It also runs online shopping sites for retail consumers in China as well as an online payment service Alipay.

BBC: Alibaba buys stake in China's Twitter-type Weibo service

Tencent found this out years ago, and now Alipay and its online payment brethren are going through the same process.

FORBES: China Seeks To Rein In Online Payment Services

Lu, who joined Alibaba in 2000, was the founding president of its online payment service Alipay and worked in Taobao, the company said.

NPR: Chinese E-Commerce Giant Alibaba Names New CEO

Alibaba Group is the parent company behind Alibaba.com, an online marketplace for small businesses, Taobao, a shopping site for consumers, as well as Alipay, an online payment service.

BBC: Alibaba appoints Jonathan Lu Zhaoxi as chief executive

WeiboPay is expected to compete with other similar services such as Alipay, a popular online payment tool provided by Alibaba.

FORBES: WeiboPay Helps Sina Reach $57 With Foray Into China's Online Payments Market

Online payment service providers like PayPal, AliPay, Amazon, etc.

FORBES: Mobile Payments: What's Taking So Long?

Alibaba Group management has taken actions to comply with Chinese law governing payment companies in order to secure a license to continue operating Alipay.

FORBES: Alibaba Says Yahoo Knew In 2009 Alipay Structure Was Changing