Beijing, China, November 30, 2015
“Jack Ma believed that with its extensive database of transactional data Ant Financial would be able to create a bank that could provide online services at a low cost per transaction, making it possible to be profitable in offering loans to small and medium sized entities, particularly outside the urban centers. Ma had built the Alibaba empire and Ant Financial based on a recognition of the power of many small transactions. His companies had developed a multitude of financial services to facilitate transactions on commercial portals. Extending the services to an online banking services would allow individuals and small companies to have access to credit to buy larger items such as farm equipment. It would smooth transactions in Alibaba's growing websites."