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 […]
Alibaba had a strong quarter in Q2 2019, with revenue growing 42% and adjusted EBITDA growing 34% year-over-year, according to its official financial results. Alibaba user base grew to 674 million annual active consumers.
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.