Alipay’s Ant Financial Gets $14 Billion For Blockchain, IoT & AI Technology Expansion
The Alipay’s operator referred to as the Ant International recently entered into a definitive agreement with the investors to secure a $14 bln, this was done in the series C equity financing round. The money that has just been invested will be spent in perusing technological and also blockchain innovations; this is according to the company announcement that was done today.
It was recently valued to be as high as $150 bln, China’s Ant international is planning on investing the capital to accelerate the Alipay’s blockchain project, security, (AI) artificial intelligence, and the internet of things (IoT) capabilities, this is all for the global platform. A platform the was designed to target the delivery of financial services to the unbanked and also the underbanked small enterprises and consumers around the globe.
The financing round will include the RMB tranche that was raised from the domestic investors. But this is not all as it will also include a USD tranche that was raised from over nine of the Ant International’s that are existing in the international institutional investors. Some of the significant global banks that have been included are Citi, Deutsche Bank, the China International Capital Corporation not forgetting J.P Morgan and the Morgan Stanley were responsible for being the financial advisors for the current deal.
According to an announcement made by the company, Alipay plus all of its global partners were able to serve about 870 mln active users globally effectively, and in China, they were able to serve about 15 mln small businesses.
The Progress That Has Taken Place In Ant Financial
The CEO and executive chairman of Ant Financial, Eric Jing stated that the funds that the company has been able to raise will be dedicated to building a proper and effective ecosystem, at the same time getting into appropriate investment and innovations to ensure they are able to serve the unmet financial needs of the various users around the world.
All this is to ensure users are able to enjoy the benefits of the development of a digital economy.
In early 2016, the company Ant Financial introduced the blockchain technology to the company in order to improve the accountability level in the work it was doing with the Chinese charity industry. As a result, in the following year, the company went ahead to recruit some blockchain experts to ensure the system succeeds.
In 2017 the CEO said he was sure that the blockchain technology would slowly be deeply implemented into the Alipay platform in the near future. Eventually, it would act as the base protocol for the popular mobile payment application. For a very long time Ant International has been the subsidiary of Alibaba Group Holding, whose found Jack Ma was recently announced as the wealthiest man in Asia having a net worth of about $41.8 bln.
This year on May, Jack Ma had the opportunity to speak at the 2nd World Intelligence Conference that was in Tianjin, stating that for years he has been researching on the blockchain technology. As a result, from his research, he believes strongly in the technology’s wide range potential. However, he reserved his very sharp comments about the Bitcoin, where he was dismissing the leading cryptocurrency coin as merely a bubble.