Jack Ma's Ant Group has been forced to restructure by authorities in China.
Jack Ma
The billionaire businessman is set to restructure the company so that the financial technology firm acts more like a bank going forwards.
The move by the Chinese authorities forms part of a wider plan by the government to reign in the country's fast-growing tech companies.
As part of the restructure, the Ant Group - China's biggest payments provider - will face stricter regulatory oversight.
Ant has also agreed to create a personal credit reporting company, thereby preventing the abuse of data.
Ma - the co-founder of both Ant Group and Alibaba - has recently seen his business empire targeted by new regulatory changes.
The latest changes came after Ma criticised regulators in China, hinting that the rules and regulations were actually damaging for the country's long-term future.
Meanwhile, a report recently suggested that Bitcoin mining in China could threaten the country's emissions targets.
The world's most populous country hopes its emissions peak in 2030, and by 2060, its intention is to be carbon neutral.
However, new research suggested that the carbon footprint of the cryptocurrency could derail those plans, with a group of academics warning that its footprint is as large as one of China's ten largest cities.
The study reads: "Without appropriate interventions and feasible policies, the intensive bitcoin blockchain operation in China can quickly grow as a threat that could potentially undermine the emission reduction effort taken place in the country."