So he walks to school, Watch the country's first firefighting robot in action, Here's what you need to know about the iPhone 12, QAnon has hijacked the name of a real organization trying to save children, How this former QAnon believer escaped the virtual cult, This material could transform the solar energy sector, This crease in Biden's shirt fueled a conspiracy theory, Watch Ring's indoor drone prototype patrol a house, billionaire tech tycoon and Ant Group co-founder Jack Ma, Jack Ma is making history again with the Ant IPO, and getting even more wealthy while doing it, How Jack Ma built China's money supermarket into a $200 billion company, card-carrying member of the Chinese Communist Party. Factset: FactSet Research Systems Inc.2018. ... To offer expanded financial … Breakingviews - What is Ant really worth? Ant has expanded to offer insurance, wealth management products and the full suite of financial services without technically being a bank or holding that license. The most important news stories of the day, curated by Post editors and delivered every morning. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Other players in this space include the San Francisco-based companies Square (merchant services and mobile payments) and Prosper (personal loans), and Shopify (retail sales management), which has its headquarters in Ottawa. As the financial arm of the e-commerce giant Alibaba, Ant Group provides an array of payment and financial services to more than 700 million monthly users. Just over a week ago, Ma called out global financial regulations for being outdated and publicly criticized Chinese regulators for stifling innovation. The ambition doesn’t end at financial services, as evidenced by the Ant/Alibaba acquisition of online food delivery group Ele.me in 2018. Ant, controlled by billionaire Jack Ma, is a $150 billion juggernaut that operates everything from payments to money market funds and credit scoring, The new joint venture -- in which Ant holds a 51% stake and Vanguard 49% -- has been approved by the China Securities Regulatory Commission. The meeting was held days before Ma's financial tech company begins trading in Hong Kong and Shanghai. They "aren't US bound, [and they] don't use the SWIFT system," he added. So he walks to school, Watch the country's first firefighting robot in action, Here's what you need to know about the iPhone 12, QAnon has hijacked the name of a real organization trying to save children, How this former QAnon believer escaped the virtual cult, This material could transform the solar energy sector, This crease in Biden's shirt fueled a conspiracy theory, Watch Ring's indoor drone prototype patrol a house, Why Trump's war on WeChat could hurt American businesses, How Jack Ma built China's money supermarket into a $200 billion company. Since Alibaba founder Jack Ma took control of the company’s Alipay payments division in a controversial 2011 spinoff, it has morphed into a financial services super-app. As Alipay grew, regulation became a hot topic. The IPO is likely to value Ant Group at US$313 billion. "It's outrageous that Wall Street is rewarding the Chinese Communist Party's blatant crackdown on Hong Kong's freedom and autonomy by orchestrating Ant Group's IPO on the Hong Kong and Shanghai stock exchanges," Rubio said in a statement to Reuters. Copyright © 2010–2020, The Conversation US, Inc. Alibaba co-founder Jack Ma launched Taobao and Alipay to head off eBay’s incursion into China. © 2020, Nasdaq, Inc. All Rights Reserved.

Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The transactions are done automatically and the robo adviser will also help investors re-balance their portfolios if necessary. Today, Alipay has 1.3 billion active users. “We didn’t dare to think about it five years ago or even three years ago,” he said.

That’s nearly double the $150 billion valuation imputed during a private mega-fundraising in 2018. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Alipay has captured a huge amount of value for Alibaba by enhancing its sales proposition, though it could have taken more from mobile payment fees for itself: around 50% of transactions are free and Alibaba transactions are heavily discounted. Two Bad Election Scenarios Come Back to Haunt Global Markets, U.S. Stocks, Bonds Rally as Election Bets Retooled: Markets Wrap, China Halts Ant Group’s IPO, Throwing Ma Empire Into Turmoil, Inside the Chaotic Unraveling of Jack Ma’s $35 Billion IPO, Volatility Grips U.S. Stock Futures With Vote Outcome Uncertain. Given the available information, though, a Breakingviews calculator suggests a reasonable place to start is about $275 billion. Updated 0940 GMT (1740 HKT) October 12, 2020. Ant's wealth management products are also used by millions. Ant Financial to Evolve Into A Global Leading Fintech Company WEALTH MANAGEMENT Visa 2.2bn accounts(1) 260mn daily average transactions(3) PayPal 180mn active users(1) 16mn daily average transactions(3) PAYMENT FINANCING INSURANCE CREDIT REFERENCE Annual Active Users 152mn CITIC Securities 7mn active users Lufax 3.6mn active users China Life The company processes trillions of dollars every year and facilitates loans to consumers and small businesses that may not qualify for funds from China’s largest banks. 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. It now launched Taobao, a cross between eBay and Amazon, to serve consumers. A person familiar with the situation said that the United States "accounts for only a tiny piece of that. As a middleman, Ant passes on most of the underwriting risk to financial vendors. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Wealth management relates to Yu'e Bao (“leftover treasure”), launched in 2013 to allow even the smallest customers to invest leftover funds. The company aims to raise more than $17 billion on each index, with individual shares priced at roughly $10.30. Ant is doing all it can to project prosperity. Ant Group was floated as a potential US target by Bloomberg News, which. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. What comes next. It is one of the largest money market funds in the world. The US government hasn't been shy about pressuring Chinese firms. By taking a platform approach, direct competition with traditional financial institutions has been reduced. Financial regulators are also keeping close watch: Ant's growing heft could prompt a crackdown on the fees the company can charge. For one thing, rivals such as Chinese tech titan Tencent and online retailer JD.com are steadily muscling in on financial services. China "lacks the risk of a healthy financial system," Ma said at a conference in Shanghai. Most stock quote data provided by BATS. Ant may be able to hand off a lot of risk, but its investors cannot. China’s robo-ad­vi­sory market is expected to reach 737 billion yuan by 2022, according to a report by Lufax and consultant iResearch. He added that the justification that Washington could use — that it needs to protect American data — "is invalid, because basically they don't have a presence" in the United States. The mega deal would value the company around $310 billion, exceeding the market caps of Wells Fargo and other U.S. financial giants, and underscoring the immense growth of the Chinese mobile payments and banking platform. It was planning on a dual listing in … Updates with company CEO in third paragraph. As a company spokesperson put it, “The idea is that people are living their lives through this platform.”. )+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\. According to figures from Alibaba Alipay and its e-wallet affiliates have around 1.2 billion annual active users, of whom 900 million are located within China. The White House did not respond to a request for comment. Vanguard services 30 million investors globally, managing $6.2 trillion of assets as of January.

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