a dual listing in Hong Kong and mainland China, and might eventually lead to an overhaul of revenue streams down the road. Valued at $150 billion after a June 2018 funding round, the private company envisions generating as much as 65% of its revenues from selling financial technologies by 2021, up from 34% in 2017, according to local media reports. The rest will come mostly from its better-known products, like Alipay, where it charges payment processing fees.
Worried about potential financial risks and paving the way for much tighter oversight, regulators have imposed a series of restrictions that are slowing down the once rapid growth of Ant’s consumer-oriented businesses.
But others may have second thoughts about using products provided by internet firms, said Zhu Ning, deputy dean at Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University. “Large banks want to have their own systems and technologies,” he said. “They will have reservations about deeper cooperation because they want to keep a close watch over data.”