(Yicai Global) April 09 -- Ant Financial Services Group, the fintech affiliate of Alibaba Group Holdings Ltd., will install Chief Executive Officer Eric Jing as its new chairman, replacing the incumbent Lucy Peng, who will head up Lazada Group SA, the company's Southeast Asian e-commerce concern.
The Hangzhou-based operator of Alipay, one of the world’s largest mobile payment platforms, thanked Peng for her contributions during her reign at Ant Financial in an internal communique sent out to staff today.
Alibaba Chairman Jack Ma confirmed Peng's move to Singapore-based Lazada, as Yicai Global first reported on March 19. The e-commerce heavyweight holds an 83 percent-stake in Lazada, a key component of the company’s global expansion strategy, and has invested USD40 billion in total since taking control in 2016. The firm most recently injected USD2 billion last month to boost the platform’s development.
Ant Financial stalwart Jing will continue to serve as CEO in addition to taking on the role of chairman, the company confirmed. He joined Alibaba in 2017 acting as chief financial officer of Alipay before becoming chief operating officer of Ant Financial upon its inception in 2014. He took over the reigns from Peng as the fintech giant’s CEO in 2016.
Peng has helped to steer the development of Ant Financial since its establishment and had previously served as senior vice president of Alibaba.