On the move

Ant Financial's Lucy Peng to helm Lazada Group

Lucy Peng (pictured), chairwoman of Ant Financial Services Group, an affiliate of Alibaba Group Holding Ltd, was appointed CEO of Lazada Group, in which Alibaba has a substantial stake. Lazada leads online shopping in Southeast Asia. Peng's appointment came after Alibaba pledged an extra $2 billion to Lazada. Meanwhile, Lazada's founder and former CEO Max Bittner will become a senior advisor at Alibaba. Peng said she is excited about future opportunities in e-commerce development in the Southeast Asian market. Currently, e-commerce accounts for only 3 percent of the region's retail, indicating huge potential for future business growth.

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