Alipay is becoming an unregulated entity
Ant Group, the company that owns the popular payment app Alipay, has almost completed preparations for Alipay to have no regulator. China's leading financial technology company has taken this initiative to achieve a strong corporate governance and long-term sustainable development plan of Alipay. News Reuters and China Daily.
Earlier in January, Ant Group announced that its founder, Jack Ma, would not control Alipay. He will relinquish most of his controlling powers.
China's central bank, the People's Bank of China (PBC), has approved Ali's plan. The bank has now listed Alipay as an unregulated institution.
