Ant Financial has already been supplying its technology to 200 other financial institutions. Today at their conference in Hangzhou China, they launched a new brand called ‘Ant Financial Technology’. The purpose is to target sales to financial institutions.
Major Chinese insurers Ping An and Zhong An both have technology divisions where they partner with outside firms.
Zhong An Technology is involved in
numerous blockchain initiatives. And the company recently raised $100m from Softbank to expand their reach outside of China. Ping An Technology is involved in the
Hong Kong Trade Finance Platform.
Ant Financial, the operator of AliPay, is a division of Alibaba. Early investors in Ant Financial included funds controlled by the Chinese State. In May it raised $14 billion at a reported $150 billion valuation in anticipation of an IPO soon.
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Image Copyright: Ant Financial
