Ant Group changed name in June 2020 from Ant Financial Services Group. The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants. In October 2020, Ant Group was set to raise US$34. 5 billion in the largest IPO at the time, valuing the company at US$313 billion.
About Ant Group in brief
Ant Group changed name in June 2020 from Ant Financial Services Group. Ant Group is the world’s highest-valued FinTech company, and most valuable unicorn company. The group owns China’s largest digital payment platform, Alipay, which serves over one billion users and 80 million merchants. In October 2020, Ant Group was set to raise US$34. 5 billion in the largest IPO at the time, valuing the company at US$313 billion. On the eve of the IPO, China stopped the IPO from moving forward. According to The Wall Street Journal, Chinese Communist Party leader Xi Jinping personally scuttled Jack Ma’s Ant IPO. The company announced it would be suspending its IPO on both the Shanghai and Hong Kong stock exchanges in November 2020. The firm revealed that it made a net profit of USD 2. 6 billion in 2019. In March 2019, UK’s Barclaycard expanded an agreement that enabled the company to accept the Alipsay app in their stores.
By September 2020, it was reported that U.S. authorities are considering restrictions on Ant Group’s payment system, with the State Department recommending that Ant Group and S.O.M. Pagaqui use different payment systems. In December 2020, the company’s unit and a consortium have been selected to receive the digital wholesale bank licences in Singapore. Driven by the growing numbers of Chinese tourists around the world, the group has sought to expand its services into Europe and the United States. In Europe, the number of merchants that are accepting the company had tripled, according to the firm’s head of Europe division. In September 2016, Ant group bought EyeVerify Inc. and the company was rebranded as Zoloz.
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This page is based on the article Ant Group published in Wikipedia (as of Dec. 04, 2020) and was automatically summarized using artificial intelligence.
