The Silicon Review
Furnishing small and beautiful changes to the world
Many businesses do seek accessto useful and affordable financial products and services that meet their demands. Also obtaining it by the responsible and sustainable way is important. Ant Financial is technology is one such company that brings inclusive financial services to the world. ‘Ant Financial’, officially founded in October 2014, originated from Alipay founded in 2004.
With the mission of "bring the world equal opportunities", Ant Financial is dedicated to creating an open, shared credit system and financial services platform through technology innovations, and to provide consumers and small businesses with safe and convenient inclusive financial services global.
The Initial Steps the Company Took
On 2005 Alipay's "Online Inquiry System" was launched, through which users could seek help from online customer service. The Industrial and Commercial Bank of China issued the Client Transaction Trusteeship Report for Alipay, making users feel safer about Alipay’s management of their transactions. Later the firm announced the launch of the "Internet Trust Scheme" on behalf of its over 300,000 enterprise users and 44 million individual users. The platform for utility payment (go.alipay.com) was launched, allowing Shanghai residents to pay their water, electricity or telephone bills online soon in the coming years.
Finally, Alipay announced the formal launch of its mobile payment service. That lead to the release of the latest innovative product - quick payment with credit card. Thus making Alipay the first to receive “The Payment Business License” from the People’s Bank of China (also called "payment license" by industry insiders).
In 2013, Yu'e Bao was officially launched. Working with Tianhong Asset Management, Alipay allows users to buy wealth management product, even if they only have RMB 1. Finally, in 2014, the small and Micro Financial Services Company was renamed Ant Financial Services Group.
Ant Financial launched the “1212” global shopping carnival soon after that and later saw a US$4.5 billion Series B fundraising. It also declared international, rural and green finance as its strategic focuses. Ant Financial and the United Nations Environment Programme (UNEP) worked together to initiate the Green Digital Finance Alliance at the World Economic Forum in Davos, Switzerland. This is the first international alliance set up by UNEP in cooperation with a Chinese enterprise over the past 45 years since its establishment.
The Company’s Culture
The Ant Financial Model
Ant Financial Services Group (“Ant Financial”) believes the significance of inclusive financial services lies in providing equal access to financial services for individuals and businesses in need. This philosophy originated from ten-plus years of practice since the establishment of Alipay, as well as in the realities of inclusive financial services in developing countries, especially in China. Based on these circumstances, Ant Financial uses Alipay and other products and services as the basis for providing Internet financial services to the public. With the help of Big Data, cloud computing,and other technologies, users can enjoy equal access to financial services. This greatly expands the scope of inclusive financial services.
The Responsible Leader
Mr. Jing is Executive, Chairman,and CEO of Ant Financial:
Mr. Jing joined Alibaba Group in 2007, where he was a Senior Finance Director and later Vice President. He was named Chief Financial Officer of Alipay in September 2009 and Ant Financial’s Chief Operating Officer in October 2014, before becoming President in June 2015. In October 2016, Mr. Jing was appointed Chief Executive of Ant Financial and in April 2018 he took on the additional role of Executive Chairman. Prior to joining Alibaba, Mr. Jing was CFO of Guangzhou Pepsi Cola Beverage Co. He also held management positions in finance in several Swire Coca-Cola bottling plants or business departments. Mr. Jing received a Bachelor’s degree in Engineering from the College of Economics & Management, Shanghai Jiao Tong University in 1994. He obtained a Master's degree in Business Administration after finishing the EMBA program at the Carlson School of Management, University of Minnesota, the U.S. in 2005.