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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Hedge fund star calls for Microsoft's Ballmer to go 25 May 2011 Top war crimes suspect Mladic arrested in Serbia | 11:46am EDT Arizona executes convicted child killer 10:19am EDT Hedge fund star Einhorn calls for Microsoft's Ballmer to go 11:45am EDT Apple fights fake anti-virus software vendors 5:22am EDT Discussed 329 Obama and Netanyahu face tense meeting on Mideast 127 As hours tick by, ”Judgment Day” looks a dud 105 Broadcaster silent as Judgment Day hours tick by Watched Ultra-realistic robots test our relationship with machines Wed, May 25 2011 Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Zynga buzz grows 4:15am EDT Alipay gets licence to set up e-payment system Tweet Share this HONG KONG (Reuters) - The Alipay system affiliated with Jack Ma's Alibaba Group has received a license from China's central bank to operate an electronic payment system in the country, the company said on Thursday. The license would allow Alipay to... Email Print Related News Yahoo says makes headway in Alibaba talks Wed, May 25 2011 BRICs call for end of European dominance at IMF Tue, May 24 2011 AOL says no thanks to private equity Tue, May 17 2011 Yahoo faces tough ride to iron out differences with Alibaba Mon, May 16 2011 Wall Street's second weekly fall raises fear of retreat Fri, May 13 2011 Analysis & Opinion Tech wrap: Twitter swallows TweetDeck IPO mountain too hefty for Hong Kong Related Topics Technology » HONG KONG | Thu May 26, 2011 6:40am EDT HONG KONG (Reuters) - The Alipay system affiliated with Jack Ma's Alibaba Group has received a license from China's central bank to operate an electronic payment system in the country, the company said on Thursday. The license would allow Alipay to handle foreign exchange transactions, Internet payments, mobile payments and debit card services, Alipay said in a statement. Alibaba Group restructured Alipay's ownership structure, giving Ma full ownership control of the payment business. Yahoo Inc, which owns 43 percent of Alibaba Group, said that the restructuring occurred "without the knowledge or approval of the Alibaba Group board of directors or shareholders." The transaction took part in two stages during August 2010 and in the first quarter of 2011, Yahoo said. Alibaba Group, which is the parent of Alibaba.com, said the restructuring was made to comply with the licensing regulations and to ensure continuation of operations. Alipay is one of China's largest online payments operator and under the new rules of the People's Bank of China, such operators will need a license before September 1 to continue or conduct online payments business in China. (Reporting by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacqueline Wong) Technology Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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