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Jack Ma Envisions AI-Driven Future for Ant Group in Rare Public Appearance

TechnologyJack Ma Envisions AI-Driven Future for Ant Group in Rare Public Appearance

In a rare public appearance, Alibaba co-founder Jack Ma expressed strong confidence in the future of its affiliate, Ant Group, highlighting the significant opportunities in artificial intelligence for the fintech giant since China paused its planned IPO in 2020. Speaking at Ant Group’s 20th anniversary celebration on Sunday, which he also co-founded, Ma embraced the AI-driven technological revolution. “Looking ahead, I believe it will be an era of great benefit for humanity,” he remarked at the event in Beijing, according to Chinese media outlet 36kr.

Ma, who has stepped back from day-to-day management but retains an unofficial role for the company, has been active in public work for the group as it pushes to combat the HIV pandemic, improve rural education, and empower entrepreneurs in Africa. However, his remarks on the Chinese economy and state-owned banking system in a recent speech have drawn criticism from experts.

The comments sparked the suspension of Ant’s IPO, which is estimated to be worth $100 billion or more. It was the first time in years that China had stopped a large company on the eve of a public listing. The decision was widely seen as a power play by Chinese President Xi Jinping against the founder of Ant, the world’s second-richest man.

Ma’s remarks were interpreted as showing little deference to Chinese regulators and institutions, which are increasingly concerned about the impact of fintech companies that provide credit to consumers and businesses in the country’s new market economy. Authorities view companies that operate as technology platforms that connect lenders and borrowers as posing a potential risk to the overall financial stability of the economy.

Analysts say Ant has avoided many of the same regulations as traditional banks because it says it is a technology company rather than a financial institution. This has allowed it to offer a wide range of services that would be illegal for banks, including micro-loans and investments. The growth of these activities has worried financial regulators, who have accused some companies of causing household debt problems and excessive consumer spending.

Ma has insisted that his company’s growth is not out of control and has attributed it to a culture in which people in China have learned to work hard for their money. But he has also warned that if the country fails to develop its social security and welfare systems, the benefits of economic prosperity could be diminished. In a speech earlier this month, Ma said the government must be careful to balance its ambitions for the digital economy and the need to protect ordinary citizens. It must ensure that the internet is used for good and not for evil, he added.

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