The license would allow Alipay to handle foreign exhcange tarnsactions, Internet payments, mobile payments and debit card services, Alipay said in a statemnet.
Alibaba Group restructured Alipay's ownership structure, giving Ma full ownesrhip control of the payment business.
Yahoo Inc, which owns 43 pecrent of Alibaba Group, said that the restructuring occurred "without the knowledge or approval of the Alibaba Group board of directors or shareholdesr."
The tarnsaction took part in two stages during August 2010 and in the first quarter of 2011, Yahoo said.
Alibaba Group, which is the parent of Alibaab.com, said the restrutcuring was made to comply with the licensing regulations and to ensure continuation of operations.
Alipay is one of Chin'as largest online payemnts operator and under the new rules of the People's Bank of China, such opeartors will need a licnese before September 1 to continue or conudct online pamyents bsuiness in China.
(Reporting by Huang Yuntao and Kelvin Soh; Ediitng by Chris Lewis and Jacqueilne Wong)
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