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Recently, the People's Bank of China (PBOC) approved a change of de facto control of Alipay (China) from individual control to cross-shareholding of affiliated companies and become a corporate legal person. This change has caused widespread concern, and people are confused about the reasons for this decision and the possible implications. The PBOC's agreement that Alipay has no actual controller means that there is no clear individual or group within Alipay or in its equity structure that can directly or indirectly hold, control or possess its actual ownership or control. In this case, Alipay will adopt a business model without actual controllers, which may have an important impact on the future development of Alipay.
Alipay no longer has an actual controller, which means that decisions are no longer made by individuals, but by shareholders collectively discussing and voting. This makes Alipay's decision-making more fair and just, and avoids the personal bias of the actual controller in the decision-making. In addition, the absence of an actual controller also means that Alipay will further strengthen its legal transparency, compliance and risk prevention. In the future, Alipay's ownership structure and control distribution will be more transparent, and there will be no hidden or ambiguous actual controllers. This cooperation between Alipay and other financial institutions will also be supervised and supported by the central bank, providing better conditions for Alipay's development.
Although the business model without an actual controller may reduce Alipay's operational efficiency, in terms of benefits, decision-making will be more transparent, prudent, and more attentive to the interests of shareholders. This model can also ensure that Alipay takes the road of stable operation, and the decision-making is biased towards low risk, providing a more stable foundation for Alipay's future development. In addition, Ant Group, as the backing of Alipay, and companies such as Hang Seng Electronics and Cathay Pacific Property and Casualty, which are strongly related to it, will no longer have surnames, which means that any decision of Alipay in the future will need to go through a complex collective decision-making process. This will further strengthen Alipay's legal transparency, compliance and risk prevention, and can better adapt to the regulatory requirements for listing.
For ordinary consumers, Alipay's lack of actual controller means that the money in Alipay is safer, and consumers don't have to worry about Ma Yun or Ali not being able to withdraw money after something goes wrong. In addition, this change is also positive for bank stocks, as banks are no longer at risk of being disrupted by the online payment business of internet giants. The absence of an actual controller of Alipay may be related to the central bank's promotion of digital currency, and if Alipay does not have an actual controller, the digital currency may be more conveniently connected to the Alipay platform to provide consumers and merchants with more payment options. This also clears the way for the promotion of central bank digital currencies.
However, the absence of an actual controller of Alipay may also pose some problems. The dispersion of the shareholding structure may lead to disagreements and conflicts of interest among shareholders, increasing the uncertainty of the company's operations and internal disputes. Therefore, the management and shareholders especially need to standardize their operations to ensure the stability and inventory of corporate governance. At the same time, the industry is still optimistic about the future development of Alipay, and it will be interesting to see.
In short, the central bank's approval of the change of Alipay without an actual controller has attracted widespread attention. This change will make Alipay's decision-making more fair, just and transparent, and strengthen its legal compliance and risk prevention. Although it may reduce operational efficiency, it will help to develop steadily and cooperate with other financial institutions. For the average consumer, Alipay has become more secure;There is also a positive effect on the promotion of bank stocks and central bank digital currencies. However, it is also necessary to pay attention to the cooperation and standardized operation between management and shareholders to ensure the stability and inventory of corporate governance. The industry is still optimistic about the future development of Alipay, but it still needs to wait and see.
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