Until recently, Ant Financial is most commonly known as the parent of China’s default payment app Alipay, and therefore, a financial service in the eyes of most. However, the Alibaba affiliate is gradually finding a new position as a technology services company. By outsourcing all of its technical capabilities that have been mastered by running Alipay, the company is turning traditional financial service providers from competitive rivals to cooperative clients.

Ant Financial is opening up its technology capabilities to financial service institutions for them to solve problems in financial security, massive financial transactions, and blockchain applications announced Hu Xi, Deputy CTO of Ant Financial and Partner of Alibaba Group, at The Computing Conference. Open technology capabilities are expected to become the core monetization model of Ant Financial, according to the firm.

Started out as Alipay, Ant Financial tries to solve all the basic technical problems since its inception in 2004. After opening up its payments services to a wide range of online and offline businesses, Ant Financial announced an “Internet Booster” plan in 2015 to support the digital transformation of traditional financial institutions by sharing Ant Financial’s technological capabilities. The new announcement marked the company’s effort to speed up the initiative in providing standardized and comprehensive technical solutions to all the financial services.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.