China’s $7.6 Trillion Online Payments Market Is No Longer Enough For Jack Ma’s Ant Financial [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
Jack Ma's Ant Financial grew to become one of China’s largest fintech platforms by providing e-wallet services and online investments to hundreds of millions of consumers. But amid mounting regulatory pressure, Ant has sights on a new market. Ant’s president of advanced technology business group, Geoff Jiang, told FORBES ASIA in an interview that the operator of the popular Alipay e-wallet wants to offer Chinese banks a wide range of technology products and services. Although the company spent years competing with them in payments and wealth management, it now plans to sell in-house expertise to the same banks and help them digitalize their operations with tools such as cloud computing and data analytics. Many banks are just starting to build their presence online, noted Jiang, but may not have the tech know-how. “Banks still work in very traditional ways,” he said. “We have done a lot of work to help them go digital and reach out to more customers in this era of the internet.” While
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- 2/7/24 - Beat
BABA
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- 3/26/24 - Form 6-K
- 2/23/24 - Form 20-F/A
- 2/14/24 - Form 13F-HR
- BABA's page on the SEC website