Alibaba Group has announced the company’s completed restructured relationship with Zhejiang Ant Small and Micro Financial Services (Ant Financial) – now officially parent company of Alipay and Alibaba’s small- and medium-sized enterprise (SME) loan business.
Alibaba Group and Ant Financial first agreed on a purchase agreement prior to Alibaba’s IPO in September 2014. The restructuring sees Alibaba reduce its risks involved with the loan business and refocus on the e-commerce sector. According to Alibaba, Alipay has more than 300 million registered users and processes more than 80 million transactions per day as of December 2014.
Source: Business Strategies Group Hong Kong – www.bsgasia.com