A new filing from Alibaba, who owns 33 percent of Ant Financial, reveals that Alipay claims to have 1.3 billion annual active users as of March; the majority of its users come from China, while the rest were acquired through their nine e-wallet partners in India, Thailand, South Korea, the Philippines, Bangladesh, Hong Kong, Malaysia, Indonesia and Pakistan; Ant Financial recently rebranded to The Ant Group as they have repositioned the company as a tech company that offers payments gateways and sells digital infrastructure to banks, insurance groups and other traditional financial institutions; Ant’s new boss Hu Xiaoming set the goal for the firm to generate 80% of total revenues from technology service fees, up from about 50% in 2019. TechCrunch.
