After founding Ant Group in 2014, Chinese billionaire Jack Ma is now ceding control of the company as part of Ant’s corporate structure changes. Chinese billionaire and Alibaba founder, Jack Ma, will no longer control the fintech giant Ant Group as part of recent changes to the company’s corporate structure. Ant Group officially announced that…
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Chinese billionaire Jack Ma recently agreed to give up control of Ant Group as part of changes to the fintech’s corporate structure, which will supposedly not have an impact on “the economic interests of any shareholders of Ant Group and their beneficiaries.” Once the process is complete, no single shareholder will have control over Ant…
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Major tech and commerce firms have been instrumental in helping China’s central bank develop the digital yuan. Major Chinese technology and commerce firms are starting to open up regarding their involvement in developing the digital yuan. Ant Group and Tencent Holdings revealed the extent of their collaboration with the People’s Bank of China in developing…
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The notion of China racing to launch a CBDC that will end U.S. monetary supremacy doesn’t hold up if you look at the facts on the ground. For the past several years, the trade war between China and the U.S. has been at the center of international relations, with technology playing an outsized role. Within…
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Tencent-backed WeBank and Ant Financial-backed MYbank will reportedly be the first private banks to join China’s digital yuan pilot. China’s central bank is pushing exposure to its ongoing national digital currency pilot by enlisting two major private banks in the project. According to a Feb. 22 Bloomberg report, MYbank and WeBank will help the People’s…
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Lawmakers are prepping new tools to pursue tech firms accused of anti-competitive business practices. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note As they say, the sun never sets on the Google empire. That said, the role of antitrust law in tech…
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A representative for the Jack Ma Foundation confirmed to reporters that the businessman had “participated in the online ceremony of the annual Rural Teacher initiative event on January 20.” Jack Ma, the founder of Chinese e-commerce group Alibaba, has made his first public appearance since October, bringing almost three months of intense speculation about his possible whereabouts…
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The trade war with China homes in on the country’s thriving digital payments industry. With just two weeks left in office, President Donald Trump has sent out a new executive order targeting Chinese payment apps. The Tuesday order bars United States citizens or people located in the U.S. from using nine Chinese payment apps. It continues the…
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The current conservative international financial system doesn’t suit young people or young economies, says Ma. Jack Ma, the now-retired founder of Alibaba Group, recently spoke to a crowd of bankers and regulators at the Bund Summit in Shanghai about the role digital currencies will likely play in the future global financial system: “Digital currency could create…
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Alipay is seeking to lure 44 million merchants with mini programs to expand services for the firm’s 900 million users. Billionaire Jack Ma, owner of payment app Alipay, seeks to lure 44 million merchants to expand services for the app’s 900 million users in everything from real estate purchases to restaurant and cinema bookings, according…
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