In the grand scheme of things, most of these Baos, aside from Zhifubao 支付宝 Alipay and maybe Yu’EBao 余额宝, are just rounding errors for Ant. This is the final instalment in Eastspring’s Asian Expert Series, exploring the future of Asia post Covid-19. But there’s no doubt that it has done a tremendous job reinventing itself as a tech platform services provider from the mostly payments revenue that it was receiving just a few years ago. It may already be under risk of triggering antitrust investigations in China. TechNode", "Ant Financial acquires UK payments firm - Chinadaily.com.cn", "Trump administration to consider adding China's Ant Group to trade blacklist - sources", "U.S. Explores Curbs on Ant Group, Tencent Payment Systems", "Alipay Overtakes PayPal As The Largest Mobile Payments Platform In The World", "Chinese money market fund becomes world's biggest", "Data From Alibaba's E-Commerce Sites Is Now Powering A Credit-Scoring Service", "Pay with your face at this KFC in China", "Ant Financial Group to create one brand across its financial products", "Hoping to Strike Gold Again, Silver Lake Leads Investment in Koubei", "How Ant Financial grew larger than Goldman Sachs", "Alibaba Finance Affiliate Launches Fund Investment Smartphone App", "Millions Rush to Join a Wild New Health Plan From Jack Ma's Ant", "Chinese initiative Ant Forest wins UN Champions of the Earth award", "Alibaba-linked Ant Forest wins top UN green award - Chinadaily.com.cn", "Megvii, the Chinese startup unicorn known for facial recognition tech, files to go public in Hong Kong", "Chinese AI start-up Megvii raises $750 million ahead of planned HK IPO", "Alibaba-backed facial recognition startup Megvii raises $750 million", "AI unicorn Megvii not behind app used for surveillance in Xinjiang, says human rights group", "Addition of Certain Entities to the Entity List", "李开复"口误"？起底"数据交易"传闻下的旷视科技：卖摄像头才是"主业"，蚂蚁是最大股东", "Fintech: AI powers financial services to improve people's lives", "Alibaba's Ant Financial partners with Hutchison to develop its Alipay service in Hong Kong", https://en.wikipedia.org/w/index.php?title=Ant_Group&oldid=986941073, Financial services companies established in 2014, Pages with non-numeric formatnum arguments, Short description is different from Wikidata, Articles containing Chinese-language text, Articles containing simplified Chinese-language text, Creative Commons Attribution-ShareAlike License, Zhou Zhifeng (Board Secretary and General Counsel), Angel Zhao (President of International Business Group), Huang Hao (President of Digital Finance Business Group), Geoff Jiang (President of Intelligent Technology Business Group), Douglas Feagin (Senior Vice President of Global Business). He was named Chief Financial Officer of Alipay in September 2009 and Ant Financial’s Chief Operating Officer in October 2014, before becoming President in June 2015. In order to correct that misconception, Alipay spent the next several years establishing partnerships — such as with gaming companies, so you could prepay for your World of Warcraft gameplay, for example — and even expanded abroad, dipping its toe in the international market by going into Hong Kong in 2007. Just Borrow! Of course, as soon as you have users willing to connect their payment details to your service, you wouldn’t just want to service them on your own Alibaba platforms. Retail, finance, Black Swans and Breakthroughs: China's Top 50 Innovative Public Firms in 2020, Ant Group's Future: Fuels from Inside and Outside [1/2], Xiaomi Bets on Supply Chain Finance, Evolving 'Xiaomi Finance' to 'Airstar Digits', Ant Group's Future: Fuels from Inside and Outside [2/2], Ask the author questions about the copied text. [47:06]Obviously, Alipay wasn’t the only one to see this opportunity, and digital payments was booming. Like, your Sesame score is your Sesame score. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community. Actually, you could do 24/7 withdrawals and deposits. Gam loses Asia intermediary sales head; Schroders hires in private bank sales; Somerset Capital poaches China duo from Dymon; RBC Wealth hires two fixed income experts; HSBC PB raids Citi for Apac credit advisory head; ESR adds investment manager in Shanghai; Omfif names new Apac head; TMF names China/Taiwan fund services head and more. Simon Hu is the president of Ant Financial. Thereafter, Alipay launched marketing campaigns basically guaranteeing payments in full, and quickly grew its user base. Despite guaranteeing the transaction, customer service had to step in and convince the buyer not to back out … it was, at the time, still a pretty newfangled concept. The transaction volume increasing in a dramatic magnitude, especially after the Single’s Day online shopping festival. The report will cover the industry overview, the brief on Ant Financial’s history, and then go through its products and services, its core BASIC technologies, key counterparties and their comparisons, and finally a prediction or expectation in the future. With these five major areas on this basis, it extended the three capabilities including risk management, credit capability and connectivity with professional service. Mr. Cheng joined Alipay in 2005 and was one of the early engineers who built Alipay's technology platform. Given how young China’s credit system is, I can’t fault users for being confused about how this all works. Ant runs Alipay, one of China’s two biggest mobile payment platforms, as well as other financial technology services including the Sesame Credit personal credit rating system. China’s first-ever target-date retirement funds will be available through Ant Financial’s wealth-management service, Ant Fortune, as the country expands savings options available to consumers beyond the national pension system. Ant Fortune is a comprehensive wealth management platform that uses technology to connect financial institutions with individual users who have little financial expertise. About Ant Fortune. With the mission of "bring the world equal opportunities", Ant Financial is dedicated to creating an open, shared credit system and financial services platform through technology innovations, and to provide consumers and small businesses with safe and convenient inclusive financial services globally. ), and by tweeting at us at @techbuzzchina. The first batch of companies — 25 of them — are currently trading at 133 times earnings. US asset owners seeking diversification and returns in a low-yield environment will find it hard to disregard Chinese deals such as the mega Chinese IPO, despite political tensions. Their size, their stickiness, and just the breadth of their platform. So we’re now at present-day in our Ant Group walkthrough and there are just a few more pieces of the puzzle left to update you on. As we’ve said, Huabei bans it too, and tries to catch it using advanced anti-fraud software, but some estimates put fraudulent transactions at up to one-third of total transaction volumes, so I don’t know that it’s going away any time soon. [21:24]Jiebei, on the other hand, is much riskier, from Ant’s perspective, anyway. And anyway, we are talking here about the biggest IPO not just on the HKSE, or STAR, but of all time. Ant is selling 3.34bn shares in the flotation, accounting for 11% of the group’s total outstanding stock. So you can see why folks are so excited about CreditTech in general. Probably a lot of people even today equate Ant with Alipay. Mr. Hu joined Alibaba Group in June 2005 and held various key positions at Alipay and Ant Financial. Obviously, Ant and Tencent and every other player do have other businesses, so that’s strike one. But before we go there let’s officially recognize the spinning off of Ant from Alibaba. That boosted completion rates to 90%. But most e-commerce sites accept it, and a growing number of offline merchants as well. It’s such a big company that it practically is the sector right now.Being so big — is that good or bad? Ep. The Chinese government decides to rectify this by giving out 8 sort of preliminary licenses — but basically permission to engage in credit scoring — to various entities. The Chinese government will next week discuss its economic and social development plan for 2021 to 2025 against a volatile global backdrop. Nope, it’s Ant Group, in what might be the biggest offering in history. [00:40]I don’t know … I feel like they have to go for the title of “largest” because they’re so close, you know. I don’t know what’s the equivalent for other countries, but basically, if you have more than a few in the last year or two, it’s seen as a red flag. Send either of us a screenshot of your review, and we will gift you a free three month subscription to our Extra Buzz newsletter. He was both CEO & Chairman of Ant until December 2019, actually, when Simon Hu, also an Alipay veteran since 2006, was promoted into the CEO role. All of these factors together mean that the CreditTech piece of the business looks to be on a run rate that is going to be more than triple what it was doing just 3 years ago. [37:20]I would like to believe that this had the best intentions at heart, but again, I’m not sure that’s compatible with profit. Meanwhile, we’re still in year 2013 of our retelling, and Alibaba launches Yu’EBao, this super liquid money market fund account that you could start investing in for as little as 1 RMB — that’s like $0.15 — and receive interest daily. Remember what we said about the revenue segments. [16:45]The main consumer facing product is basically your sesame credit score, which, according to the website, is calculated by your credit history, behavior and preferences, how well you fulfilled past contracts, other identity factors, and your personal connections. Investments and acquisitions are a big part of Ant’s strategy — of any Chinese internet giant’s strategy, really — and Ant has, as you would expect, invested all over the globe. In 2008, China established a sort of centralized personal credit system called the PBCCRC, and guess what, all Jiebei loans go through a credit check through this official system, which all the banks plug into, and so each inquiry is kind of like a “hard credit check” here in the U.S., which can actually impact your ability to get a loan at a traditional bank, such as for a mortgage. But can it sustain this growth? It’s going to be crazy. I mean, I think people are just assuming it’s going to make a hard credit inquiry every time they use it, which I can’t imagine being the case. We’re calling it a system, even though Baihang Credit 百行征信 is technically a company, just not one operating solely for the sake of profit. No wonder then that the CreditTech products like Huabei and Jiebei are now bigger than Alipay revenue-wise. And that’s kind of what Ant CreditTech is doing, indeed. The leapfrog of this industry are contributed by, first of all, the advances in technology, then an underdeveloped banking industry, and an initially relaxed policy and regulatory environment. It then launched Ant Fortune in August 2015, after investing Rmb200 million ($29 million) and taking a 60.8% stake in fund123.cn, an online distributor, in April 2015. Probably over $20Bn this year, with a 30% net margin. Have any questions or suggestions? If you’re an optimist, your reaction is probably: that’s tiny, which means that there’s a lot of growth waiting to happen! It’s only available for those with Sesame Credit scores above 600, so I don’t even qualify for it. The Philippine insurer has also raised its cash holdings amid fears of a lingering impact from Covid on the local economy and stock market, says chief investment officer Arleen Guevara. It’s just one of thosethings, like, we can sit here and argue about valuations, but Ant is just so unique that it’s really difficult to say it doesn’t at least deserve some premium, because you could make a good case that the sum is going to be greater than its parts.
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