China’s bank approves: Ant Group’s Alipay controllerless and epic!

In a recent announcement, China’s central bank has agreed that Alipay, owned by Jack Ma’s Ant Group, has no controller due to a business overhaul that saw Ma give up most of his voting rights. The corporate governance optimization announced in January has now been completed, and Ant Group’s day-to-day business operations will not be affected. This news comes after months of regulatory scrutiny and an abandoned IPO by Ant Group in November 2020. The central bank’s agreement further solidifies the separation between Jack Ma and Ant Group, potentially giving the company more stability moving forward.