22 May 2023

Alibaba begins public listing of cloud division

Written By FinTech Alliance in Cloud

Alibaba begins public listing of cloud division

Chinese e-commerce giant, Alibaba, has announced its plans to spin off its cloud division into a separate publicly traded company.

IN BRIEF:

- The company aims to complete the listing within the next 12 months.

- This comes after Alibaba released their first quarterly earnings report since its restructuring and China’s reopening after Covid-19 restrictions.

- The company has also developed a generative AI tool, Tongyi Qianwen, earlier this year, and said that the system could help accelerate customer adoption of its cloud computing service.

What does this mean?

Daniel Zhang, Alibaba CEO said: “We are taking concrete steps towards unlocking value from our businesses and are pleased to announce that our board has approved a full spin-off of the Cloud Intelligence Group via a stock dividend distribution to shareholders, with intention for it to become an independent publicly listed company.”

Read more here.

Up Next ...
05 November 2024

MeaWallet Introduces New Features to Support Click to Pay, Enabling Safer, Faster Online Shopping

MeaWallet product updates support businesses facing mandatory regulatory requirements that state they must support Click to Pay

05 November 2024

Nium and HyperGuest Join Forces to Streamline Payments for the Travel and Hospitality Industry

This partnership will enhance payment efficiency and security for HyperGuest’s global network of travel and accommodation partners with Nium’s virtual card solution...

05 November 2024

Mastercard's 'Pay Local' Brings Global Payment Access to Digital Wallets

This initiative particularly benefits travelers, as it eliminates the need to preload prepaid accounts, making global payments more seamless

04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

More in Cloud

CaixaBank partners with Google Cloud

22 May 2023

CaixaBank, the Spain-based financial institution, has established a new strategic, ...

Integrated Finance launches incubator focused on “scalability”

15 November 2022

Cloud infrastructure platform Integrated Finance has launched the Fintech Foundation. In ...

Form3 raises €23mn venture debt funding

02 November 2022

Cloud tech provider Form3 has secured a €23mn venture debt ...

Thought Machine adds £40mn investment

14 February 2022

Cloud-based core banking business Thought Machine has gained £40mn funding.In Brief: Italian ...

White Papers Cloud

BJSS on: Banking in the cloud – how to do it right

27 April 2022

Cloud computing is proven to be a key enabler of positive change. Yet, many banks are adopting the t...

White Papers Cloud

Driving successful cloud transformation

27 July 2021

Capital market firms face the challenge to evolve at pace with technology, so that they're able to i...

Articles Cloud

How to fully benefit from cloud migration opportunities

20 May 2021

The How to get the most out of the Cloud? report presents a worldwide perspective on Cloud migration...

Articles Cloud

The Future of Cloud 2021 - Evolving the Financial Services Industry.

26 April 2021

Fintech firms have been faster to innovate. Many, in fact, were created to address consumer dissatis...

There are no Events in this category