China’s biggest mobile paying platform Alipay, run by Ant Financial, is looking to sell technological functions to financial institutions soon. As the company recently announced, their new brand will offer tech products and software. Ant Financial’s CEO Eric Jing stated that the company is moving forward to develop their business focus instead of being limited to just payments.
Ant Financial, which is Alibaba’s partner, is focusing on being a tech company. It will use Alipay as a stepping stone to a better understanding and utilization of technology. As the company grasps a better understanding of the fundamental technology needed in institutions like banks, Ant Financial plans to grow more from Alipay. It hopes to evolve into an advanced, pioneering and revolutionary company that offers financial services while building a better platform that gives more services to more people.
After investing in various technologies such as blockchain, Ant Financial is studying extended functions that will be relevant for them in achieving their plan.
With Alipay being the forerunner of the central business of the company, CEO Jing expressed his intention to improve the platform even more. It’s not an easy feat as payment platforms are experiencing restrictions from the Chinese authorities in recent months. Jing specified that this made the company pay closer attention to developing its service further.
Stricter requirements for Ant Financial and other companies is due to China instilling restrictions as officials observed the probable risks arising. These restrictions are expected to come into effect in the first half of 2019.
With the spotlight focused on Ant Financial, the company denied the speculation that an initial public offering or IPO was ever scheduled. Instead, CEO Jing expressed the company’s desire to give full attention in developing the technology they aim to provide and making sure that their technology reaches more people and is well functioning throughout the world. He also specified that the IPO listing was not a priority but a development stage only where it will come naturally.
Ant Financial stated the desire to develop a technology that will surpass the current function of Alipay. By making improvements, Ant Financial is confident in redefining financial services by integrating it with a technological one.