.png){kind=logo}
Jack Ma, the co-founder of Ant Group and Alibaba, recently appeared publicly during Ant Group's 20th anniversary celebration. This was his first speech to the fintech company after the Chinese government suspended Ant’s IPO in 2020. His speech was full of hope for Ant Group’s future, especially given the progress in Artificial intelligence (AI).
Ma’s remarks emphasized the solidity of Ant Group, which has faced a difficult regulatory environment. The company’s IPO, planned to be the largest in history, was suspended by Chinese regulatory authorities in November 2020. Subsequently, regulatory changes forced Ant to restructure its business models. Despite these hurdles with such effects, Ant has been able to diversify its strategic direction toward the incorporation of AI in its products and services.
AI is now employed in several aspects of the company business, such as healthcare, finance, restaurants, transportation, and entertainment. This is considered crucial for the reactivation of profit growth as it was affected by the regulation's restrictions. For instance, in the quarter to June, Ant recorded a whopping 193% growth in its profits, proving that it had regained its footing after weeks of decline. As the use of Artificial Intelligence increases in China, Ant Group has ensured that it is at the forefront of developing new solutions based on AI to serve consumers' needs.
Besides the speech, Ma elaborated on the concerns revolving around the leadership change at Ant Group. The company stated that Cyril Han will assume the position of CEO starting in March 2025, but Eric Jing will stay as chairman. Such a leadership change marks a new phase for Ant Group as the company expands its operations in the global market and enhances its business.
Ant Group implemented its restructuring plans in 2023 to improve its governance structure and build up its capacity for opportunities. Internationalisation has been considered a core strategy for the company and has been supported by creating products and services such as Alipay+, Antom, and WorldFirst. Ma’s speech did not discuss how Alipay may go public. Still, the company’s recent activities, such as establishing independent boards in its overseas subsidiaries, indicate that Ant Group is preparing for spinoffs and clearer marketization.
Ma ended the address by pointing out that AI will be paramount in Ant Group's future in the next twenty years. He referred to AI as revolutionary and said it will trigger changes “beyond our imagination.” Still, Ma also underlined that tech is not a decisive factor in success. He said the company’s capability to develop useful and unique offerings will be the key to its success.
