Ant Group, China’s greatest operator of cell cost techniques, is selling its finance chief Cyril Han Xinyi to the CEO publish from subsequent 12 months to freshen its high administration and drive the subsequent section of development after greater than 20 years in enterprise.
Han, the group’s present president and chief monetary officer, will take over from Eric Jing Xiandong from March 1 with the duty for all enterprise segments and every day administration, in line with a December 8 e-mail to staff seen by the Submit. Jing will stay because the group chairman.
“Within the decade since he joined Alipay in 2014, Cyril has made necessary contributions to the group’s growth with strategic acumen, dedication and professionalism,” Jing stated within the e-mail to staff. “Cyril has received deep belief and recognition from the complete crew along with his modesty, candour, selflessness and equity. I’m 100 per cent assured that Cyril will lead the crew to scale new thrilling heights past our expectations.”
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Former funding banker Cyril Han Xinyi joined Alibaba Group Holding. Photograph: Handout alt=Former funding banker Cyril Han Xinyi joined Alibaba Group Holding. Photograph: Handout>
Alibaba Group Holding derived 2.48 billion yuan (US$353 million) of revenue from Ant Group within the six-month interval to September 30, based mostly on its 33 per cent fairness stake within the unit, up from 846 million yuan from the identical interval in 2023. Alibaba is the proprietor of the South China Morning Submit.
Primarily based in Hangzhou in japanese Zhejiang province, Ant Group owns Alipay which managed 55 per cent of China’s cell funds market on the finish of 2023, in line with Statista. WeChat Pay, its greatest rival owned by Tencent Holdings, had a 37 per cent share. China is projected to course of US$12.8 trillion value of digital-payment transactions in 2029 versus US$8.6 trillion in 2024, Statista stated.
Jing will relinquish the CEO publish he has held since taking up from Lucy Peng in October 2016. He grew to become the chairman in April 2018. Sunday’s announcement got here on the twentieth anniversary of Alipay and Ant Group.
Han labored as an funding banker at China Worldwide Capital Corp for a decade earlier than becoming a member of Alibaba Group Holding in 2011 within the finance division. He moved to Ant Group in 2014 and have become its CFO in April 2020. He has been an government director since January 2023, in line with knowledge printed on its web site. He was made the group president in March.
Ant Group launched in September a stand-alone synthetic intelligence (AI) app often known as Zhixiaobao, a digital healthcare and monetary assistant, in its effort to show massive language fashions into shopper companies. It launched Alipay Faucet in July, a contactless cost service that has since been adopted by 2,300 retailers together with McDonald’s and Household Mart.
Ant Worldwide, the group’s world enterprise unit based mostly in Singapore, has additionally seen sturdy development this 12 months, with 4 pillar companies – Alipay+, Antom, WorldFirst and Embedded Finance.
Alipay+, its cross-border cell cost and digitalisation expertise options, has linked over 90 million retailers in 66 markets to 1.6 billion person accounts as of November, with collaboration with 35 cost companions together with wallets and banking apps, in line with an organization assertion.
“Powering this 20-year journey of perseverance, resilience and glory, is the relay of our ardour and imaginative and prescient from one era of Ant teammates to a different,” Jing stated within the e-mail. “Throughout vital battle positions, a youthful era of leaders are stepping as much as tackle strategic obligations. They know the longer term higher; and so they have higher strengths to create the longer term.”
“At present opens a brand new decade for Ant Group,” he added. “This absolutely will likely be an much more thrilling and galvanizing journey of innovation and journey.”
This text initially appeared within the South China Morning Post (SCMP), probably the most authoritative voice reporting on China and Asia for greater than a century. For extra SCMP tales, please discover the SCMP app or go to the SCMP’s Facebook and Twitter pages. Copyright © 2024 South China Morning Submit Publishers Ltd. All rights reserved.
Copyright (c) 2024. South China Morning Submit Publishers Ltd. All rights reserved.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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