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April 18, 2022

On the wires

2C2P and Ant Group Enter Strategic Partnership to Further Digital Payment Adoption and Innovation in Southeast Asia Amid Regional Economic Recovery

businesswire

“2C2P, a global payments platform and Ant Group today announced a strategic partnership to accelerate digital payment adoption and innovation. The partnership, upon completion, will see Ant Group becoming the majority shareholder of 2C2P.Through the strategic partnership, 2C2P’s extensive pool of merchants inclusive of global and regional brands will be connected with Alipay+, extending its current 250 payment options offering to include even more e-wallets and local payment methods. With this, merchants will benefit from a wider geographical reach, connecting seamlessly to over one billion consumers globally.”

June 3, 2021

On the web

Jack Ma’s Ant Group Gets Nod to Operate Consumer Finance Firm, a Key Step in Fixing Regulatory Issues

CNBC

“China has given its approval to Ant Group to operate a consumer finance company, a key positive step in the forced restructuring of its business just months after regulators slammed the brakes on its record-breaking listing. Ant will hold a 50% stake in the new entity and contribute 4 billion Chinese yuan ($625.93 million) in registered capital, the China Banking and Insurance Regulatory Commission said on Thursday…The business will be able to give out personal loans and issue bonds among other things. The consumer finance company will also house Ant’s credit businesses Huabei and Jiebei. These are critical for the company and previously big drivers of revenue .”

April 12, 2021

On the web

China Fines Alibaba Record $2.75 Billion for Anti-monopoly Violations

Reuters

“China slapped a record 18 billion yuan ($2.75 billion) fine on Alibaba Group Holding Ltd on Saturday, after an anti-monopoly probe found the e-commerce giant had abused its dominant market position for several years. The fine, about 4% of Alibaba’s 2019 domestic revenues, comes amid a crackdown on technology conglomerates and indicates China’s antitrust enforcement on internet platforms has entered a new era after years of laissez-faire approach.”

January 27, 2021

On the web

WSJ News Exclusive | Jack Ma’s Ant Plans Major Revamp in Response to Chinese Pressure

Wall Street Journal

“Ant Group Co. is planning to turn itself into a financial holding company overseen by China’s central bank, responding to pressure to fall fully in line with financial regulations, according to people familiar with the matter. Chinese regulators recently told Ant, which is controlled by billionaire Jack Ma, to become a financial holding company in its entirety, subjecting it to more stringent capital requirements, the people said. Ant, in response, has submitted to authorities an outline of a restructuring plan, they said.”

January 6, 2021

On the web

WSJ News Exclusive | Chinese Regulators Try to Get Jack Ma’s Ant Group to Share Consumer Data

Wall Street Journal

“China’s regulators are trying to get Jack Ma to do something the beleaguered billionaire has long resisted: share the troves of consumer-credit data collected by his financial-technology behemoth. Mr. Ma has little room to bargain after the business empire he has built over decades has landed in the crosshairs of regulators and even President Xi Jinping, partly reflecting Beijing’s concern that the flamboyant entrepreneur has been too focused on his business fortunes rather than the state’s goal of controlling financial risks.”

October 26, 2020

On the web

Ant Group Set to Raise $34 Billion in World’s Biggest I.P.O.

New York Times

“Ant Group, the Chinese financial technology titan, is set to raise around $34 billion when its shares begin trading in Hong Kong and Shanghai in the coming weeks, which would make its initial public offering the largest on record. The company, the parent of the Alipay mobile payment service, priced its shares around $10.30 apiece, according to documents released on Monday by stock exchanges in the two cities. At that price, the company would be worth around $310 billion, a market value comparable to that of JPMorgan Chase and more than that of many other global banks.”

July 20, 2020

On the web

June 22, 2020

On the web

Jack Ma’s Fintech Giant Ant to Drop ‘Financial’ From Its Name

Wall Street Journal (paywall)

“China’s largest financial-technology company is rebranding itself to emphasize the tech rather than the finance, after earlier drawing scrutiny from regulators. Ant Financial Services Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd., said it received approval from China’s top business and commerce regulator to change its name to Ant Technology Group Co. in its business-registration records.”

January 21, 2020

On the web

China’s $7.6 Trillion Online Payments Market Is No Longer Enough For Jack Ma’s Ant Financial

Forbes

“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.”

January 17, 2020

On the web

China’s $7.6 Trillion Online Payments Market Is No Longer Enough For Jack Ma’s Ant Financial

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.”

December 10, 2019

On the web

Is Ant Financial Still Worth $150 Billion?

Quartz

“However, a lot has changed since then. The China-US trade war has escalated and tariffs worth more than $600 billion have been slapped on goods. In China, tech startups have seen fundraising dry up , while investors outside of Asia have also turned bearish after dramatic declines in the valuations of some leading technology players like Uber and WeWork, both of which share SoftBank as an investor. (SoftBank is an investor in Alibaba, which owns 33% of Ant.)”

March 15, 2019

On the web

March 7, 2019

On the wires

Ant Financial Launches Distributed Core Banking Platform With Hoperun Information Technology

“Ant Financial Services Group (Ant Financial) and Jiangsu-based Hoperun Information Technology (Hoperun) today unveiled its Distributed Core Banking Platform (DCBP), a next generation banking product which is designed to help financial institutions shift their business models from transaction-oriented to customer-oriented. The platform also aims to help financial institutions tackle digital challenges, including distributed development, financial product management and accounting liquidation.”

November 9, 2018

On the web

Ant Financial’s Alipay Strikes Payments Deal With Soccer Body UEFA As It Looks For Global Boost

CNBC

“Alipay, the payments app operated by Alibaba affiliate Ant Financial, has struck a partnership with European soccer governing body UEFA, the two firms announced Friday. The eight-year deal will see Alipay accepted at venues where UEFA-sanctioned men’s national team events are taking place, including the Euro 2020 and Euro 2024 soccer championships.”

September 20, 2018

On the wires

August 14, 2018

Top Post

China’s payments giant is ready to boost financial inclusion in Africa

Quartz

“In a partnership with the United Nations Economic Commission for Africa (ECA) along with the International Financial Corporation, the firm says it will promote digital financial inclusion in the continent through investments and technical assistance. The offering will target smaller businesses and would look to cater to largely unserved consumers, including displaced people and refugees with no official documents or identity papers.”

June 25, 2018

On the web

Ant Financial Turns To Standard Chartered For Blockchain Payments

BankingTech

“Like many others, Ant Financial is looking to grab a share of the financial inclusion market. The remittance service will be first available in Hong Kong and the Philippines. This will be the “first blockchain-based cross-digital wallet remittance service” and is offered through AlipayHK in Hong Kong and GCash in the Philippines…As core partner bank, Standard Chartered will act as the settlement bank for AlipayHK and GCash. The bank says it will provide instant foreign exchange rates and liquidity to enable real-time fund transfers between the two licensed wallet service providers.”

June 8, 2018

On the web

How Ant Financial Grew Larger Than Goldman Sachs

CNBC

“Ant Financial’s road to a $150 billion valuation has been a quick one. The company grew out of Alipay, the digital payments system that launched in 2004 and contributed significantly to Alibaba’s ability to succeed in e-commerce. When Alibaba went public in 2014, it officially launched Ant Financial through a spin-off. Today, the company operates some of the key financial services businesses in the massive Chinese market.”

June 5, 2018

Top Post

Ant Financial Shifts Focus Away From Finance To Tech Amid Beijing Crackdown

Deal Street Asia

“Ant Financial Services Group, the dominant Chinese fintech company, is shifting its main focus to technology services and away from payments and consumer finance as Beijing’s crackdown on financial risk deepens, four sources with knowledge of the matter said. The company, which is controlled by the Chinese billionaire Jack Ma, plans to accelerate the shift within the next few years, the sources said. They said the move was propelled, in part, by growing regulatory pressure on Ant‘s core financial businesses, including payments, micro lending, credit rating and wealth management.”

June 1, 2018

On the web