Established in October 2004, Ant Group is a leading global online payments provider that aims to bring inclusive, transparent and cost-effective financial services to its customers, including individuals and small-and-micro enterprises, around the world.
Partnering with more than 250 global financial institutions worldwide, Ant Group provides online payment channels for 1.2 billion buyers and 2 million sellers in over 200 countries, servicing major global merchants and all 60 Alibaba affiliates.
As Ant Group expanded its footprint globally and the volume of payments through its channels grew exponentially, it found increasing inefficiencies and limitations in its treasury functions in the form of:
The above challenges had knock-on impacts on Ant Group’s customers including longer payment cycles, costly transaction fees and limited choice of settlement currencies.
As a key part of the treasury transformation journey, Ant Group set up Alipay Global Markets Singapore (AGM) to centralize FX services, liquidity management and intra-group settlements for all of Alibaba’s affiliates globally.
In collaboration with J.P. Morgan, Ant Group applied to AGM a comprehensive solution – the first-of-its-kind in scale, complexity and level of detail for a leading global payments company, including:
We have established through strong and seamless collaboration with J.P. Morgan an industry landmark. Thanks to the global bank’s network and ability to invest and deliver innovative solutions, we have been able to achieve our vision, as a global tech giant, to bring inclusive financial services to customers and small-and-micro enterprises around the world, anywhere, anytime.
The solution is truly transformational and not only positions Ant Group well for its strategic ambitions but also aligns with its ethos of financial inclusion and putting customers’ values first.The first-of-its-kind FX and liquidity real-time settlement ecosystem powered by innovation was meticulously tailored for Ant Group to meet its fast-expanding treasury needs, and was seamlessly executed within a period of six months amid an unprecedented pandemic operating environment.
Ant Group was recognized as the overall winner in the highly coveted Best Liquidity Management category at the Treasury Today 2020 Adam Smith Awards Asia – widely known as the industry benchmark for treasury excellence. Listen to episode 13 of the Adam Smith Awards Asia podcast series to learn more.
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