Alibaba’s Ant Financial launches new suite of tech tools for businesses

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Ant Financial, which is a division of Asia’s biggest company Alibaba, has announced they will be offering a new suite of technology products and services under a new brand, Ant Financial Technology, to support the growth of financial institutions by improving user experience and lowering costs.

Since our establishment in 2014, Ant Financial has focused on developing cutting edge technologies to enable inclusive finance. We are pleased that our technology products and services have already been used to improve efficiency and lower costs at approximately 200 financial institutions, including more than 100 banks, over 60 insurance companies, and more than 40 asset management firms and security brokers. Going forward, we will offer a full suite of technology products and services to power the growth of our financial institution partners and help them extend their services to more individuals.
– Xi HU, Deputy CTO of Ant Financial

Under the new brand, Ant Financial’s technology products and services consist of five product portfolios; large-scale financial transaction technologies, financial security technologies, financial intelligence technologies, next-generation interaction technologies and blockchain applications.

Ant financial is keen to point out that it is a robust product. Alipay, Ant Financial’s mobile payment and lifestyle platform, reports it was able to process a record breaking 256,000 payment transactions per second at the peak of the 2017 Singles’ Day Shopping Festival.

In June 2018, Ant Financial announced that it would share a full suite of AI capabilities with asset management companies to increase operational efficiency and reduce costs. In May 2018, banks including Huaxia Bank, China Everbright Bank, Shanghai Pudong Development Bank, China CITIC Bank, and Bank of Tianjin signed strategic cooperation agreements with Ant Financial to support the digital transformation of these banks.

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