China’s Ant Group appoints new president in biggest reshuffle since regulatory revamp
HAN Xinyi will become president of China’s Ant Group and some units of the financial technology company will set up their own boards of directors to operate more independently, according to a source who saw an internal email from Ant CEO and chairman Eric Jing on Tuesday (Mar 19).
Ant Group did not immediately respond to a request for comment.
The organisational changes flagged in Jing’s email constitute the biggest shake-up in the Jack Ma-founded fintech group since it was fined US$984 million by Chinese authorities last July.
That penalty, one of the largest fines for an Internet company in China, drew to a close a years-long regulatory overhaul of the group.
Han will be responsible for Ant’s digital payments, digital connectivity and digital finance businesses and will report to Jing, the source said, citing the internal email.
Meanwhile, three divisions – Ant International, OceanBase, and Ant Digital Technologies – will set up respective boards of directors to become independently operated business units.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Ant operates China’s ubiquitous mobile payment app Alipay and in mid-2020, before its IPO was pulled, it was valued by some investors at more than US$300 billion. REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Bank of Singapore takes action against employees for misusing medical benefits
UBS weighs synthetic risk transfer amid capital boost proposals
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore