Beijing:
Alibaba co-founder Jack Ma, in a rare public appearance since China canceled its planned IPO in 2020, said he sees big opportunities in artificial intelligence for the fintech giant. He expressed confidence in the future of his subsidiary Ant Group.
According to Chinese media outlet 36kr, Ma welcomed the AI technology revolution while speaking at the 20th anniversary celebrations of Ant Group, which he co-founded, on Sunday.
Ant Group did not respond to Reuters’ request for comment.
“Our generation was very lucky. We seized the opportunity of the Internet age,” Ma said, according to the report. “From today’s perspective, the profound changes that the AI era will bring over the next 20 years will be greater than anyone could have imagined.”
He also said he was grateful for the experiences and challenges Ant has faced over the past few years. “This kind of encouragement and criticism is what will help Ant grow and mature,” he was quoted as saying.
Ma, China’s best-known technology entrepreneur, publicly criticized Chinese regulators in a speech in October 2020 that derailed a major listing by Ant Group. Since then, a continued regulatory crackdown on China’s high-tech sector has led Ma to largely withdraw from public life.
Ant operates China’s ubiquitous mobile payments app Alipay, which was valued by some investors at more than $300 billion in mid-2020 before its IPO was called off. . Alibaba owns 33% of Ant.
The fintech company has since undergone significant organizational changes to comply with financial regulations. Ma will relinquish control of Ant Group in 2023.
Last July, Chinese authorities announced they would fine Ant Group nearly $1 billion for violating consumer protection and corporate governance laws, ending years of regulatory reform against the fintech company. .
Ant Group announced on Sunday that it will promote president Cyril Han to succeed Eric Jin as chief executive officer, effective March 1.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
