Jack Ma expresses confidence in Ant Group’s AI future

• Published On: 09 December 2024 at 19:45

During a rare public appearance on Sunday, Alibaba co-founder Jack Ma expressed strong optimism about Ant Group's future, pointing to significant opportunities in artificial intelligence for the fintech giant.

The remarks were made at Ant Group's 20th anniversary celebration, which Ma also co-founded, and marked his first appearance since China halted the company's planned IPO in 2020.

According to Chinese media outlet 36kr, Ma expressed enthusiasm for the potential of AI in his speech, stating that "the great changes brought by the AI era in the next 20 years will exceed everyone's imagination." Reflecting on the evolution of technology, he stated, "Our generation is extremely fortunate. We seize the opportunities of the Internet era."

Ma also expressed gratitude for the challenges Ant Group had faced, describing them as critical to the company's growth. "It is these encouragements and criticisms that help Ant grow and mature," he told me.

Ma's comments come after Ant Group faced several regulatory challenges. In October 2020, Ma publicly criticised Chinese regulators, derailing Ant's IPO and sparking a broader crackdown on the tech industry. Following this, Ma largely disappeared from public view.

Ant Group, known for its mobile payment platform Alipay, was once valued at more than $300 billion before its IPO was cancelled.

The company has since undergone significant restructuring to comply with regulatory changes. Ma relinquished control of Ant in 2023, and the company was fined nearly $1 billion in 2022 for consumer protection and corporate governance violations.

Ant Group announced on Sunday that Cyril Han, the company's president, will succeed Eric Jing as CEO, effective March 1.