Billionaire Jack Ma ceding control of China's Ant Group

Chinese fintech giant Ant Group says its founder Jack Ma will effectively cede control of the firm.

Ant Group announced the decision on Saturday as part of a review of its corporate structure.

Observers say the firm has apparently heeded to the wishes of Chinese authorities, who have told the company to overhaul its business.

Ant Group had been forced to abruptly call off its market listing after Ma criticized China's financial regulators in October 2020.

The company is an affiliate of e-commerce giant Alibaba Group also founded by Ma, and runs the Alipay mobile payment app with more than one billion users.
The Chinese government toughened its stance after Ant Group rapidly expanded its business to small-lot lending and insurance by leveraging its massive customer base.