Beijing (PingWest)- Ant Financial Service Group, the owner and operator of Alipay, has won a green light from Chinese regulators to erase the word “financial” from its name and renamed to “Ant Technology Group”.
Official Launched in October,2014 by Alibaba Group Holding, the primary task of Ant financial is to manage Alibaba’s digital payment business-Alipay and assembled a suite of financial service around it.
Ant’s legal name in Chinese is currently Zhejiang Ant Small and Micro Financial Services group.
Instead of being a technology company that is committed to bringing inclusive financial service to the world, Ant Technology Group rebranded itself as an innovative global technology provider to businesses, covering wider range of digital services including financial technology
In order to contain financial risks and make Ant’s portfolio less risky, Chinese financial regulator mandated Ant to reduce the size of its fund, each users are required to keep large part of their fund in accounts at commercial banks and clear payment transactions through a government platform.
Prior to name changes, Ant Technology Group recently made a key management change. Ant appointed Ni Xingjun, one of its earliest IT architects as its new Chief technology officer
After it launched, Ant grow dramatically and quickly gained a USD150 billion valuation, which made it one of the world’s most valuable startups.
With more than 1.2 billion active users, Alipay is now one of China’s two largest mobile-payment networks along with Tencent’s WeChat Pay. Aside from Alipay, Ant also operate China’s largest investment platforms, covering business from asset management, individuals and small business lending and credit-scoring.
In April, Ant Financial and U.S-based asset management firm The Vanguard has jointly launched a investment-advisory service named “Help you to invest” that target 900 million users on Alipay.
The investment advisory service allows user to get algorithm-made investment suggestions and investment portfolios from a pool of more than 6,000 mutual fund managed by more than 100 domestic assets firms.
Following the instruction within the app, users make a initial investment of 800 yuan to purchase a investment portfolio with a daily charge of 0.14 yuan for every 100 yuan they invest.
The joint venture has registered capital of CNY20 million, and it is 51% owned by Ant Financial and remaining 49% is owned by Vanguard. Huang Hao, one of Ant Financial’s senior leader, is legal representative of the joint venture.
Beside Vanguard, Ant Financial also partners with other international asset management firms like UBS Group, Fidelity International. Currently, these companies mainly partner with Ant Financial through Caifuhao, an AI-powered wealth management platform, it provides customized investor education.