Please ensure Javascript is enabled for purposes of website accessibility

Alibaba Affiliate Ant Financial Changing Name, Focus

By Eric Volkman – Jun 24, 2020 at 3:22PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The company wants to be known for its work in technology, however it remains deeply involved in many aspects of finance.

An affiliate of Chinese eCommerce giant Alibaba Group Holding (BABA 2.57%) is rebranding and changing tack, according to media reports. Ant Financial Services Group, the largest fintech company in China, has filed for a change in its business-registration records to be called Ant Technology Group. According to the company, it has received official approval to do so.

The new name will take effect once its details are updated by the State Administration for Industry and Commerce. It is not clear when this might occur.

An Ant Financial sign.

Image source: Ant Financial Services Group.

That's not the only change sought by Ant. The Wall Street Journal quoted a company spokesman as saying that it now wants to be called "Ant Group Co" in English. This is because it better describes its work as "an innovative global technology provider." The spokesman pointed out that over 60% of Ant's employees work in tech-related positions.

It remains heavily involved in the financial sphere, however. Arguably Ant's most high-profile asset is AliPay, which it says is the "world's largest payment and lifestyle platform," with over 900 million users. Since its founding in 2014, Ant has branched out into a number of other financial services segments, including asset management and cross-border remittances.

The company's founder is Chinese tycoon Jack Ma, who is also the founder of Alibaba. Ant is well-capitalized, after raising $14 billion from investors in the summer of 2018.

It remains a privately held company and, as such, its financial results are not made public.

 

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alibaba Group Holding Ltd. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Alibaba Group Holding Limited Stock Quote
Alibaba Group Holding Limited
BABA
$81.09 (2.57%) $2.03

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
332%
 
S&P 500 Returns
104%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 09/30/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.