Ant Group, a leader in financial technology based in China, is undergoing significant organisational restructuring, which includes the appointment of Han Xinyi as the new President of the company.
This information comes from an internal email sent by the group’s CEO and Chairman, Eric Jing, which was revealed by a source familiar with the matter.
This reorganisation represents the most substantial change within the Jack Ma-founded company since it faced a US$984 million (HK$7.6 billion) fine from Chinese regulators in July last year, marking the end of a comprehensive regulatory review.
According to the source, Han Xinyi will oversee Ant Group’s core operations, including digital payments, digital connectivity, and digital finance sectors, directly reporting to Eric Jing.
Additionally, the restructuring will establish independent boards of directors for Ant group’s divisions: Ant International, OceanBase, and Ant Digital Technologies. This move aims to allow these units to operate more autonomously.
Ant Group, renowned for its Alipay mobile payment application, faced a significant shift in its operational and regulatory landscape following the halted initial public offering (IPO) in 2020. Some investors estimate that the company’s valuation exceeded US$300 billion (HK$2.34 trillion).
Ant Group has yet to comment officially on these organisational changes.
Featured image credit: Edited from Ant Group
