Tag: Alipay

China’s Ant Financial Receives $14 Billion in World’s Largest Single Fundraising

China’s Ant Financial Receives $14 Billion in World’s Largest Single Fundraising

Ant Financial Services Group, formerly known as Alipay, had reportedly raised up to $14 billion in what is considered to be the world’s largest single fundraising by a private company. A spin off from the Alibaba Group Holding Ltd prior to the e-commerce firm’s listing in 2014, Ant Financial is currently the largest mobile payment app in China. A Reuters report puts the value of Ant Financial at $150 billion, which makes it one of the most valuable financial firms in the world. Ant Financial is aiming to reach 2 billion consumers globally with its payments network in the next […]

Ant Financial Censured by China’s Cyber Watchdog Over Privacy Issue

Ant Financial Censured by China’s Cyber Watchdog Over Privacy Issue

It was been reported that the Cyberspace Administration of China (CAC) had berated Alibaba’s payment affiliate, Ant Financial, for compromising the privacy of Alipay service users who got enrolled automatically into the company’s credit scoring system without their consent. Some users were apparently unaware that they had to uncheck an opt out button on a financial analysis feature by Alipay. Data of users who did not opt out were collected by Sesame Credit and shared with its partners for analysis.   Nie Zhengjun, Ant Financial’s chief privacy officer, apologized for the breach and said that the company had already initiated […]

China Tests Use of WeChat Account as Official e-ID

China Tests Use of WeChat Account as Official e-ID

It was reported that China is currently testing the feasibility of using WeChat accounts to generate a state-sanctioned electronic ID with limited functions. WeChat or Weixin, is an instant messaging application owned by Tencent. Experts note that the Chinese government prefers to use WeChat since users can only register an account on the platform a mobile phone number, which in turn, can only be obtained by submitting an official ID to the telecom provider. Telecom providers in China are all required by law to cooperate with investigations by law enforcement. This is the second attempt of the Chinese government to […]