Jack Ma, executive chairman of the Alibaba Group, said on Tuesday that the Alipay unit, part of the company’s financial services arm, “will definitely go public.” Launched in China in 2004, the online payment service reportedly has the largest market share in the country with 300 million users.
“The main goal of listing isn't for more money, but to let more people share in and be part of it,” Ma said in an interview with CCTV, China's official state broadcaster, on the company's annual Singles' Day shopping festival.
However, Ma did not say when the Alipay unit would go public nor did he specify if it would be Alipay or its parent, Zhejiang Ant Small and Micro Financial Services Group that would be listed, Reuters reported.
According to an announcement from Alipay last month, the company will focus on biometric technologies that use fingerprint and facial identification to make the service’s digital payments more secure.
Last month, Jack Ma and Apple CEO Tim Cook both expressed an interest to partner with each other. Such a partnership is expected to provide both companies greater visibility in the other's dominant markets.