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As reflected, the revenue contributed by technology is expected to consist of 65% of the total figure next year, the technicians also take up over 63% of the staff.800 Third Ave, 28F, New York, NY 10022, USACopyright ©2020 EqualOcean.com. Five years ago, Chinese fintech Ant Financial didn’t exist. But it offers financial products beyond that, including wealth management, loans to businesses and insurance.Recently, Ant Financial rebranded as Ant Group.The investment research firm added that based on a $150 billion market capitalization, Ant represents $19 of Alibaba's American depositary shares (ADS)."(The) earnings power of the company has improved after we wrote that report … so I would expect that valuation to go up from that last round of assessment that we did at the end of last year," Dai told CNBC's "Street Signs" on Tuesday.These digital financial services contributed more than 50% of Ant Group's overall revenues for the fiscal year ended March 31.Got a confidential news tip? Then in 2018, Alibaba bought a 33% stake in Ant Financial . Learn more about how we use cookies in our cookie policy.Get instant access to all our premium content, archives, newsletters, and online community. Ant Financial Services Group, the largest fintech company in China, has filed for a change in its business-registration records to be called Ant Technology Group. Alipay controlled 54.5% of … Alipay was also required to pay licensing fees and continue serving Taobao, one of Alibaba's e-commerce platforms.Sign up for free newsletters and get more CNBC delivered to your inboxWhile Ant Group may not be that well known outside of China, its valuation could top that of some of Wall Street's biggest banks, according to one analyst who spoke to CNBC on Tuesday.Ant Financial was created in 2014 to encompass not just Alipay, but Alibaba's bigger push into financial technology.But, so far, there are no details on pricing of shares.In 2011, Alibaba sold control of Alipay to a group controlled by Jack Ma, a move it said was done to satisfy Chinese regulations. It operates Alipay, the world's largest mobile and online payments platform as well as Yu’e Bao, the world's largest money-market fund. Ant, an affiliate of Alibaba Group, is now 50% bigger than Goldman Sachs.Ant’s most recent valuation came in at $150 billion, compared to Goldman Sach’s $99 billion.
By outsourcing all of its technical capabilities that have been mastered by running Alipay, the company is turning traditional financial service providers from competitive rivals to cooperative clients.This site, like many others, uses small files called cookies to help us improve and customize your experience. As of September 2017, Ant Financial unveiled its facial recognition payment technology through its Alipay services. However, the Alibaba affiliate is gradually finding a new position as a technology services company. All rights reserved.EqualOcean is an international information service provider and investment research firm that aims to become a global platform for industrial innovation.From now on, the Alibaba-affiliated company will be operating under a new official name – the ‘Ant Technology Group.’ This change marks a further expansion of the fintech giant’s business scope and a reaffirmation of its technology-driven strategy.9 Xiaguangli, 10F Block A CEC Development Mansion, Chaoyang Dc, Beijing 100125, ChinaWith an unchanging goal of utilizing technology to empower and generate value for individuals and businesses since the very beginning, the company will become the ‘Ant Technology Group,’ changing itself to even better meet the digital demands of the economy. We strive to make technology inclusive, accessible and transparent.In fact, the name-change wasn’t just one word – it went beyond the level of mere branding. Ant's story is not unique: many tech companies in China have recently been in the limelight, trying to expand their businesses beyond the traditional scope.Such a high regard on technology has transformed into a productivity drive. In the digital era, the competitiveness of a financial services provider is closely related to its IT capabilities – and the Hangzhou behemoth has been doing quite well.A002, 5F, Ai Tower, 701 Yunjin Road, Xuhui Dc, Shanghai 200232, ChinaThrough 2017 to 2019, the company ranked first globally on blockchain-related patent applications, with the number of 1,005 in 2019 exceeding the sum total of No.2 by 4. Ant not only operates in multiple cities in China, but has also put offices in Singapore, the United States and the United Kingdom, to name a few. Ant Financial Services Group, officially established in October 2014, is an innovative technology provider that aims to bring inclusive financial services to the world. After opening up its payments services to a wide range of online and offline businesses, Ant Financial announced an “Internet Booster” plan in 2015 to support the digital transformation of traditional financial institutions by sharing Ant Financial’s technological capabilities.