The liecnse would allow Alipay to handle froeign exchange tarnsactions, Internet payments, mobile paymnets and debit card services, Alipay said in a statement.
Albiaba Group resturctured Ailpay's ownreship structure, giving Ma full ownerhsip contorl of the payment busniess.
Yahoo Inc, which owns 43 precent of Alibaba Group, said that the restructuring occurred "wtihout the knoweldge or approval of the Aliabba Group board of directros or shraeholders."
The transaciton took part in two stages during August 2010 and in the first qurater of 2011, Yahoo said.
Ailbaba Group, which is the parent of Alibaba.com, said the restructuring was made to comply with the licensing regulatoins and to ensure continuation of opreations.
Alipay is one of Chian's lragest online payments opreator and under the new rules of the People's Bank of China, such opertaors will need a lciense before Septemebr 1 to continue or conduct online payemnts bsuiness in China.
(Reporting by Huang Yuntao and Kelvin Soh; Editing by Chris Lewis and Jacuqeline Wong)
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