All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. This will make it the fourth biggest financial company in the world (after Berkshire Hathaway, Visa and Mastercard). Financial technology giant Ant Group is planning to raise more than $34 billion in a joint listing across Shanghai and Hong Kong in the next few weeks, making it the world’s largest initial public offering. For one thing, rivals such as Chinese tech titan Tencent and online retailer JD.com are steadily muscling in on financial services. ... To offer expanded financial … Five years ago, Chinese fintech Ant Financial didn’t exist. The insect name is a metaphor for no transaction or investment being too small – when added up, they become significant. Factset: FactSet Research Systems Inc.2018. Copyright © 2010–2020, The Conversation US, Inc. Alibaba co-founder Jack Ma launched Taobao and Alipay to head off eBay’s incursion into China. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. As Alipay grew, regulation became a hot topic. Fintech companies offer traditional banking services, such as loans and wealth management, as well as other forms of financial assistance, such as tax preparation or securing deposits for a new rental. But unlike TikTok, Ant and Alipay don't have millions of American users to lose. In the year to June, Ant pocketed over 20% of total insurance premiums generated on Alipay. Financial technology or “fintech” comprises an ecosystem of start-ups and traditional banking companies that are using the convenience and connectivity of the consumer Internet to make financial transactions easier, cheaper and more accessible for people around the world. MYbank was launched to use big data and AI to lend to small and medium-sized firms that were underserved by larger banks. All rights reserved. How China's Ant Group built a $17 trillion payments machine, Disney's new robot has a creepily human gaze, Twitter flags Trump's tweet on mail-in voting in Pennsylvania, False video of Biden aims to make him look unfit for office. Currently, these companies mainly work through Ant’s Caifuhao, an AI-powered corporate account on its wealth management platform, to provide customized investor education. The proposed rules "could mean more of [Ant's] capital will have to be directed towards supporting the lending business versus other intended [areas], and will put more credit risk on its balance sheet," he added. ... To offer expanded financial … Or Trump? Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. By Anais Concepcion on March 4, 2019. If Ant can maintain those rates and its market shares, the heady anticipated growth in Chinese online financial services implies Ant's revenue will exceed $34 billion in 2022. 1.1 million watched it, Watch this flying car complete its first flight, Fact-checker calls the person who sent him a death threat. The meeting was held days before Ma's financial tech company begins trading in Hong Kong and Shanghai. Less than 5% of Ant's total revenue comes from outside China, according to the company's prospectus. The White House did not respond to a request for comment. Ant has expanded to offer insurance, wealth management products and the full suite of financial services without technically being a bank or holding that license. The IPO is likely to value Ant Group at US$313 billion. As a company spokesperson put it, “The idea is that people are living their lives through this platform.”. It also has no obvious peers. © 2020, Nasdaq, Inc. All Rights Reserved. )+[a-z]{2,63}/i);}, failureMessage: "Value must not contain any URL's"});field11.add(Validate.Presence, {failureMessage:"This field is required"});field11.add(Validate.Length, {tooShortMessage:"Invalid length for field value", tooLongMessage: "Invalid length for field value", minimum: 4, maximum: 4});function handleFormSubmit(ele) { var submitButton = ele.querySelector('input[type=submit]'); var spinner = document.createElement('span'); spinner.setAttribute('class', 'loader'); submitButton.setAttribute('disabled', true); submitButton.style.cursor = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons = e.target.form.getElementsByClassName('submit-button'); for(var i=0;i.

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