Alibaba's Financial Arm to Invest USD30 Million in Facial Recognition Tech For Logistics Industry
Dou Shicong
/SOURCE : Yicai
Alibaba's Financial Arm to Invest USD30 Million in Facial Recognition Tech For Logistics Industry

(Yicai Global) Sept. 15 -- Ant Financial Services Group, the financial services arm of Chinese e-commerce giant Alibaba Group Holdings Ltd. [NYSE:BABA], will provide various services to small- and medium-sized logistics firms and invest USD30.55 million (CNY200 million) to help promote the development of the logistics industry.

Ant Financial and Alibaba-backed logistics affiliate Cainiao Network Technology Co. hosted an open day event for the logistics sector in Shanghai on Sept. 14, online news outlet Yiou reported.

The financial firm will develop facial recognition technology for logistics-related applications, allowing users to pick up parcels at self-service counters by scanning their faces.

It will also help smaller logistics companies better utilize internet technologies to provide more convenient services for users by offering discounts on payment handling fees and undertaking joint marketing campaigns.

There is a large number of money collection and loan businesses operating in the logistics industry. Cash transactions are inconvenient in terms of money-carrying and are prone to counterfeit money risks, said Hao Han, logistics director at Ant Financial, adding that its payment platform Alipay can help smaller logistics firms collect money, improve capital security and use funds more efficiently.

Zhima Credit, another product developed by Ant Financial, can help logistics service providers to judge employees' credit score and guard against client risks.

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Keywords: Alipay , ANT FINANCIAL , Green Hand , AI