Ant Financial jing Xiandong: Use technology to cooperate with financial institutions to form an ecological synergy to serve small and micro businesses

The little ant says:

Alipay celebrated its 14th birthday on December 8, 2018. Alipay was born 14 years ago to solve the problem of users’ trust in payment. During its 14 years of development, Alipay has always been adhering to the principle of innovation and original origin, and has always maintained the original intention of creating value with science and technology and solving social practical problems. The future development of Alipay should “remain true to its original aspiration and reverence”.

On December 8, the second Internet Financial Forum was held in Beijing, which was also alipay’s 14th birthday. Ant Financial Chairman and CEO Jing Xiandong said at the forum that Alipay should “stay true to its original aspiration and reverence” for its future development. Alipay will adhere to three “positive-sum principles” : innovation should serve the real economy and solve real social problems; To do a good job risk prevention; The protection of consumer rights is the beginning and end of all innovation.

‘Alipay has benefited from The Times, from reform and opening-up, and from regulatory tolerance and support for innovation,’ Mr. Jing said. In the future, the development of Alipay should not forget its original intention, and should always remember why it exists, where it comes from and where it is going. In the face of users’ heavy trust, we never forget the heart of awe.

He concluded that Alipay’s 14 years of development has always followed the principle of integrity and innovation. This “positive sum foundation” has three meanings. First, innovation should serve the real economy and solve real social problems. Second, to do a good job in risk prevention; Third, protecting the rights and interests of consumers is the starting and ending point of all innovation.

He also combined the development of Alipay as an example to illustrate the obvious performance of fintech in serving the real economy, promoting technological innovation, and promoting inclusive development globally.

In terms of how to service the real economy, well in xian building mentioned at the meeting give him bank founded by “310” pattern (3 minutes online to apply for a loan, complete the loan, 1 second 0 human intervention), “212” pattern and ants insurance (a claim 2 minutes, one second reparations to the account audit, 2 hours) is popular among the small micro enterprise, Recognized by the IMF and the World Bank, technology has made it easier for small and micro businesses to do business.

He revealed that only in the loan and insurance, “three rural” services, the bank and its predecessor ant small loan has accumulated for more than 11 million small and micro enterprises, providing more than 2 trillion loan support, for 4.6 million rural small and micro enterprises to provide 410 billion yuan loan support.

Ant Insurance has covered more than 50 million small and micro enterprises with free medical expenses, and reimbursed more than 500 million yuan for their outpatient expenses.

At the meeting, he repeatedly stressed that to serve these capillaries of the real economy, technology is the way to solve the problem, but to cover more small and micro enterprises, it is necessary to unite financial institutions to form ecological synergy.

He cited the double 11 as an example. This year, MyBank, together with 50 financial institutions, received 20.2 billion yuan of financial support from myBank for 3.43 million merchants, with the loan amount increasing by 37.4% compared with the same period last year.

When reviewing the development of Alipay, he concluded that it was a path of independent innovation that adhered to the value of Nuantech, which meant that it was always driven by real demand and that technological development should solve practical problems and create real value.

Second, is to control the risk of developing technology in the vital place, he said alipay in 2005 created the real-time risk control based on Internet payment, in 2017 launched a intelligent risk control engine, implements the risk control in the field of automatic driving, in 2018 and introduced to help defuse financial risks to prevent the risk control of the brain.

Ant Financial has also experienced three stages of opening up, from the pilot and trial at the beginning, to the mature pilot and opening up, and now to the full opening up. He said Ant Financial is always a platform company. “Whether we can do well depends on whether the institutions above can do well and grow big.”

He stressed that open cooperation in fintech can promote common development, improve quality and efficiency of the whole industry. He cited the ant blockchain BaaS platform, which was launched and fully opened in June this year, as an example. This open platform integrates many basic capabilities to support more developers and partners to develop and deploy various applications on the platform, such as on-chain retail and on-chain life.

Mr. Jing also noted the globalization of ants, saying they go overseas not to gain markets or profits, but to share technology. Alipay is deploying its overseas version of “Alipay” in nine countries and regions along the Belt and Road through technology export, so that more local people and small and micro businesses can get better services and promote global financial inclusion and sustainable development.

Jing says technology is the biggest bonus of this era, but he sees many places stagnating because of a lack of technical talent.

In October, the World Bank IFC and Alipay announced the launch of the 10×1000 Technology Inclusion Program, which aims to train 1,000 technology leaders for emerging markets each year for the next 10 years. To help future technology leaders learn technology and Chinese market experience to better drive the digital development of their own economies in the future.