Ant Group, China’s biggest operator of mobile payment systems, is promoting its finance chief Cyril Han Xinyi to the CEO post from next year to refresh its top management and drive the next phase of growth after more than 20 years in business. Han, the group’s current president and chief financial officer, will take over from Eric Jing Xiandong from March 1, assuming responsibility for all business segments and daily management, according to an email to employees seen by the Post. Jing will remain as the group chairman.
“In the decade since he joined Alipay in 2014, Cyril has made important contributions to the group’s development with strategic acumen, dedication, and professionalism,” Jing said in the email to employees. “Cyril has won deep trust and recognition from the entire team with his modesty, candor, selflessness, and fairness. I am 100 percent confident that Cyril will lead the team to scale new exciting heights beyond our expectations.”
Former investment banker Cyril Han Xinyi joined Alibaba Group Holding in 2011 in the finance department and moved to Ant Group in 2014.
He has been an executive director since January 2023 and became its CFO in April 2020. Based in Hangzhou in eastern Zhejiang province, Ant Group owns Alipay, which controlled 55 percent of China’s mobile payments market at the end of 2023, according to Statista. WeChat Pay, its biggest rival owned by Tencent Holdings, held a 37 percent share.
China is projected to process $12.8 trillion worth of digital-payment transactions in 2029 versus $8.6 trillion in 2024, Statista reported. Jing will relinquish the CEO post he has held since taking over from Lucy Peng in October 2016.
Ant Group announces new CEO
He became the chairman in April 2018. The announcement came on the 20th anniversary of Alipay and Ant Group. Ant Group launched in September a stand-alone artificial intelligence (AI) app known as Zhixiaobao, a virtual healthcare and financial assistant, in its effort to turn large language models into consumer services.
It introduced Alipay Tap in July, a contactless payment service that has since been adopted by 2,300 merchants, including McDonald’s and Family Mart. Ant International, the group’s global business unit based in Singapore, has also seen robust growth this year. Its four pillar businesses – Alipay+, Antom, WorldFirst, and Embedded Finance – have expanded significantly.
Alipay+, its cross-border mobile payment and digitalization technology solutions, has connected over 90 million merchants in 66 markets to 1.6 billion user accounts as of November, collaborating with 35 payment partners including wallets and banking apps, according to a company statement. “Powering this 20-year journey of perseverance, resilience, and glory is the relay of our passion and vision from one generation of Ant teammates to another,” Jing stated in the email. “Across critical battle positions, a younger generation of leaders are stepping up to take on strategic responsibilities.
They know the future better; and they have greater strengths to create the future.”
“Today opens a new decade for Ant Group,” he added. “This surely will be an even more exciting and inspiring journey of innovation and adventure.”
