Alibaba’s Ant Financial Launches 2 Blockchain Subsidiaries in Shanghai
Last week, Alibaba’s payment arm Ant Financial has launched two new blockchain affiliates at Huangpu District, Shanghai. Reportedly, the two blockchain startups, Ant Blockchain Technology (Shanghai) Co., Ltd, and Ant Double Chain Technology (Shanghai) Co., Ltd， mainly feature the innovation Fintech business of Ant Financial.
According to the National Enterprise Credit Information Publicity System, both of the two startups were incorporated on December 6, 2018, with a registered capital of 100 million yuan. In addition, the two companies are both 100% owned by Hangzhou Ant Future Technology Co., Ltd., a wholly-owned subsidiary of Ant Financial. Cheng Li, CTO of Ant Financial also holds the position of the legal representative of these two firms.
For instance, the Ant Blockchain is mainly focussing on software development, big data service, software and hardware sales, computer information engineering projects, network development, as well as some technology and financial consultation.
While the Ant Double Chain provides Fintech services including data service, financial information service, supply chain management, as well as R&D and consultation of financial products.
This initiative shows China’s largest online payment service provider is about to put more effort and conduct more in the blockchain-driven innovation in its business, especially in supply chain finance, cross-bounder remittance, and electronic bill application scenarios.
It was reported that the existing blockchain-based supply chain finance is basically targeted receivables. At the beginning of this year, Ant Financial launched its “Ant Double Chain” where “double chain” stands for “blockchain” and “supply chain”. The blockchain-powered network consortium is aiming to provide fundamental infrastructure for enterprise-level applications, such as the confirmation and transfer of receivables.
In addition, Ant Financial has also conducted many blockchain application projects in commodity traceability, housing renting, justice, health care，and cross-bounder remittance.
Ant Financial has emphasized its future-oriented “BASIC” technical strategy, with “B” standing for “blockchain”. Its CEO Eric Jing has also indicated that artificial intelligence (AI) and blockchain are the key future technologies. Which means more blockchain-based innovations in new applications scenarios conducted by Ant Financial and Alipay remains to be seen.