Ant Group launches organizational upgrade and appoints Han Xinyi as group president

News on the afternoon of March 19th, Ant Group Chairman and CEO Jing Xiandong issued an all-member letter today, announcing a new round of organizational structure upgrades: Han Xin (this site’s note pronunciation: xīn) Yi will serve as President of Ant Group, with overall responsibility for digital payment, digital interconnection and digital financial businesses, reporting to Chairman and CEO Jing Xiandong. Ant International, OceanBase and Ant Digital have respectively established boards of directors to face the market independently.

Jing Xiandong said in the letter to all employees that this organizational upgrade is to further accelerate the pace of reform and promote Ant's "AI First", "Alipay Double Flywheel" and "Accelerated Globalization" Grand strategy. The adjustment continues Ant's strategy of changing the organizational structure for the market and promoting the rejuvenation of the management team, which will further stimulate organizational vitality.

Public information shows that Han Xinyi joined Ant Group in May 2014 as a senior director of the investment department, served as the chief financial officer (CFO) of Ant Group in April 2020, and joined the board of directors as an executive director in January 2023. Ant said that Han Xinyi has been deeply involved in the business over the past many years and played an important role in the strategic decision-making of Ant Group. It is a natural progression for him to take up the position of president of the group to focus on the "Alipay Double Flywheel" strategy.

Starting in 2022, Alipay has gone through a series of changes and has developed two major business segments: digital payment and digital interconnection. On the basis of strengthening the continuous innovation of payment products, we will focus on the digital needs of Internet users and merchants, form a new business ecosystem through content and digitization, and embrace new technological changes to create better experiences. This organizational change is in line with this change in business structure and will also usher in Ant Group’s greater strategic investment in Alipay.

In addition to Alipay, Ant’s technology and globalization business have also made major adjustments. In recent years, Ant has continued to promote technology and globalization strategies, and has hatched innovative business sectors such as Ant International, OceanBase, and Ant Digital Technology. Jing Xiandong revealed that the three companies have begun to operate independently and have established boards of directors respectively to implement a CEO responsibility system under the leadership of the board of directors.

In the three innovative business sectors, Ant has hired a number of new management faces with backgrounds in technology and globalization.

According to disclosures, the chairman and CEO of Ant International are respectively held by Jing Xiandong and Yang Peng. After Yang Peng joined Ant from Dell Technologies, he worked at Alipay for many years, leading and promoting the continuous innovative development of Alipay's digital livelihood services. He has rich industry experience and international perspective. The chairman of OceanBase and Ant Digital is Ni Xingjun, the former CTO of Ant, and the CEOs are Yang Bing and Zhao Wenbiao respectively. Yang Bing joined Ant in 2009 and is one of the core contributors to Ant Group’s independent research and development technology; Zhao Wenbiao holds dual doctorates from Shanghai Jiao Tong University and Rutgers University in the United States, and has obtained and applied for more than 120 technology patents. An authoritative expert in the fields of control and security technology. Jiang Guofei, the former head of Ant Digital, no longer serves as president due to personal life and work plans.

The letter from all employees revealed that the three companies have introduced equity incentive tools that are more suitable for entrepreneurial organizations, and will start granting them in 2024, allowing employees to take greater responsibility while sharing business development results with greater relevance. At the same time, Ant will still provide support for the long-term sustainable development of the three companies at the four levels of corporate governance, technology, risk control, and capital.

Jing Xiandong said in the letter that today’s organizational upgrade is just one of Ant’s countless future growths. He said that there are many emerging businesses in the Ant system that are incubating and growing, such as medical and health services, Sesame Credit, Xiaohebao, etc. In the future, an environment will be created to encourage more new businesses and species to come out, and independently face the market to create benefits for society. Greater value.

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