The official launch of Ant Financial Services Group brings a new financial ecosystem to China

BEIJING – () – Small and Micro Financial Services Company today announced its official name change to Ant Financial Services Group (“Ant Financial”). Formerly known as Small and Micro Financial Services Company, Ant Financial started its formation process in early 2013 and is comprised of Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit and MYbank which is currently being created.

“Ant Financial training cannot be attributed to just one area of ​​the company or team. Behind all of our brands is every individual who has made positive changes to the Chinese business landscape. This strength is superior to all of our brands. The word ‘ant’ embodies the strength of the ‘little one’ when all are working towards a common goal, and the hope that Ant Financial will bring a new future to everyone through small and beautiful changes, ”said Lucy Peng, CEO of Ant Financial.

Ant Financial is a financial services provider rather than a financial institution with large financial holdings, Peng explained. “Ant Financial will focus on serving small and micro businesses, as well as individual consumers. By leveraging Internet solutions and technologies, we plan to work with ecosystem players such as financial institutions to create an open ecosystem, as well as provide support to the financial sector to achieve our vision of “Transforming Trust”. in wealth ”.

Six large companies

1. Alipay is the world’s leading third-party payment platform. At the end of 2013, the number of registered users of Alipay reached 300 million and the number of partner financial institutions exceeded 200. In addition, Alipay processes more than 80 million transactions per day, of which 45 million are through mobile payment accounts.

2. Alipay wallet has been an independent brand since November 2013. To date, there are 190 million annual active users. In addition to providing basic services such as payment for purchases, reimbursement by credit card, money transfer and payment of utility bills on mobile phones, Alipay Wallet is expanding its offline applications to shopping malls. , convenience stores, taxis and hospitals.

3. Yu’e Bao was launched in June 2013 jointly by Alipay and Tianhong Asset Management. According to Tianhong, by the end of June 2014, Yu’e Bao had attracted around 570 billion RMB in assets under management and nearly 125 million Yu’e Bao users. Zeng Libao, Yu’e Bao’s money market fund, has become the largest individual money market fund in China according to Tianhong Asset Management’s 2013 third quarter financial report. At the end of May 2014, Ant Financial obtained approval from the China Securities Regulatory Commission to acquire a 51% stake in Tianhong Asset Management.

4. Zhao Cai Bao launched in April 2014 as an open platform for investment and financial products and services. Zhao Cai Bao is open to third-party financial institutions and provides convenient and secure internet finance services to individuals and SMEs. The products offered on the platform include loans for small and medium-sized businesses, individuals, universal insurance and structured funds.

5. Ant credit provides online micro-loans to small and micro-businesses and individual online entrepreneurs, rated on the database. The products include credit loans, online merchant loans and loans for Taobao sellers.

6. Financial ants received approval from the China Banking Regulatory Commission on September 29, 2014 to establish a private bank called My bank
with Shanghai Fosun Industrial Technology, owned by Fosun International; a subsidiary of the Wanxiang group and Ningbo Jinrun Asset Management. MYbank will make full use of online data analytics and Big Data to meet the financial needs of small and micro businesses, as well as individual consumers.

As mobile commerce continues to gain traction in China, the products and services offered by Ant Financial are increasingly becoming a part of the daily lives of entrepreneurs and consumers alike. Of the new Alipay users in the past six months, 48% are from first- and second-tier cities, with third-tier cities accounting for the remaining 52%. 49% of new Alipay wallet users were from first and second tier cities, with 51% from third and fourth tier cities.

Ant Financial’s various business operations are supported by cloud computing, big data and credit systems. Ant Financial will open these partner support platforms to create a new financial ecosystem.

Ant Financial Chief Financial Officer Eric Jing added, “Going forward, the financial ecosystem will be characterized by collaboration rather than competition. Like Alibaba’s ecosystem in the e-commerce industry, a similar ecosystem will emerge in the financial industry. This ecosystem will be supported by cloud computing, big data and credit systems that enable payment, financing, wealth management, insurance and banking platforms and services. We believe that Ant Financial will play a key role in developing this ecosystem for the benefit of small and micro businesses and individual consumers.

About the Ant Financial Services Group

Formally established in October 2014, Ant Financial Services Group focuses on serving small and micro businesses as well as consumers. With the vision of “turning confidence into wealth”, he is dedicated to building an open ecosystem of thinking and internet technologies while working with other financial institutions to meet the future financial needs of society. Companies operated by Ant Financial Services Group include Alipay, Alipay Wallet, Yu’e Bao, Zhao Cai Bao, Ant Credit, and MYbank (in the process of being established).

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