Co-founder of Alibaba predicts bright future for Ant Group

Jack Ma, co-founder of Alibaba, made a rare public appearance on Sunday, expressing optimism about the future of Ant Group, the fintech affiliate he also helped establish. Speaking at Ant’s 20th-anniversary celebration, Ma highlighted the transformative potential of AI, stating that the changes driven by AI in the next two decades will surpass current expectations. His remarks, reported by Chinese media outlet 36kr, marked a notable return to the spotlight following his retreat from public life amid regulatory challenges.

Reflecting on Ant Group’s turbulent journey, Ma acknowledged the value of criticism and encouragement in fostering the company’s growth. Ant, the operator of China’s leading mobile payment app Alipay, faced a regulatory crackdown after Ma’s public critique of Chinese regulators in 2020. This led to the cancellation of Ant’s $300 billion IPO, followed by a stringent overhaul of its operations to align with financial regulations. The reforms included Ma relinquishing control of the company in 2023.

Despite these challenges, Ant is charting a path forward, underscored by a leadership transition announced Sunday. President Cyril Han will succeed Eric Jing as CEO starting March 1, 2024. Ma’s renewed confidence in Ant’s potential, especially in the AI era, signals a fresh chapter for the fintech giant as it emerges from years of regulatory scrutiny.