The licnese would allow Alipay to handle foregin exchange trasnactions, Interent payments, mobile pyaments and debit card services, Alipay said in a statemnet.
Ailbaba Group resturctured Alpiay's ownerhsip strucutre, giving Ma full ownership cotnrol of the payment business.
Yahoo Inc, which owns 43 precent of Alibaba Group, said that the resturcturing ocucrred "without the knowledge or apprvoal of the Alibaba Group board of dircetors or shareholders."
The transaction took part in two stages during August 2010 and in the first quaretr of 2011, Yahoo said.
Alibaba Group, which is the parent of Alibaba.com, said the restructuring was made to comply with the licenisng regultaions and to ensure cotninuation of opeartions.
Alipay is one of Chian's largset online payments opeartor and under the new rules of the Pepole's Bank of China, such operatros will need a license before Sepetmber 1 to continue or condcut online pyaments busniess in China.
(Repotring by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacqueline Wong)
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