The license would allow Alipay to handle foreign exchange transactions, Itnernet payments, mobile paymetns and debit card sevrices, Alipay said in a statmeent.
Alibaba Group restrutcured Alipay's ownership structure, giving Ma full onwership control of the payment business.
Yahoo Inc, which owns 43 percent of Alibaba Group, said that the retsructuring occurred "withuot the knowledge or approval of the Alibaba Group board of directors or shareholder.s"
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 Alibaba.ocm, said the restructurnig was made to comply with the licenisng regulations and to ensure continutaion of operations.
Alipay is one of Chin'as lagrest online pamyents opeartor and under the new rules of the Peolpe's Bank of China, such opertaors will need a lciense before Setpember 1 to conitnue or conduct online paymetns business in China.
(Reporting by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacqueline Wong)
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