The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020.Ant Group, the giant Chinese fintech company, was ready to embark on a historic IPO when China intervened and shockingly ground the event to a halt, a move that was reportedly issued directly by President Xi Jinping.
"There's no Progressive or Geico," Blair Silverberg told Business Insider. "None of the 30-plus stops that you stopped at along the way of your financial life. You don't make any of those, it all happens through the app."All eyes were on the Chinese financial technology company Ant Group last week as it was gearing up for the world's largest IPO until it was abruptly suspended.
More than 1 billion Chinese citizens use the company's services, rendering Ant a large aspect of China's financial system and "critical to consumers every day," Matthew Schopfer, head of research at the investment firm Infusive Asset Management, told Business Insider. Imagine it as a do-everything app that you can use to manage financial milestones from adolescence into retirement. Your parents could give you an allowance through the app, you could get your first credit card through it, buy a car, and pick auto insurance.
The online financial world as it currently stands can be "a totally fragmented universe," Silverberg said. "And if that were all in one place, like the button on your phone, that's kind of what Ant Financial has created."
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