Ant Group reshuffles top management at Alipay

August 2, 2022 0 Comments

Eric Jing Xiandong, Ant Group chairman, will relinquish his role as legal representative and chairman of Co, a digital payment app of Ant Group, as the Alibaba’s fintech affiliate nears the end of a corporate restructuring aimed at easing government concerns.

“This is a normal corporate governance practice and is part of our efforts to continue strengthening corporate governance,” said an Alipay spokeswoman on Tuesday.

Eric Jing’s departure come as Seven Ant Group executives including chief technology officer, president of Alibaba’s international business group and chief human resource officer retired or were no longer part of the Alibaba partnership.

According to Alibaba’s latest annual report, the seven executives were no longer Alibaba partners as of May 31 this year.

The employee of Alibaba’s affiliated companies can no longer be partners after Alibaba Group Holding changed the corporate rules.

Since the halted IPO, Ant Group has had to implement reforms under the scrutiny of China’s central bank. Ant Group is currently trying to transition into a financial holding company.

As part of reforms, Ant has already redesigned its micro-lending products on its Alipay app. Ant’s lending service Huabei, which means “just spend” in Mandarin, has been fully integrated into a government credit-reporting system overseen by China’s central bank in September last year.

Since then, Huabei users would be asked to authorize sharing of credit information with the PBOC credit reporting system.

Jing took over the legal representative position at Co from Lucy Peng Lei, one of 18 founding members of Alibaba, before climbing to the top of Ant Group. Co, the corporate entity that holds Alipay’s payment license, started off a digital payment technology service in 2014, and later expanded into a digital lifestyle platform after opening up its platforms to millions of service providers, enabling these third-party vendors to offer service such as food delivery and hotel booking, retail, healthcare on its mobile payment platform.

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