Cyril Han Xinyi, Ant Group’s president, highlighted this shift as a milestone in Alipay’s transformation from a utility-based software to a comprehensive internet platform. The restructuring reflects the company’s commitment to digitizing the service industry. A new “rotating presidential system” will be implemented for these units, with presidents serving six-month terms to ensure dynamic leadership.
This move follows Ant Group’s broader reorganization efforts, announced in March, which divided its operations into independently-run business units. These include Ant International, database operator OceanBase, and Ant Digital Technologies, each with their own boards of directors. Cyril Han, who has served as CFO since 2020, was recently promoted to company president and is set to assume the CEO role in March next year. Liu Zheng, a veteran of Alibaba and former CFO of Cainiao, has been named Ant’s new financial chief.
Amid these developments, speculation has grown about the potential revival of Ant Group’s IPO, which was halted by regulators in 2020. However, the company recently denied having immediate plans for a public listing despite its extensive corporate restructuring.
Earlier this month, Jack Ma, founder of Alibaba and Ant Group, made a rare public appearance at Alipay’s 20th-anniversary celebration in Hangzhou. He expressed confidence in Ant’s future, stating his belief in the potential for “more miracles” in the next 20 years.
Ant Group’s restructuring marks a pivotal moment in its journey to adapt to a rapidly evolving fintech landscape while continuing to innovate and expand its services. The new structure underscores its commitment to staying at the forefront of digital payment solutions and broader industry transformation.
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