Merchant Innovation

Ant Financial Names New CEO

Ant Financial Services Group, Alibaba’s online and mobile financial services affiliate, shuffled some of its top executive positions over the weekend and named a new chief executive officer, according to Reuters.

Eric Jing, formerly Ant’s president, has been named the company’s new CEO, while current CEO and Executive Chairman Lucy Peng will now just serve as the company’s executive chairman.

The changeover will take place on Oct. 16 and will see Jing responsible for the day-to-day management and leadership of Ant Financial, while Peng focuses on “guiding corporate strategy, overseeing talent development and nurturing the company’s corporate culture,” according to a statement from Alibaba.

Ant Financial also runs the Chinese eCommerce giant’s payment platform, Alipay, which is the dominant payment platform in China. Alibaba is looking to expand Alipay into other regions and territories.

Ant Financial is valued at $60 billion and, besides Alipay, also offers wealth management and insurance products. Alipay was founded in 2004.

Bloomberg reported that Ant Financial is eyeing an IPO in Hong Kong for next year.

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