The Anniversary Celebration
At the anniversary of the 20 years of Ant Group, founder of Alibaba Group Holding, Jack Ma, gave an extremely rare public speech in belief of "the next 20 years of Ant" as well as his expectation for "more miracles," according to Chinese media as well as attendees. This was the first public comment by Ma on Ant since the company pulled its huge IPO in Hong Kong and Shanghai in November 2020.
The Future of Ant Group
BEIJING (Reuters) - Jack Ma, Alibaba co-founder, expressed optimism about the future of Ant Group, its affiliate, with significant potential in artificial intelligence for the fintech leader at his rare public appearance since the suspension of its IPO in 2020. Co-founder of Ant Group too, at its 20th anniversary celebration, Ma accepted the AI technological revolution advancements, as cited by the Chinese media outlet 36kr. Reuters has yet to hear back from Ant Group on a request for comment.Ma's Perspective on AI and the Future
“Our generation is very lucky. We seized the opportunities of the Internet era," Ma said in the report. "From today's perspective, the great changes brought by the AI era in the next 20 years will exceed everyone's imagination.” He is thankful that Ant has encountered many experiences and challenges in recent years. He said, "It is through these forms of encouragement and constructive criticism that Ant is able to develop and evolve."Regulatory Challenges and Past Criticisms
In October 2020, the prominent Chinese tech entrepreneur Ma publicly criticized the country's regulators in a speech, which would eventually lead to the suspension of an important listing by Ant Group. This was followed by a series of regulatory actions directed at the Chinese tech industry and led to Ma's considerable withdrawal from the public eye. Alipay, one of the dominant mobile payment systems in China, is controlled by Ant. Midway through 2020, at a time when its IPO was aborted, some investors pegged the firm's worth above $300 billion. Alibaba partially owns Ant and holds 33% equity in the fintech company.Organizational Changes and Restructuring
The fintech firm has undertaken a wide array of changes to its organizational system as part of efforts to comply with financial regulatory expectations. In 2023, Ma resigned his influence over Ant Group. China's central bank said last year at its start, the entrepreneur had begun to distance himself from Ant by vowing to give up control of the fintech giant. At the end of 2023, China's central bank declared that the mobile payments service Alipay owned by Ant "has no actual controller."
The Anniversary Event
Jack Ma was at the 20th anniversary of Ant Group with chairman Co-Founder Peng Lei (left) and Eric Jing Xiandong (right). In his brief statements, Ma, the co-founder of Ant, praised its successes. At one time, he was considered disconnected from corporate responsibilities and a somewhat reclusive figure over the past couple of years. Nonetheless, Ma remains an icon of both the business empire he founded and a China's private sector hero.Reflections on Past and Future
"Twenty years ago, the internet had just begun, and my generation was fortunate to seize the opportunities offered by the internet," said Ma. "From today's perspective, the changes brought by artificial intelligence in the next 20 years will go beyond everyone's imagination, as AI will bring a greater era." He also said, "AI will change everything, but it doesn't mean AI can dictate everything. While technology is important, the real truth to determine success or failure is whether we can create truly valuable and unique things in the coming era." Ma, 60, said that twenty years from now, Ant would continue to use technology "to advance and transform people's lives."