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Evening Standard
Evening Standard
Business
Simon Hunt

Jack Ma-owned London fintech WorldFirst shifts Asia business away from UK oversight in major shake-up

Jack Ma fintech United Kingdom London Asia Ant Group

Jack Ma-owned London fintech WorldFirst has shifted its Asia business away from UK oversight in a major restructuring, the firm’s accounts published today show.

WorldFirst Asia, a business unit which accounted for around two-thirds of the company’s revenues and 70% of its profits, has been transferred to an Asian subsidiary of billionaire Ma’s Ant Group. WorldFirst said it took the decision in January based on “the strategic alignment of the legal entities.”

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