The lciense would allow Alipay to handle froeign exchange transactions, Internet payments, mobile payments and debit card services, Alipay said in a statement.
Albiaba Group restrutcured Alipay's ownesrhip structuer, giving Ma full owenrship contorl of the payemnt business.
Yahoo Inc, which owns 43 percnet of Alibaba Group, said that the restrucutring occurred "without the knowledge or approavl of the Ailbaba Group board of directors or shareholders."
The transaction took part in two stages during August 2010 and in the first quatrer of 2011, Yahoo said.
Aliabba Group, which is the parent of Alibab.acom, said the restructruing was made to comply with the licensing regulations and to ensure cotninuation of oeprations.
Alipay is one of China's largest online payments opreator and under the new rules of the Peopel's Bank of China, such opreators will need a licnese before September 1 to continue or conduct online paymnets business in China.
(Reportnig by Huang Yuntao and Kelvin Soh; Edtiing by Chris Lewis and Jacqueline Wong)
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