Ant Financial, China Everbright Bank Launch New Partnership Effort
Ant Financial—the folks behind Alipay, which is at least the heavily-challenged leader of mobile payments in China—has been on a serious expansionism tear lately, and made appearances in a range of new markets worldwide. Now, it’s making some new inroads in its home market of China, as it sent word our way about a new team-up with China Everbright Bank and Everbright Technology to drive digital transformation.
The agreement calls for Ant Financial to bring its financial-grade capabilities to China Everbright Bank to help develop a range of new options for Everbright’s customers. This includes cloud platforms in both private and hybrid varieties, internet finance operations and mobile systems. Plus, there will be some development on biometric security, artificial intelligence (AI) systems, and “smart risk management systems,” which could be a winner in and of itself if the name goes as far as it suggests.
Eric Jing, Ant Financial’s CEO and executive chairman, noted “Every aspect of the technology we have developed will one by one be opened up to current and potential partners. For us, the only criterion as to whom we partner with is whether that partnership is innovative enough to deliver value to users.”
We already know that Ant Financial systems are up to the task regardless of the use level; its Alipay system managed to process fully 256,000 transactions per second back at the 2017 Singles’ Day Shopping Festival. That kind of capability should put it well within the use of any bank; Visa’s maximum transactions per second back in 2016 was 65,000 per second, so Ant Financial’s hardware should be up to the task. The additional range of options brought into play, like the biometric security, the artificial intelligence—we’ve seen what Bank of America was doing with AI just recently—and whatever “smart risk management” turns out to be should only improve the picture.
Throw in the hometown advantage of dealing with a local firm—both firms are Chinese, after all—and the end result should prove positive. Ant Financial’s rapid expansion could be a problem if it’s not properly managed, but the company hasn’t given anyone reason to doubt it so far.