Jack Ma Envisions AI-Driven Future for Ant Group at 20th Anniversary Event

Jack Ma Makes Rare Appearance At Alibaba Fintech Event Stresses On AI Revolution - Alibaba Gr Hldgs (NYSE:BABA)

This is Ma's first public appearance at the fintech giant event since he shunned public appearances post the failed IPO. Alibaba Group Holding BABA co-founder Jack Ma appeared on Sunday at the 20th anniversary of his co-founded Alibaba fintech affiliate Ant Group. This is Ma's first public appearance at the fintech giant event since he shunned public appearances after the Chinese regulators scrapped Ant Group's $39.7 billion initial public offering in November 2020. Ma lauded Ant Group for its accomplishments, expressed optimism over the next two decades for the fintech giant, and said he expected "more miracles" as he drew parallels with the revolution the internet brought two decades back, SCMP cites Chinese media reports. Also Read: TikTok Loses Court Appeal Against Ban, Meta, Reddit Stocks Hit All-Time High Prior reports indicated Ant Group doling out $2.9 billion on research in 2023 to drive its artificial intelligence goals. In 2024, Alibaba received a clean chit from the Chinese antitrust regulator after over three years of investigative scrutiny. The regulator fined Alibaba $2.8 billion in 2021, equivalent to 4% of the e-commerce juggernaut's 2019 revenue. Ant Group Chair Eric Jing Xiandong, Alibaba and Alipay co-founder Peng Lei also graced the Ant Group event. In 2023, Ma disassociated himself from Ant Group by surrendering his corporate roles. Recently, Xiandong shared plans to relinquish the CEO position to finance chief Cyril Han Xinyi in March 2025. Ant Group had restructured its shareholding in 2023, giving Ma 53.5% of the voting power. Meanwhile, Ant Group unit Ant International reported robust growth across its core business segments following a spin-off in March as its mobile payment platform, Alipay+, gained traction globally, SCMP reports. Ant International told the SCMP that its four business pillars - Alipay+, Antom, WorldFirst, and Embedded Finance - have delivered strong performance. At the end of November, Alipay+ linked over 90 million merchants in 66 markets to 1.6 billion user accounts, up from 88 million merchants in 57 markets and 1.5 billion users in December last year. Cross-border transactions through Alipay+ partners surged threefold in 2024. WorldFirst, a global business-to-business payment service, hit an annual total payment volume (TPV) of $100 billion. Antom nearly doubled its TPV year-over-year from January to November 2024, with robust card processing volume growth. The Embedded Finance segment has emerged as a new growth driver, offering financial solutions powered by artificial intelligence (AI) and blockchain technologies. Alibaba Group Holding stock gained 15% year-to-date courtesy of China launching fiscal stimulus to drive the economy. Price Action: BABA stock closed higher by 9.04% at $93.70 at the last check on Monday. Also Read: Booz Allen and Palantir Partner To Drive US Defense Operations Image via Shutterstock Market News and Data brought to you by Benzinga APIs

Chinese billionaire Jack Ma sees AI future for Ant Group, in rare appearance

BEIJING (Reuters) - Alibaba co-founder Jack Ma voiced confidence in its affiliate Ant Group's future, seeing significant opportunities in artificial intelligence for the fintech giant, at a rare public appearance since China halted its planned IPO in 2020. Speaking on Sunday at the 20th anniversary celebration for Ant Group, which he also co-founded, Ma welcomed the AI technological revolution, according to Chinese media outlet 36kr. Ant Group did not immediately respond to a Reuters request for comment. "Our generation is very lucky. We seized the opportunities of the Internet era," said Ma, according to the report. "From today's perspective, the great changes brought by the AI era in the next 20 years will exceed everyone's imagination." He also said he was grateful for the experiences and challenges Ant had faced over the past few years. "It is these encouragements and criticisms that help Ant grow and mature," he was quoted as saying. Ma, China's best-known tech entrepreneur, publicly criticized Chinese regulators in a speech in October 2020, derailing a massive listing by Ant Group. That was followed by regulatory crackdowns on the Chinese tech sector, with Ma largely withdrawing from public life. Ant operates China's ubiquitous mobile payment app Alipay and in mid-2020, before its IPO was pulled, it was valued by some investors at more than $300 billion. Alibaba holds a 33% stake in Ant. The fintech firm has since undergone sweeping organisational changes to comply with financial regulations. Ma gave up control of Ant Group in 2023. In July last year, Chinese authorities announced a nearly $1 billion fine for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. On Sunday, Ant Group said it would promote President Cyril Han to take over from Eric Jing as chief executive officer from March 1. (Reporting by Ziyi Tang and Ryan Woo; Editing by Sonali Paul)

Chinese billionaire Jack Ma sees AI future for Ant Group, in rare appearance

BEIJING, Dec 9 (Reuters) - Alibaba (9988.HK), opens new tab co-founder Jack Ma voiced confidence in its affiliate Ant Group's future, seeing significant opportunities in artificial intelligence for the fintech giant, at a rare public appearance since China halted its planned IPO in 2020. Speaking on Sunday at the 20th anniversary celebration for Ant Group, which he also co-founded, Ma welcomed the AI technological revolution, according to Chinese media outlet 36kr. Ant Group did not immediately respond to a Reuters request for comment. "Our generation is very lucky. We seized the opportunities of the Internet era," said Ma, according to the report. "From today's perspective, the great changes brought by the AI era in the next 20 years will exceed everyone's imagination." He also said he was grateful for the experiences and challenges Ant had faced over the past few years. "It is these encouragements and criticisms that help Ant grow and mature," he was quoted as saying. Ma, China's best-known tech entrepreneur, publicly criticized Chinese regulators in a speech in October 2020, derailing a massive listing by Ant Group. That was followed by regulatory crackdowns on the Chinese tech sector, with Ma largely withdrawing from public life. Ant operates China's ubiquitous mobile payment app Alipay and in mid-2020, before its IPO was pulled, it was valued by some investors at more than $300 billion. Alibaba holds a 33% stake in Ant. The fintech firm has since undergone sweeping organisational changes to comply with financial regulations. Ma gave up control of Ant Group in 2023. In July last year, Chinese authorities announced a nearly $1 billion fine for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company. On Sunday, Ant Group said it would promote President Cyril Han to take over from Eric Jing as chief executive officer from March 1. Reporting by Ziyi Tang and Ryan Woo; Editing by Sonali Paul Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial IntelligenceArtificial Intelligence

Jack Ma makes rare speech at Ant Group's 20th anniversary, predicts AI-driven future

Alibaba Group co-founder and executive chairman Jack Ma attending the opening debate of the 2018 edition of the WTO public forum on sustainable trade, at the WTO headquarters in Geneva, Switzerland, Oct. 2, 2018. AFP-Yonhap Jack Ma, the founder of Alibaba Group Holding, gave a rare public speech at the 20th anniversary of the company's fintech affiliate Ant Group, saying he had faith in the "next 20 years of Ant" and expects "more miracles", according to Chinese media reports and people who were there. Ma's attendance at the evening event on Sunday was the first time he had addressed Ant since it withdrew its mega initial public offering (IPO) in Hong Kong and Shanghai in November 2020. Early last year, the Chinese entrepreneur distanced himself from Ant by promising to cede control of the fintech giant. At the end of 2023, China's central bank declared that Ant's mobile payments platform Alipay had "no actual controller." In his brief speech, Ma, one of Ant's founders, congratulated the company's achievements. While he has resigned from corporate roles and kept a low profile in recent years, Ma is still regarded as the spiritual leader of the business empire he created and a face of China's private sector. "Twenty years ago, the internet had just begun, and my generation was fortunate to seize the opportunities offered by the internet," Ma said. "From today's perspective, the changes brought by artificial intelligence in the next 20 years will go beyond everyone's imagination, as AI will bring a greater era." "AI will change everything, but it doesn't mean AI can dictate everything," he said. "While technology is important, the real truth to determine success or failure is whether we can create truly valuable and unique things in the coming era." Ma, 60, said that Ant would continue to use technology to bring "progress and changes" to people's lives in the next two decades. Ant did not publish any statement about Ma's speech, but its transcript and video clips have gone viral on Chinese social media platforms. People walk past the Ant Group logo at its booth at the China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 2, 2023. Reuters-Yonhap In a photo published by local tech news website 36Kr, Ma was seen seated at the event, sandwiched between Eric Jing Xiandong, Ant's chairman, and Peng Lei, co-founder of Alibaba and Alipay. Ma delivered his speech just hours after Ant said Jing would hand over his CEO position to finance chief Cyril Han Xinyi from March 2025, as Jing focuses on his role as chairman. Since its founding in 2014, Ant Group, along with Alipay, has revolutionized payments in China and ushered the country into a cashless era. At the same time, the rapid rise of fintech technologies have brought disruptions to the nation's traditional financial system, prompting regulators to respond by imposing licensing requirements and demanding business rectifications. Ant overhauled its shareholding structure in early 2023 when Ma promised to end an acting-in-concert pact with Ant chairman Jing, former CEO Simon Hu Xiaoming and Alibaba veteran Jiang Fang. The restructuring, which gave Ma 53.46 percent of the voting power in the fintech company, was part of a regulatory campaign that followed the postponement of Ant's $39.7 billion stock sale. Ma, who visited an Alibaba campus in Hangzhou a week ago, did not mention Ant's IPO plans or other business specifics in his speech. But he said that he was grateful to those who encouraged or "criticized" Ant over the past years. "These encouragement and criticisms can help Ant grow and provide safeguards for Ant to go further in a more steady way," Ma said. "The future will not be easy, but we are fortunate as we can join hands to change the future and create the future." Read the full story at SCMP.

Jack Ma Envisions AI-Fueled Future at Ant Group's 20th Anniversary

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.

Jack Ma pushes AI drive in rare speech since Ant crackdown

Chinese billionaire Jack Ma rallied his troops during a speech marking Ant's 20th anniversary, making a rare appearance after a government crackdown forced the fintech giant to scrap what would have been the world's largest initial public offering four years ago. The co-founder of Ant and affiliate Alibaba showed up on Sunday to talk about the next 20 years of the fintech company and the opportunities brought on by artificial intelligence, according to a speech transcript. Ant didn't respond to an emailed request for comment. "We were lucky to capture the opportunities of the internet 20 years ago," Ma said in the speech. "In the future 20 years, AI will bring changes far beyond the imagination, AI will bring on an even greater era."

Jack Ma Pushes AI-Drive in Rare Speech Since Ant Crackdown

Chinese billionaire Jack Ma rallied his troops during a speech at Ant Group Co.'s 20th anniversary, making a rare appearance after a government crackdown forced the fintech giant to scrap what would have been the world's largest initial public offering four years ago. The co-founder of Ant and affiliate Alibaba Group Holding Ltd. showed up on Sunday to talk about the next 20 years of the fintech company and the opportunities brought on by artificial intelligence, according to a speech transcript seen by Bloomberg. Ant didn't respond to an emailed request for comment.