Billionaire Jack Ma's Ant Financial has done more than perhaps any company to disrupt China's gargantuan banking and asset-management industries. Ant's Xiang Hu Bao, which means mutual protection, has attracted 50 million people since its October inception, or more than five times the population of New York City. Ant said Thursday it hopes to sign up 300 million Xiang Hu Bao users within two years, which would represent more than 20 percent of China's population. Ant, best known for the Paypal-like Alipay service that underpins Alibaba Group Holding Ltd.'s online shopping platform, is redesigning financial products from money market funds to consumer credit that have long been dominated by state-owned Chinese behemonths. (Millions Rush to Join a Wild New Health Plan From Jack Ma's Ant, Bloomberg)
Comment:
Ant Financial has been devoted to designing and developing financial products with self-reliant IPRs as an internet financial services company. Its innovative business ideas have brought new product services and positive user experience for the customers.
(Editor Shao Jingjing)
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