Alipay owner Ant Group has appointed current chief financial officer Han Xinyi as its new president, according to an internal email from chairman and CEO Eric Jing on Tuesday. The move is part of the firm’s biggest overhaul since the cancellation of its IPO in late 2020, with the fintech company also deciding to grant three of its units operational independence. Why it matters: The restructuring is likely to grant more flexibility for businesses within the fintech affiliate universe of Alibaba and is intended to unleash their growth potential under Ant’s globalization strategy. Details: The reshuffle is “just one of many” in Ant’s future growth, said Jing, adding that, “we will create an environment that encourages more emerging businesses, and creates greater value for society” (our translation). Ant International, commercial database OceanBase, and Ant Digital Technology, the three “innovative businesses” that will become independently operated subsidiaries, will set up their own board of directors and reduce their reliance on the group.