Alibaba Affiliate Ant Financial Launches New FinTech Brandbr>
Ant Financial, an affiliate company of Chinese Internet giant Alibaba, has established a new brand that will offer a full suite of technology products and services.
Called Ant Financial Technology, the new brand was announced at the 2018 Ant Technology Exploration Conference (ATEC) in Hangzhou, China. It will consist of five product portfolios, namely large-scale financial transaction technologies, financial security technologies, financial intelligence technologies, next-generation interaction technologies and blockchain applications.
“Since our establishment in 2014, Ant Financial has focused on developing cutting edge technologies to enable inclusive finance,” said Xi HU, Deputy CTO of Ant Financial. “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.”
While the company did not disclose the blockchain applications, it claimed that these technologies have withstood the tests of some of the world’s most extreme use cases.
“Ant Financial’s technology solutions for financial institutions enable the delivery of services – from payments to wealth management – efficiently and at scale, and the company’s institutional partners have realized concrete gains from implementing these solutions.”
Last month, the Wuchang municipal government in China’s northeastern Heilongjiang Province entered into a blockchain partnership with Ant Financial and Alipay for the purpose of curbing food fraud and ensuring consumer trust. The partnership brings together an Internet of Things (IoT) tracking solution and a blockchain, ensuring that every pack of Wuchang rice sold on Alibaba’s Tmall platform will have a supply chain that is fully visible to consumers via a QR code.