Ant Group, China’s fintech unicorn behind Alipay, announced that in the first three quarters of 2020, it realized 118.191 billion yuan of operating revenue, with a year-on-year increase of 42.56%.
Officially set up in June 2014 and previously called Ant Financial, Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry.
Ant Group makes $2.5 billion in profit in 2019, and its revenue grew more than 40% in 2019 to $17.4 billion, according to the company's IPO filing in August 2020. It reported $3.2 billion profit for the first half of 2020.
Ant Group's main products include Alipay, Yu'e Bao, Huabei, Xiang Hu Bao, MYBank, Zhima Credit.
Alipay is China’s largest mobile payments business operated by Ant Group. In 2004, Alipay launched as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China.
Alipay has grown through continuous innovation to serve approximately 1.3 billion users worldwide together with its global e-wallet partners.
Yu'e Bao is an online spare cash management platform launched by Ant Group in the Alipay app.
When someone transfers money to Yu'e Bao, it will be put into a money market fund managed by a partner asset management company, generating returns for the user. The platform's over 600 million users can also access the funds in their Yu’E Bao accounts to make online and offline purchases anytime.
Huabei is a consumer credit platform that supports consumers to “buy now and pay later”. Users can enjoy up to 41 days of delayed re-payment free of charge and 12-month installment services.
As an inclusive financial service that offers loans in small amounts to individual users, Huabei is mainly used for consumption in daily life. The platform primarily leverages the capital from financial institutions and other institutional investors.
Xiang Hu Bao, which means “mutual protection”, is an online mutual aid platform within the Alipay app. It provides a basic health plan to protect participants against 100 kinds of critical illnesses. All participants share the risk of critical illnesses and bear the related expenses collectively, while blockchain technology is used to ensure claims are transparent.
While Xiang Hu Bao is not a health insurance product, it complements other premium insurance offerings in the market that have a wider range and depth of coverage.
MYbank is one of the first private banks piloted in China and the first digital bank with no physical branches.
MYbank is committed to serving small and micro-businesses. It developed the "310 lending model", which enables borrowers to complete loan applications online in three minutes, obtain approval in one second, and with zero human intervention. Since its inception in 2015, the bank has served over 29 million small and micro businesses, as well as individual entrepreneurs.
Zhima Credit, or Sesame Credit, is a private and independent credit assessment service built for commercial use. Users with a higher Zhima Credit score can enjoy benefits such as deposit waivers when renting a bike or staying at a hotel.
Currently, Zhima Credit has been able to help users waive more than RMB 100 billion of required deposits.
Alibaba Taobao kicked off its Double Eleven Global Shopping Festival (“Double 11”), the largest annual shopping festival in China, on 21 October 2020 with new innovations and features to meet rapidly changing consumer trends.
In a year of exceptional pressure on growth, the BrandZ™ Top 100 Most Valuable Chinese Brands gained 12% in value, in the 10th edition of the ranking revealed by WPP and Kantar. The Top 100 Chinese brands increased their worth by $106.8 billion to reach $996.4 billion, demonstrating the resilience of strong brands and their […]
Users of most payment platforms reported high engagement for mobile payments (around 90% considering the margin of error), with Du Xiaoman Pay users being a notable exception (80%). WeChat Pay users appeared to be evenly distributed across all ages, but QQ Wallet users skewed younger. A pair of big technology firms has further consolidated its […]
China’s third-party mobile payment market grew by 8.8% to 59.8 trillion yuan in the second quarter of 2020, according to data from iResearch. The number of mobile online payment users has reached 765 million, an increase of 182 million over the end of 2018, accounting for 85.3% of mobile Internet users according to CNNIC. China’s […]
Mini Programs (MP) are light applications designed to run on top of a specific mobile app. Top technology companies in China have designed and run their own mini program framework; and, the most popular ones include WeChat platform, Alibaba (Alipay platform; Taobao platform), Baidu Smart Program, and QuickApp. WeChat Mini Program DAU exceeded 400 million […]
Ant Group, renamed from Ant Financial and the parent company of China’s largest payments platform Alipay and leading provider of financial services technology, announced its concurrent initial public offering (“IPO”) on the Shanghai Stock Exchange’s STAR board (“SSE STAR” market) and The Stock Exchange of Hong Kong Limited (the “SEHK”).
MYbank, a digital bank under Ant Financial Services Group, served 20.87 million small and micro businesses (SME) in China as of the end of 2019, an increase of 70% YoY, according to its annual report. MYbank worked with more than 400 financial partners to provide business loans to those Chinese SMEs as of 2019, and […]
186 companies joined China’s US$1 billion unicorn club in 2018, with a combined valuation exceeding 5 trillion yuan (US$741.97 billion). Sequoia Capital owns stakes in 49 unicorns of the 186 unicorns. 30 unicorns are affiliated with Tencent, 21 with IDG, and 17 with Alibaba. Hangzhou is home to 18 unicorns and surpasses Shanghai (42 unicorns valued at […]
Chinese FinTech companies took four places of the Top 10 FinTechs Ranking in 2018. Ant Financial topped the list, followed by JD Finance. Baidu-affiliated Du Xiaoman Financial and Lufax ranked fourth and tenth, respectively, according to the report from H2 Ventures and KPMG.
Alibaba’s full-year revenue grew 58% in fiscal 2018 (April 2017 to March 2018), core commerce revenue grew 60%, with profit growth of over 40% and annual free cash flow of US$15.8 billion. Looking ahead to fiscal 2019, Alibaba expect overall revenue growth above 60%.
Ping An Jinguanjia, Jingdong Finance, and Ant Fortune (Ant Financial) are the top 3 mobile apps in China’s comprehensive financial service category by the number of monthly active users in March 2017.
The rapid growth of social networks and e-commerce platforms has transformed the way people communicate and transact around the world. Integrating digital payments into these growing networks and platforms has presented vast opportunities to drive economic opportunity, financial inclusion, transparency, security, and growth. In practically all countries individuals, businesses, and policymakers are recognizing these opportunities […]
China post-80s spent an average of 120,000 yuan(US$17,330) online in 2016; and, mobile payment accounted for 92% among China post-90s consumers.