ANT financial is NOT controlled by Alibaba (BABA). It is only an associated company with #alibaba owning 33% stake in #ANT.
Jack Ma controls #ANT financial through two of his investment vehicles. Temasek holdings also has small stake in the company and keen on the IPO.
As of now, ALIPAY is a super app with so many financial services. More than 1B users. Transaction volume for digital payments is huge with RMB118B But moving forward, it is focusing on moving away from it’s digital payments revenue. It wants to be a FINTECH company The focus will be on #fintech digital services in
1) CreditTech (To both Individuals and SMB)
3) InsureTech (fastest growing segment)
4) Others – including blockchain technology
Revenues have grown RMB65B in 2017 to RMB120B in 2019. 2020 numbers for 1st half year is another massive growth.
The IPO has been delayed so if there is news of it again, I’d share with a future update!