Topic
Ant Group is a digital financial services company that owns and operates Alipay, one of two dominant mobile payment platforms in China (the other is WeChat Pay). The company began life as part of the e-commerce giant Alibaba, which owns the South China Morning Post. It was spun off in 2011. Ant Group originates loans to consumers and companies, and is the largest provider of microfinance services in China. It also provides investment and insurance products on its platform, as well as technical solutions to payment companies. In late 2020, the company aborted initial public offerings in Shanghai and Hong Kong under heavy regulatory scrutiny. This has since been regarded as the start of the Chinese government’s crackdown on Big Tech that lasted more than 2.5 years.
Foreigners having trouble making mobile payments in China is just a trivial issue when it comes to the cost of its walled internet.
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.
- In 2023, China saw 56 new start-ups reaching a valuation of over US$1 billion, according to the Hurun Global Unicorn Index
- China had a quarter of the world’s known unicorns, led by those in the artificial intelligence, semiconductor and new energy sectors
Mobile payments made through 16 wallets supported by Alipay+ now account for 10 per cent of total tourist spending in Japan, unit president Douglas Feagin says.
Hong Kong’s Global Shipping Business Network has finished a prototype of its first electronic bill of lading in collaboration with Ant Group’s ZAN blockchain unit.
The move is the biggest overhaul since Ant Group’s US$39.7 billion IPO was foiled by regulators in 2020, two days before shares were due to commence trading in Shanghai and Hong Kong.
Alibaba will develop native HarmonyOS applications for platforms including its Cainiao courier service and food delivery app Ele.me.
Ant Group’s Alipay and Tencent’s WeChat Pay are enhancing operations to make it easier for foreign travellers to pay for goods and services on the mainland, the world’s largest cashless society.
Shenzhen’s municipal government plans to boost the number of its native apps built on HarmonyOS and push for their adoption across major sectors, including education, healthcare, banking, transport and welfare.
The Year of the Dragon may have signalled the return of the overseas Chinese tourist, with preliminary data from Alipay showing a 7 per cent increase in transactions this year compared with 2019.
Ant Group and the Shanghai municipal government have struck a partnership that would see the two parties deepen their collaboration in fields such as blockchain and artificial intelligence.
The founder also warns staff to focus on ‘safety, not speed’ when venturing into new fintech services like loans and insurance, according to Chinese media reports and people familiar with the situation.
The move comes as China has waived visa requirements for travellers from several countries, while Chinese tourists are expected to head abroad during Lunar New Year.
The new unit, called NextEvo, will drive and coordinate Ant’s core AI efforts, according to people familiar with the matter.
The credit-scoring company appears to be headed for official approval to begin operations after a wait of more than two years, with the People’s Bank of China guiding its application, official says.
The newly formed working group is tasked with building, maintaining and promoting metaverse industry standards, China’s technology regulator says.
Hong Kong, the world’s top IPO destination in seven of the past 15 years, fell to 8th place last year, a miserable year at a two-decade trough, as 68 companies raised US$5.9 billion, according to Refinitiv’s data.
Octopus says it will open up its payment networks for the first time in 26 years to UnionPay, Alipay and AlipayHK.
The People’s Bank of China announced on Saturday that Alipay.com Co has no controller, paving the way for owner Ant Group’s IPO.
A handful of Chinese technology start-ups are poised to go public during 2024 or early 2025, with most of these firms looking to make their trading debut in Hong Kong.
The online marketing drive by start-up 1.8 Meters marks another step in Alibaba founder Jack Ma’s efforts to branch out into agriculture and sustainable food production.
The strategic cooperation between Ant and Huawei underscores the growing momentum of HarmonyOS’ adoption in the world’s biggest e-commerce and smartphone market.
The Climate transition, wealth management and digitalisation of the financial sector will be among key drivers of Asia’s economy, a conference organised by BIS and the HKMA heard on Tuesday.
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.
