Ant Group, founded by Jack Ma and which operates the AliPay electronic payment service for Alibaba Group’s Taobao Marketplace, Tmall and AliExpress e-commerce platforms, is the world’s biggest fintech company. Based in the Zhejiang provincial capital of Hangzhou, Ant Group is an affiliate of Alibaba, which owns the South China Morning Post. Ant Group also provides asset management and money-market investment services, loans to consumers and enterprises, as well as technical solutions to payment companies.
After all the regulatory tweaks and ratifications, Chinese president’s statement is the clearest sign yet that the reform campaign for sector is done for now.
As many of the country’s tech founders hand over the reins, it’s worth remembering that once start-ups grow to a certain size they need professional managers to take over.
The intervention by Chinese policymakers to calm panic is welcome but took too long, writes Wang Xiangwei.
Tighter rules on data protection will also impose greater discipline on an industry that is crucial to innovation and productivity gains.
Beijing has made it clear that action against Alibaba and Ant Group seeks healthier development of the industry, while economic stability remains a top priority.
Future growth depends on the tech sector, but if the tech giants are allowed to run wild, it will defeat the purpose of propelling the economy forward.
The Chinese leader’s message promoting digital trade and common rules comes as the US is walking back its long-standing commitment to free trade.
Ant CEO says the fintech group is doubling down on global expansion and working with partners to support growth in four areas – travel, trade, technology and talent.
Ant Group, the fintech affiliate of e-commerce giant Alibaba, announced a new global expansion strategy on Tuesday, as it doubles down on the overseas market via a new office in Singapore.
Users of digital wallets from China Mobile, China Telecom and China Unicom can now make payments by scanning WeChat QR codes, in Tencent’s latest effort to improve interoperability of tech services under Beijing’s directive.
The Chinese fintech giant said its Bailing large language model will also be used across its various operations to help the firm develop more innovative AI products.
Senior officials of eastern Zhejiang province called on Alibaba’s top management, led by new chairman Joe Tsai, to boost investment in frontier tech research and promote innovation in digital technology.
The development of a green fintech ecosystem in the Asia-Pacific region requires a standardised sustainability reporting framework and regional collaboration, according to an industry report.
The start-up’s other investors included Ant Group, Meituan, Xiaomi and HongShan, the Chinese venture capital firm spun off from the former Sequioa Capital.
The affiliate of Alibaba Group Holding pays 1.54 billion yuan (US$210.5 million) for a parcel for new office buildings in Hangzhou, a ‘clear sign’ that Ant is ‘back on its growth track’, a property investor says.
The list of registered app stores in the country includes Xiaomi, Oppo, Vivo, Huawei and even Samsung, but not the mainland’s fourth-largest smartphone brand.
Ampere Partners, a boutique Hong Kong-based firm founded by former Morgan Stanley deal makers Crawford Jamieson and Daniel Wetstein, will act as financial adviser on the deal, which could raise US$1 billion.
Users who click on some advertisements placed on Tencent’s WeChat Channels will be directly taken to Alibaba’s Taobao and Tmall, the companies say.
The 10 Asian digital payment services now supported by Ant’s ‘Alipay+-in-China’ programme cover a total population of more than 175 million in Southeast and East Asia.
There were 66 mainland technology, media and telecommunications enterprises that went public in the first half of the year, down from 124 in the second half of 2022, according to PwC.
Consortium loan comes after Ant secured regulatory approval to expand the capital base at its consumer credit unit late last year.
Ant Group’s foray into the LLM arena underscores the increased competition among China’s Big Tech firms to help the country close the gap with the West in building innovative generative artificial intelligence services.
Eric Jing Xiandong said the e-CNY could be as valuable to industrial internet use as mobile payments were for consumer use.
Vijay Shekhar Sharma, also CEO of Paytm, increased his stake at the firm after purchasing shares from Ant Group subsidiary Antfin amid broader concerns about Chinese ownership in Indian fintech firms.
From September 1, tourists using Alipay and several affiliated digital wallets can make electronic payments in Seoul via local service ZeroPay.
The fintech affiliate of Alibaba is expanding support to several Asian e-wallets through its Alipay+ service to smooth travel to its home city.
Jack Ma, founder of e-commerce giant Alibaba, delivered a video speech to rural teachers on Sunday, as the Chinese billionaire continues to focus on the agricultural and education sectors.
The Ministry of Industry and Information Technology requires all mobile app providers to submit their business details to the government or face punishment.
Alipay’s latest initiative, announced ahead of the 2023 Asian Games in Hangzhou, underscores efforts in China to make it easier for foreign tourists to make payments in the country’s cashless society.
Jack Ma has made several international trips to learn about sustainable food production in the past few years, as he turns his attention to the sector after life at Alibaba.
Chinese cities from Beijing to Hangzhou have inked cooperation deals with internet giants, as the country’s top leaders signal an end to two years of tech crackdowns.
“Alibaba has decided that it will not sell any shares to Ant under the proposed share repurchase, so as to maintain its shareholding,” the company said in a stock exchange filing.
Since Beijing quashed Ant Group’s IPO in November 2020, a Big Tech crackdown spanning more than two years has left no big industry player unscathed.
Tencent Holdings’ WeChat Pay e-wallet unit and US payments platform Flywire have streamlined the payments process for Chinese students abroad, making it easier for them to pay their tuition fees as part of a new partnership.