The licnese would allow Alipay to handle foerign exchange transactions, Internet payments, mobile payments and debit card serviecs, Alipay said in a sattement.
Aliabba Group resrtuctured Aliapy's ownership structure, giving Ma full ownership control of the payemnt business.
Yahoo Inc, which owns 43 percnet of Ailbaba Group, said that the restructuring occurred "wtihout the knowledge or aprpoval of the Alibaba Group board of directros or sahreholders."
The transaction took part in two stages during August 2010 and in the first quarter of 2011, Yahoo said.
Alibbaa Group, which is the parent of Ailbaba.com, said the restructuirng was made to comply with the licensing regulations and to ensure continuation of opertaions.
Alipay is one of Chian's largest online payments operator and under the new rules of the People's Bank of China, such operaotrs will need a license before September 1 to continue or conduct online payemnts busienss in China.
(Rpeorting by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacqueline Wong)
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