China continues to dominate the fintech landscape, accounting for 5 of the top 10 fintech companies globally in 2017, according to a report by KPMG and H2 Ventures, which compiles a list of the year’s best fintech innovators from around the world.
Chinese facial recognition firm Face++ has raised US$460 million in a series C round led by China State-Owned Assets Venture Investment Fund, with Ant Financial and Foxconn Technology Group participating, setting a new VC financing record for AI companies globally.
Chinese bike rental company Youon Bike said one of its subsidiaries has agreed to raise RMB810 million (US$123 million) from eight investors including a unit of Ant Financial. The proceeds will be used to finance its wholly-owned subsidiary Jiangsu Yonganxing Low Carbon Technology Co. to further expand in the GPS-powered station-less bike sharing operations, according to a security filing.
Chinese online micro-credit provider Qudian Inc. has filed a prospectus to raise up to US$750 million in an initial public offering on the New York Stock Exchange, according to an SEC filing.
Following the just released iPhone X’s cool face ID feature, Ant Financial Services Group said it is allowing customers to use face scan to unlock and pick up packages at smart courier cabinets in Shanghai.
SoftBank Vision Fund, a US$93 billion investment fund backed by SoftBank Group Corp with a significant commitment from Saudi Arabia’s sovereign wealth fund, is considering a US$500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance Co., Ltd. ZhongAn Online is China’s first Internet-only insurer jointly established by Alibaba Group, Tencent Holdings and Ping An Insurance in 2013. The company is geared toward raising US$1.5 billion in an IPO in Hong Kong at …
An agriculture insurance joint venture between Ant Financial Services Group and China United Insurance Holding Co. has received a green light from China’s insurance regulator, making it the first agriculture technology company co-established by an insurer to achieve regulatory approval from the China Insurance Regulatory Commission (CIRC).
China is going cashless, no doubt. Chinese consumers spent a total of US$5.5 trillion via mobile payment platforms last year, or simply put, it was about 50 times more than their American counterparts (around US$112 billion), according to data from Forrester Research and iResearch. The credit of the country’s multi-trillion dollar mobile payment market goes to China’s third-party QR code-scanning mobile payment platforms, led by WeChat Pay and Alipay. Statistics show that from 2013 to 2016, the number of transactions …
Chinese Internet giant Alibaba Group Holding Ltd. has unveiled plans to establish a regional headquarters in Xi’an city to support the growth of western China and the country’s One Belt One Road initiative.
Chinese bike rental company Youon Bike, backed by Ant Financial and Shenzhen Capital Group, has completed an initial public offering on the Shanghai Stock Exchange, raising RMB581 million (US$87 million). It is the first stock market listing by any of the dozens of bike sharing companies in China.
Ant Financial Services Group, the financial services affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has made a strategic investment in VFinance, a Shanghai-based start-up providing digital financial infrastructure solutions to enterprises in China.
Ant Financial Services Group, the financial affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has announced a partnership with the city of Fuzhou to build what it called a “cashless society”, according to state media reports.
Alibaba Group Holding Ltd. and its financial services affiliate Ant Financial plan to lead a US$1 billion funding round in Ele.me, a Chinese food ordering mobile app, which will value the start-up at US$5.5 billion to US$6 billion post-money, according to media reports citing insiders.
Ant Financial Services Group, the financial affiliate of Chinese Internet giant Alibaba Group Holding Ltd., has entered the Malaysian market via a partnership with U.S. based convenience store chain 7-Eleven. Under the agreement, 2,100 7-Eleven stores in Malaysia will accept payments using Ant Financial’s third-party online payment service Alipay.
Alibaba Group Holding Ltd. has signed a memorandum of understanding with the Trade Development Authority of Pakistan to foster growth of exports by small and medium sized enterprises in Pakistan through its e-commerce platforms, in another step in Alibaba’s international push.
Yum China Holdings Inc, backed by Chinese private equity firm Primavera Capital Group and Ant Financial Services Group, has agreed to acquire a controlling interest in online food delivery company Daojia.com.cn to better serve its Pizza Hut and KFC customers.
The rise of China’s technological prowess is reflected in the size of its tech companies: Tencent is among the world’s top ten biggest company by market value, while Alibaba completed the world’s biggest IPO two years ago when it listed in New York.
Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has made a strategic investment in Chinese bike sharing firm ofo, after the pair formed a partnership last month.
After one month of resistance, China’s Ant Financial Services Group finally agreed to increase its offer to acquire U.S. money transfer company International Inc. to US$18 per share in cash, 36% higher than its initial offer and 18.4% higher than a rival bid from Euronet Worldwide Inc.
Ant Financial Services Group issued a long statement today defending its US$880 million deal to acquire U.S. money transfer company MoneyGram International Inc., after American payment firm Euronet Worldwide Inc. made a higher offer last month.
Jiangsu province-based bike sharing company Youon Bike is making another try for an initial public offering on the Shanghai Stock Exchange, seeking to raise RMB598 million (US$86 million) by issuing 24 million shares. An earlier application was rejected in 2015. Founded in 2010, Youon Bike received an undisclosed amount of money from Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., and IDG Capital. However, Youon plans to end the funding, according to its IPO prospectus. The company …
Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has formed a strategic partnership with Beijing-based bike sharing company ofo to embed its personal credit rating system into ofo’s bike renting process, according to Chinese media reports.
Ant Financial Services Group’s US$880 million deal to acquire Dallas, Texas-based U.S. money transfer company MoneyGram International Inc. was put in question today after Kansas-based American payment firm Euronet Worldwide Inc. made a higher offer to acquire the target asset.
Ant Financial, the financial services affiliate of Alibaba Group Holding Ltd., has teamed up with Chinese venture firm IDG Capital and Shenzhen Capital Group Co., Ltd to invest in a series A financing round in Youon Bike, a Jiangsu province-based bike sharing company, according to Chinese media reports. No financial details were disclosed. Founded in 2010, Youno claims that it has deployed over 800,000 bikes in 210 cities in China and has over 16 million users. The company has partnered …
Ant Financial Services Group, the financial services affiliate of Alibaba Group Holdings Ltd., has agreed to make a US$200 million strategic investment in Kakao Pay, a mobile payment solution provider of South Korean-based messaging platform company Kakao Corp., according to Ant and Kakao’s joint announcement.
Yum China Holdings, Inc., backed by private equity firm Primavera Capital Group and Ant Financial Services Group, opened 575 new restaurants during 2016, or a 5% net growth, to reach over 7,500 restaurants in total in the country, it said today.
Yum China Holdings, Inc., backed by private equity firm Primavera Capital Group and Ant Financial Services Group, has opened China’s first Taco Bell restaurant in China today, as the fast-food franchise operator pushes for faster growth in the world’s most populous country.
Ele.me, one of the largest food ordering mobile app operators in China, faces an uncertain future as the company has reportedly missed key performance metrics embedded in an agreement when Alibaba Group Holding Ltd. and its affiliate Ant Financial invested US$1.25 billion in the company earlier this year.
China Merchants Venture Capital Management Co., Ltd has led a new funding round in 36Kr.com, a Beijing-based technology media platform and start-up services provider.
Ant Financial Services Group and Ucar Inc. have invested US$100 million in Souche.com, a Hangzhou-based used car dealership transaction services provider, as the company’s series C financing round.
Ant Financial Services Group, the financial services affiliate of Alibaba Group Holding Ltd., has accelerated global expansion plans as it took a minority interest in Thailand’s online payment firm Ascend Money.