The co-founder of Ant and its affiliate, Alibaba Group Holding Ltd. (BABA, 9988.HK), spoke on Sunday about the future of the fintech company over the next two decades and the transformative potential of artificial intelligence, as detailed in a transcript reviewed by Bloomberg. Ant did not provide a response to an emailed inquiry for comment.
“We were fortunate to seize the opportunities presented by the internet 20 years ago,” Ma stated during his address. “In the next 20 years, AI will usher in changes beyond our current imagination, heralding an even greater era.”
He recognized the difficulties and challenges Ant has encountered, noting that the company has grown and learned from criticism. Additionally, Ant announced on Sunday that President Cyril Han will be promoted to chief executive officer, effective March 2025, succeeding Eric Jing, who will continue as Chairman.
Chinese regulators abruptly halted Ant’s IPO in November 2020 and mandated a comprehensive restructuring of its business model to align with financial regulations. In recent years, the Hangzhou-based company has reorganized its divisions and is relying on advancements in technology and AI to restore profit growth that was impacted by regulatory actions.
Ant is broadening its offerings with AI-driven products across various sectors, including dining, ride-hailing, entertainment, healthcare, and finance, which are increasingly integral to the lives of Chinese consumers. The company reported a nearly 193% increase in profit for the quarter ending in June, reversing a year-long decline.
Ant is expanding its global presence through Ant International, which is enhancing its four main business operations this year: Alipay+, Antom, WorldFirst, and Embedded Finance. In March, the company established independent boards for its international, database, and digital technology divisions to facilitate potential future spinoffs.
Ma has expressed similar sentiments to motivate Alibaba's workforce. In an internal letter issued in September, he urged employees to "believe in the future" and has also made visits to the company's campus.