Now that service forms the backbone of Ant Group , a financial behemoth that could be worth more than $200 billion. Named after a bug because of its founder's belief that"small is beautiful, small is powerful," Ant Group is anything but tiny in China. "Ant Group really is the crown jewel of Jack Ma and ... of China's internet industry," said Edith Yeung, general partner at Race Capital. Alipay users can browse and select insurance products, pay bills, get loans, pay staff and invest in money markets. Ma, who took Alibaba public in 2014 in a world record IPO , retains overall control of Ant, according to regulatory filings.

Source: CNN September 26, 2020 00:33 UTC