Technological Investment Is Key for Ant Post-Listing, CEO Says
Zhang Yushuo
DATE:  Sep 24 2020
/ SOURCE:  Yicai
Technological Investment Is Key for Ant Post-Listing, CEO Says Technological Investment Is Key for Ant Post-Listing, CEO Says

(Yicai Global) Sept. 24 -- The most important thing Ant Group will do after going public is to invest in technology, because the company's genetics are not at root financial but sci-tech, the fintech giant's Chief Executive Simon Hu said today at the three-day inaugural INCLUSION Fintech Conference that starts today in Shanghai.

Ant is seeking dual listings on the Shanghai Stock Exchange's Star Market and the main board of the Hong Kong bourse to raise up to USD30 billion and overtake Saudi Aramco as the world's biggest initial public offering thus far. Ant has now raised its funding goal to USD35 billion, per recent reports.

The conference is held in Shanghai as an annual gathering at which the global fintech sector discusses emerging topics in its rise.

"The most important thing following listing is to invest in technologies," Hu stressed. "Technology has played the most crucial role in each stage of Ant's 16-year development history, driving the continuous evolution of our businesses."

"Our technical strategy is not a '100-meter dash', but a 'marathon,'" Hu noted. "After going public, we will further enhance our independent innovation capability, invest funds to enhance our research and development strength, and improve products and technological innovation to lay a solid technological foundation for long-term strategic development," he stated.

The company will focus on artificial intelligence, risk management, security, blockchain and computing and technological infrastructure, Hu added.

The in-depth, independent R&D work conducted in the five technological areas will supply computing, trust, privacy, intelligence and connectivity and various other fundamental factors for all types of fintech applications to provide whole-process and whole-prospective support to the digital financial system Ant has developed and ensure its efficient, secure, smart and inclusive use of data and capital flows, Hu said.

"From China to the world, a fintech-led digital revolution is taking place, and Shanghai will be the place with the best chance to compete to become the next world financial center, with fintech is its core competitiveness," according to Hu.

Editors: Tang Shihua, Ben Armour
 

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Keywords:   Business Strategy,Fintech,R&D,Ant Group,Alibaba,Inclusion Fintech Conference