Jul
29
Jack Ma’s Giant Financial Startup Is Shaking the Chinese Banking System
ByAnt Financial is transforming how Chinese run their daily finances, drawing flak from big banks and warning shots from the government
It handled more payments last year than Mastercard, controls the world’s largest money-market fund and has made loans to tens of millions of people. Its online payments platform completed more than $8 trillion of transactions last year—the equivalent of more than twice Germany’s gross domestic product.
Ant Financial Services Group, founded by Chinese billionaire Jack Ma, has become the world’s biggest financial-technology firm, driving innovations that let people use their phones for buying insurance as easily as groceries,…
Jack Ma’s Giant Financial Startup Is Shaking the Chinese Banking System
