Fintech helps China's internet giants draw their financial roadmaps

Jing Xiandong, president of Alibaba's financial arm Ant Financial,delivers a speech at the Inaugural China Fintech Conference held by Tsinghua University PBC School of Finance in Beijing on July 10, 2016.[Photo provided to chinadaily.com.cn]

Jing Xiandong, president of Alibaba's financial arm Ant Financial, also said at the conference that their financial technologies have generated more inclusive, green and safe financial services to more people all over the world.

Ant has extended loans to more than 4 million small and even micro businesses in the past five years, 1.3 million of which are from China's rural areas. The loan averages no more than 30,000 yuan and could be acquired in one second after a three-minute application.

Jing added that Ant has built big data models to decide potential customers' credit situations so that the whole process is completed by machines without any human engagement.

Ant has also exported its fintechs, including risk-control capacities to Paytm, India's largest mobile commerce platform, to help it handle 2 million deals each day, having served 120 million people over a little more than one year.