Jack Ma, the founder of Alibaba Group Holding, said that he believed the Ant Group would perform beyond expectations in the AI space within the next twenty years. Ant disclosed that it was expanding its AI-powered business to include products in healthcare, entertainment, dining, finance, and ride-hailing.
In one of his rare public appearances, Ma spoke at the Ant Group’s 20th-anniversary celebrations, expressing enthusiasm for Ant’s AI-powered future. He mentioned the opportunities captured through the internet in the last 20 years and emphasized that AI would bring an even greater future with changes ‘far beyond imagination’.
Jack Ma acknowledges Ant’s benefits from past challenges
Jack Ma makes rare speech at Ant Group’s 20th anniversary https://t.co/u7HtUip8gD
— South China Morning Post (@SCMPNews) December 9, 2024
The billionaire Jack Ma said he expected ‘more miracles’ for Ant in the next twenty years as the fintech giant leveraged AI to expand its business. His speech at the Ant Group’s event was the first time he publicly addressed the company’s team since Ant withdrew its IPO in November 2020. Jack Ma pointed out that past challenges and tests have helped fintech mature and benefit from criticism.
Since then, the fintech firm has overhauled its business model to comply with financial regulation. Ant has also reorganized its units to push for breakthroughs in AI-powered products that play key roles in people’s lives in China. He said:
“We were lucky to capture the Internet opportunities 20 years ago…In the next 20 years, AI will bring changes far beyond the imagination, AI will bring on an even greater era.”
– Jack Ma
A Reuters report claimed that Alipay, owned by Ant, controlled over half of the mobile payment market at the end of 2023. Statista estimated that China’s mobile payments services would process over $8 trillion in 2024 and $12.8 trillion in 2029.
Ant expands global business with AI-powered products
Ant announced earlier on September 6th that it would pay special attention to advancing AI technology through its products. Ant’s AI-driven Zhixiaobao app was able to help users hail taxis, order meals, as well as discover local entertainment and dining options.
The app would also access services in the Alipay digital payment app. Ma said the ‘only way to determine success or failure’ was whether Ant could create truly valuable and unique products soon.
Cyril Han, Ant Group’s President, said the fintech firm was committed to harnessing AI’s potential to ensure that “life assistants” like Zhixiaobao become valuable tools for everyday life.
Ant described Zhixiaobao as an AI-native application powered by Ant Group’s Bailing foundation model, which was approved by the Chinese government last year. The firm also announced the rollout of AI-powered products for merchants and insurance companies.
Eric Jing, the outgoing CEO, said the firm’s success in AI products was underpinned by the relaying of passion and vision from one generation of Ant employees to the next.
Jing encouraged younger generations to always be ready to step up and take on strategic responsibilities because they understood the future better and had the strength to create it.
A recent Ant statement confirmed that the firm’s cross-border mobile payment solution connected over 90 million merchants in 66 markets to over $1.6 billion user accounts as of November.
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