Jack Ma, founder of the world’s largest e-commerce platform, has coined a new phrase to define the mission of Alipay to help more young people, small companies and poor nations gain access to capital. Fintech takes the original financial system and improves its technology,» said Alibaba founder Jack Ma during the China Conference organised by the «South China Morning Post». «TechFin is to rebuild the system with technology. What we want to do is to solve the problem of a lack of inclusiveness.»
Alibaba owns the «South China Morning Post». The Alipay service, which boasts 450 million registered users, has its largest market in China, where it runs third-party payments and e-wallet services. Striving in Emerging Economies Ant Financial Services Group, backed by Ma’s Alibaba Group Holdings, would rather strive to provide equitable payment systems and access to capital for emerging economies like India, the Philippines and Malaysia, instead of focusing on competing in developed markets like Europe and the United States, he said.