Ant Financial Services Group, the owner and operator of Alipay, has dropped the “Financial” part of its name and is set to rebrand to Ant Technology Group, according to the Wall Street Journal.
Founded in 2014 by billionaire Jack Ma, Ant Group describes itself as a technology company that is committed to bringing inclusive financial services to the world. Ant Group, originated from Alipay, initially an escrow service, is dedicated to using technology to provide inclusive financial services to individuals as well as small and micro-businesses.
“We believe financial services should be simple, low-cost and accessible to the many, not the few – and our technologies, such as blockchain, AI, big data, Internet of Things, and cloud computing, make us uniquely placed to achieve our mission of bringing the world equal opportunities.”
The company further noted that it has developed online platforms to provide a wide range of products and services, covering payments, loans, third-party insurance, and wealth management that focus on the financial needs of small businesses and individuals.
The Wall Street Journal reported that a spokesman confirmed the company wants to be referred to in English as “Ant Group Co.,” better reflect its role as “an innovative global technology provider” to businesses, including financial institutions. “More than 60% of Ant employees are in technology-related jobs.”
The media outlet also revealed that Ant’s The company’s legal name in Chinese is currently Zhejiang Ant Small and Micro Financial Services Group Co. Ltd. The change will take effect after its records with the State Administration for Industry and Commerce are officially updated.
