Ant Financial aims to make trusts more transparent with blockchain

Shanghai – Ant Financial Services Group (“Ant Financial”, or the “Company”) China’s leading online and mobile financial services provider, launches a charity project today, in a joint effort with China Social Assistance Foundation, introducing blockchain tech to improve transparency on donations.

Cheng Li, the Company’s chief technology officer, shared at a financial inclusive panel at the Bund Summit of Fintech in Shanghai, that the donation project aims to help children with hearing disabilities. The project is launched today on Ant Love, the Company’s charity platform for helping the disadvantaged. By introducing blockchain tech to the project, all donors can see a very clear flow of money and all the records are not changeable as the data on the blockchain is immutable. This project aims to collect RMB 198,400 and help 10 children with hearing disabilities to buy hearing aid devices and receive sign language training.

“We are trying to bring small and beautiful changes to users with this pilot,” said Cheng Li, CTO of Ant Financial, “If used properly, the trust element in blockchian technology might help build a charity platform that is more trusted, open and transparent in the future.”

Introducing blockchain technology to a charity project on Ant Love is a milestone for Ant Financial to provide a transparent environment to encourage more donations to help the needed. It is part of the Company’s drive to leverage its technology, and IT capabilities to promote inclusive financial solutions in China and beyond. Ant Love has a first-level entry access at the Alipay APP, to reach over 450 million users. As of the end of 2015, the charity platform has provided access to over 1,000 charitable organizations and over 7.5 million people have donated over RMB 600 million.

Also attending the two-day summit in Shanghai was Eric Jing, President of Ant Financial, who gave a keynote speech on Ant Financial creating a China model for digital inclusive finance and he called on various parties to set up an international non-profit organization. It is dedicated to promoting digital inclusive finance and educating people about how digital solutions can help provide financial services to people who are underserved by the current financial industry.

“We firmly believe that technology is key to promote equal access to financial services in China and beyond,” Jing said. “We have developed a wide range of products and services, covering payments, loans, insurance, and wealth management. With all our products, our aim is to simplify the process for our customers, giving access to financial services to the many, not the few.”

According to a report released at the Summit by Peking University’s Fintech Research Center, innovative and digital financial products, including Alipay and Ant Fortune, the Company’s wealth management APP, are narrowing social and wealth gap between the country’s inland provinces and coastal provinces.

Ant Financial is dedicated to innovate financial services by upgrading its payment, risk control and cloud capabilities, not only in China, but to promote it globally. In India through its strategic partnership with Paytm, the world’s fourth largest e-payment wallet, Ant Financial’s technology is helping over 135 million Paytm users in India to enjoy convenient and accessible financial services, Jing added.

About Ant Financial
Ant Financial Services Group is focused on serving small and micro enterprises as well as individuals. With the vision “bring small and beautiful changes to the world,” Ant Financial is dedicated to building an open ecosystem of Internet thinking and technologies while working with other financial institutions to support the future financial needs of society. Businesses operated by Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit and MYbank.

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Ant Financial
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Ant Financial
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