It’s been a good year for Alipay, according to Ant Financial CEO Jing Xiandong. In the last 12 months, Jing announced at Alibaba’s ongoing Investor Day conference, the payment platform has gained over 200 million domestic active users.
In May of this year, Ant Financial also finished up a round of Series C equity financing to the tune of $14 billion, setting a world record for private fundraising and bringing its total valuation up to $150 billion.
Jing made his announcement at the third Alibaba Investor Day of the year, held again in Hangzhou. The event brings together representatives from over 500 investment and analyst groups, including asset management companies BlackRock and Baillie Gifford, Capital Research Global Investors, and more.
Jing was full of positivity about Ant Financial’s prospects, adding that the company will focus on its BASIC (Blockchain, Artificial Intelligence, Security, Internet of Things and Cloud Computing) tech development strategy, using it to solve real-world problems and improve customer experience.
At the conference, Jing also discussed Ant Financial’s recent improvements in the fields of credit, insurance, and financial management. And indeed, as the company continues to expand throughout Asia – reaching India, Thailand, South Korea, the Philippines, Indonesia, Hong Kong, Malaysia, Pakistan and Bangladesh through Alipay and local partners.
The company’s global expansion correlates with Chinese tourists’ willingness to spend digitally while abroad. According to a recent report, average spending per Alipay user abroad has increased by 43% from RMB 2,073 to RMB 2,955 (US$433). Russia, due to the World Cup’s contribution to international tourists’ consumption, saw transaction growth of over 5,000%.