Chinese financial-technology giant Ant Financial Services Group’s quarterly profit fell by half from a year ago, as it continued to spend heavily to attract and retain customers in China’s fast-growing internet-consumer economy. The Hangzhou-based company, which is controlled by Chinese billionaire Jack Ma, earned 2.43 billion yuan ($355.3 million) in pretax profit for the three months to June, versus 5.24 billion yuan for the same period a year ago. ... … [Read more...] about Ant Financial Profit Sinks as Spending Surges in Battle With WeChat
By Ben DiPietro Ben DiPietro The Wall Street Journal BiographyBen DiPietro Jul 30, 2018 7:22 am ET 0 COMMENTS Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup. Follow us on Twitter at @WSJRisk. A logo of Ant Financial is displayed at an event of the company in Hong Kong in November 2016. Bobby Yip/Reuters Ant Financial Services Group, founded by Chinese billionaire Jack Ma, has become the world’s biggest financial-technology firm, but that success is putting a target on the company’s back, WSJ’s Stella Yifan Xie reports, as China, even more than the U.S., is under pressure to reckon with the disruptive power of a financial-technology giant. China’s banks complain Ant siphons away their deposits, causing them to pay higher interest rates, and is a factor leading them to close branches and ATMs. One commentator at a state-owned television channel described Ant’s huge … [Read more...] about The Morning Risk Report: China Casts Wary Eye on Giant Ant Financial
Ant Financial Group of Companies Knight Investment Limited shows why China’s IPO market still has plenty of potential with Ant Financial being the #1 front runner. HONG KONG, HONG KONG, HONG KONG, July 25, 2018 /EINPresswire.com/ -- Ant Financial is undoubtedly one of the hottest companies in fin-tech today. The sheer size of its user base and the financial services it covers within its group of companies makes it arguably the largest of its peers globally. Knight Investment drills down what makes this such an exciting prospect and highlights the advantages Ant Financial has over its domestic competitors. In the first half of 2018, China’s fin-tech enterprises raised around 230 billion yuan ($35 billion), over 80 percent of the global total, and three giants took more than half of the amount fundraised in China. According to data, at least 569 fin-tech investment and fundraises took place globally in the first six months of this year, involving a total of about 276 … [Read more...] about Knight Investment Limited – Ant Financial, The Next Centacorn IPO!
Ant Financial Services Group, a financial technology unicorn run by Jack Ma, teams up with Philippine telecommunication giant Globe Telecom to offer real-time cross-border remittance services for individuals and small and medium-sized enterprises (SMEs) in Hong Kong and the Philippines, in a sign of its determination to make "Such a service essentially adds flesh to the bones of Alipay's vision to make the financial services accessible and affordable for virtually every ordinary consumer," … [Read more...] about Ant Financial launches cross-border remittance services in HK, Philippines
Jack Ma just saw his Chinese online payment platform get much bigger. Ant Financial Services, a spin-off of e-commerce giant Alibaba, announced Friday that it raised $14 billion in a Series C equity financing round. The fundraising is said to be the largest ever for a private company. With this latest financing round, Ant is worth $150 billion, according to multiple media reports, citing sources. Put another way, the Chinese payments giant is worth more than two Goldman Sachs, as the Lloyd Blankfein-led investment bank has a market capitalization of $88 billion. Ant will be using its fresh capital infusion to accelerate plans to deliver financial services to the unbanked and underbanked, the company said in a statement Friday. “We will continue to invest in technology and innovation in order to serve unmet financial needs of people everywhere and to enable them to benefit from the development of the digital economy,” Eric Jing, chairman and chief executive of Ant, said. … [Read more...] about Ant Financial sets global fundraising bar with $14B round