And meanwhile, it was constantly working with the banking system to make payments even easier, reducing the friction from multiple steps to just one, entering your payment PIN.
In 2017, Ant Financial launched its technology-open "BASIC" strategy, which corresponds to Blockchain, Artificial Intelligence, Security, IoT (Internet of Things) and Cloud computing. Have any questions or suggestions?
We didn’t really talk about it because this falls under Ant’s “innovation” revenue segment, which accounts for less than 1% of sales, but if you’re into blockchain, the TL;DR is that Ant is really focusing only on the boring use cases of the blockchain, no tokens, no coins, no DeFi … just pure utility. [20:02]Yeah, which is why you have a ton of folks with POS (point of sale) machines whose business model is to literally 套现, ie help you get a cash advance by using your credit card by faking a transaction.
Remember those early days? Well, now it’s part of a bigger platform on which Ant partners with other asset managers and sell their fund products as well.
An Ant Fortune spokesperson declined to comment when asked about the marketing costs of using the platform.
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[21:24]Jiebei, on the other hand, is much riskier, from Ant’s perspective, anyway. Alibaba Group would receive fees from the newly named Ant Financial spinoff for now, and have the option of converting to one-third equity ownership in the future. The Shanghai-listed shares will be priced at … In fact, its English name is “Ant Credit Pay.” You apply for a credit line, and you can get anywhere from as low as $7 and up to $7000 in credit available immediately. So that’s what Alipay did. OK but fintech can be pretty profitable in general, let’s not get too wow’ed there. Ant Financial said the services have resulted in overall improvements in operations, a reduction of costs and greater engagement by users with fund managers on the platform. So what’s left? Our intern Hengyu Cai helped in transcript.
It comes with a big cost.
Though some may say the cross-border integration is close to complete no matter in geography or in linguistics, the world is not even close to flat.
Ant is the consumer finance sector in China. [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.
To deal with the mass transaction volume, it developed Alipay. Huabei was like a credit card, and Jiebei was like getting a small loan.
But it’s far beyond that now.
To facilitate these transactions, Alibaba developed Alipay, an online payment platform staring in 2004.
According to London-headquartered Preqin, a provider of data on investments in alternative assets, hedge fund industry’s assets under management (AUM) have declined by 9.4% from Q4-2019, to reach $3.31 trillion at the end of March 2020.
The transaction volume increasing in a dramatic magnitude, especially after the Single’s Day online shopping festival.
Tech Buzz China by Pandaily is powered by the Sinica Podcast Network on SupChina. 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.. Target-date retirement funds allocate a pool of investments to varying degrees of risk based on when an investor is expected to retire and cash out, … But then, that’s paid off, because now Aliyun 阿里云, that is, Alibaba Cloud, is the third largest provider globally.
But it is working on a robo-advisory platform, which he said no Chinese fund house or internet company offers at present, said Huang. We won’t go into detail here, because we did that already once before in Episode 11, when the company was still called Ant Financial and worth just $150Bn.
Thank you to our growing community for your always valuable feedback! And with the final 1% or so made up by new initiatives such as blockchain, there you go, we just ran through all of Ant’s businesses. Indeed, it’s basically up 60% in the last 3 years, the same rate as the much more mature Alipay. Federated Hermes adds Asia, Australia/New Zealand sales heads; Eastspring, Nomura AM, Aberdeen name new Taiwan chiefs; Peak Re hires first chief economist; CBRE names HK investment property head; Campbell Lutyens appoints senior adviser in Singapore; and more. The volume of investment enabled on the platform, which is more typically referred to as AUM, or assets under management, is about $600Bn USD through this June.
Some of the companies offering target-date retirement funds, including China AMC, Bosera Funds, GF Funds Management and ICBC Credit Suisse Asset Management, operate accounts on Ant Fortune’s dedicated platform for wealth-management services, Caifuhao. China says it is highly concerned about safety of its UK investments, China halts Hong Kong extradition treaties with Canada, Australia and UK, China appears to demote Premier League football broadcasts, Lord Patten: Trump's re-election would hurt efforts to stand up to China. It’s going to be crazy. And having all these pieces bundled together — all these users, all this transactional data — makes Ant quite a unique beast. People still thought Alipay was tied to Taobao. TL;DR – China doesn’t have a credit scoring system. [51:33]Why? That number is $17Trn, all but $100Bn or so of which is from inside China.
He also held management positions in finance in several Swire Coca-Cola bottling plants or business departments. [08:19]It was definitely the market leader at this point, but it was still, honestly speaking, a piece of crap to use.
Prior to joining Alibaba, Mr. Jing was CFO of Guangzhou Pepsi Cola Beverage Co.
The inclusiveness in the finance industry is still an ideal. He claims it is a potential threat to national security as the Chinese government could gain access to user data, an accusation that TikTok’s parent company denies.
You’d literally have to make it connected to your brain via Elon Musk’s Neuralink or something so you don’t even have to tap. Government regulations. The National Internet Finance Association of China owns 36%, and all the rest of you own 8% each. We’re just going down the timeline of all the big milestone’s in Ant’s life. ), Ant Financial had taken its first exhibition of the Ant Technology Exploration Conference (ATEC). They are: Huabei 花呗 and Jiebei 借呗, which mean: Just Spend!
[18:53]And there are limitations to Huabei. The Chinese government, who often steps in with regulations after an emerging sector grows in size, began intimating that they would be distributing third party payment licenses, which Alipay would have to procure if it wanted to continue to operate. But are also kind of nuts anyway, as we discussed in the episode on the Chinese stock market. It was pretty inconvenient. 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. [03:01]Hi everyone! Fees based on transaction volume.
And especially since Ant is barely doing any of the actualunderwriting or risk assumption here — according to its prospectus, 98% of credit balance originating through the platform is now underwritten by one of their approximately 100 partner financial institutions or securitized. Ant claims to use “AI” to pair consumers with the best investment products for them. For example, Jack Ma very early on perceived that mobile internet was going to be the next big thing, and he had the Alipay team launch an app in 2009.
Ant is not going public in the U.S.. It’s doing a dual IPO in Hong Kong and China.
Just a money market fund alone can get you one-sixth of the way to a $200Bn company? And luckily for you, we are going to be spending a lot of time on those. I mean, most people knew the payments business as Alipay, which had — let me check — 520mm users in 2018 and 54% of Chrina’s mobile payments market share.
Ant Group, which on Monday set the price for its much anticipated flotation and is expected to start trading early next month, will beat the record $25.6bn sold by state-backed oil giant Saudi Aramco in its flotation last December. A lot of 宝s, but the important thing to note is that it really is just a marketplace, allowing asset managers to sell whatever it is that they have, and revenues are growing a lot slower than that of its brother, CreditTech. Offers may be subject to change without notice. © 2020 Guardian News & Media Limited or its affiliated companies. Over $40,000. The firm does not disclose its user numbers. You can send me an email at ying at techbuzzchina dot com.
Alibaba, via its subsidiary Zhejiang Tmall Technology, has agreed to buy 730m A-shares to maintain its approximately 33% stake in Ant Group.
Guest Mu Chen discusses recent data and trends from key industries to illustrate how China’s economy is recovering from the downturn caused by COVID-19. Mr. Hu was appointed President of Alibaba Cloud in November 2014.
Ant Fortune is a comprehensive wealth management platform that uses technology to connect financial institutions with individual users who have little financial expertise. [05:23]Yup, no points for creativity there. And now, of course, we’ve arrived at around 2011, 2012, which is when Chinese adoption of smartphones goes through the roof — mobile internet users officially exceed PC internet users in mid-2012 — and also when WeChat launches and takes the country by storm. With a daily interest rate of 0.02 to 0.05%, depending on your credit score, which is like somewhere around 10-20% annualized.
You already know payments is the second largest revenue stream … these three other products give us the first and third place revenue streams for Ant. And anyway, we are talking here about the biggest IPO not just on the HKSE, or STAR, but of all time. So first things first, Ant’s predecessor was Alipay, a digital payments service that Alibaba started to support its C2C marketplace, Taobao, because without an escrow service, there was no way for buyers and sellers who didn’t know each other to trust each other. From ant to a dinosaur, we blame and praise our success depending upon the situation and circumstances. In episode 74 of Tech Buzz China, co-hosts Rui Ma and Ying Lu talk in depth about Ant Group, Alibaba’s financial affiliate, ahead of its upcoming mega-IPO. Before going to a detailed Ant Financial story, we can first have a glance at the global fintech companies (comparison between parent companies) and their current market capitalization for future comparison.
We uncover and contextualize unique insights, perspectives and takeaways on headline tech news that don’t always make it into English language coverage. But most importantly, you can’t get cash advances on Huabei. Jack Ma, believing that Alibaba’s majority foreign-owned structure by that time would make it ineligible, quietly spun out Alipay from Alibaba.
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