Ant Group executives are stepping down as partners of affiliate company Alibaba as the two biggest tech firms in China seek distance from one another against a backdrop of increased regulatory oversight.
CEO and Chairman Eric Jing and Chief Technology Officer Xingjun Ni left Alibaba four months ago along with seven other executives, according to Alibaba’s annual report published on Tuesday (July 26).
Alibaba executives Simon Hu and Shuai Wang retired and are also no longer part of the partnership, CNBC reported.
See also: 2C2P Teams With Ant Group to Advance Digital Payments in Southeast Asia
Established in 2010, the Alibaba Partnership was set up to preserve the culture envisioned by the company’s founders including Alibaba founder Jack Ma and current Chairman and CEO Daniel Zhang. Ant Group, an Alibaba affiliate, runs the Alipay mobile payments wallet in China.
Ant Group has been trying to separate itself further from Alibaba since its $37 billion initial public offering (IPO) was thwarted by regulators in China at the end of 2020. It has since had to carry out reforms under the scrutiny of China’s central bank.
Read more: Ant Group Intros ANEXT Bank in Singapore
Ant Group rolled out a new bank in Singapore dubbed ANEXT Bank after receiving approval from the Monetary Authority of Singapore (MAS), PYMNTS reported in June.
Controlled by billionaire Jack Ma, Ant Group was granted one of the first banking licenses issued by MAS, granting it permission to deliver financial services to big clients that would include financial institutions and corporations.
Related: FinTech Ant Group Hires for Singapore Digital Bank
In May, Ant Group was looking to fill 20 new positions in Singapore as the company expanded across Southeast Asia, adding to its estimated 300 employees there.
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