19 Mar Ant Group restructures part of its businesses into units, promotes veteran finance chief as president to spur growth
Developing | Ant Group restructures part of its businesses into units, promotes veteran finance chief as president to spur growth
Ant Group will restructure part of its operations into several independently run business units and promote its finance chief to oversee what China’s dominant electronic payments service calls a “series of organisational changes” to spur its growth.
Ant International, OceanBase, and Ant Digital Technologies will each set up a board of directors as an independently operated business unit, according to a letter to employees seen by the Post.
Cyril Han Xinyi, a 10-year veteran of the group and Ant Group’s Chief Financial Officer since 2020, will be promoted to president, reporting to Ant Group’s chairman and chief executive Eric Jing, the letter said. Han, who has been with the group since 2014, will be responsible for payment, connectivity and digital finance business, the letter said.
Jing will take on the additional role as chairman of Ant’s international business, with Yang Peng acting as CEO. Ni Xingjun will be the chairman of OceanBase, which manages the group’s financial database, while Yang Bing is named chief executive.
Ni will also be the chairman of Ant Digital Technologies, one of several companies participating in Hong Kong’s wholesale central bank digital currency (wCBDC) platform pilot. Zhao Wenbiao was appointed CEO of Ant Digital Technologies, while Geoff Jiang leaves as president for “personal and career plans”, according to the letter.
The restructuring is “but one of the countless phases of growth in the future of Ant,” Jing wrote in his email. “Ant Group will continue to foster an inspiring environment for more new [businesses] to grow and blossom, and to create greater social value as they step out to thrive in the market place.”
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