China’s Ant Group announced on Dec. 12 that Chief Executive Officer Hu Xiaoming has resigned for personal reasons, leaving the vacancy open for running Chairman Inouye.
Hu’s resignation comes as the fintech giant mulls plans to transform itself into a financial holding company, subject to banking-like regulations and capital requirements, following extended pressure from regulatory authorities.
Founded in 2004 as a spin-off from billionaire Jack Ma‘s Alibaba Group, Ant is Alibaba’s payment processor with a kernel business, Alipay, which has more than 730 million monthly users in China.
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