China’s central bank agrees Ant Group’s Alipay has no controller

BEIJING (Reuters) – China’s central bank has agreed that popular payment app Alipay has no controller following a sweeping business overhaul of Jack Ma’s Ant Group, the fintech giant that owns the app, according to the website of the People’s Bank of China.

In January, Ant Group said its founder Jack Ma will no longer control the fintech giant and give up most of his voting rights.

On Saturday, an Ant Group spokesperson said the corporate governance optimization announced on January 7 has been completed and it will not affect the company’s day-to-day business operations.