China's Ant Financial has no timetable for IPO but targets 2 billion users in a decade
He added that the company is expanding into newer areas, such as providing financial services to small and medium-sized businesses.The company operates the massive Alipay service that handles financial transactions on Alibaba's Taobao and Tmall e-commerce platforms and can be used as a digital payment option in stores and restaurants. Other Ant Financial products include a private credit platform as well as consumer and SME lending businesses.
Lending to consumers and small business owners — typically shunned by traditional financial institutions — is a lucrative area for many companies, including Ant Financial as well asFeagin said the average size of loans his company gives out is around $1,600. Small businesses, on the other hand, can use Alipay to accept payments that help to build a track record based on which Ant Financial can lend to them, he explained.
Speaking to CNBC's Nancy Hungerford at the conference, Feagin added that the company plans to increase its customer base to 2 billion over the next decade and to "dramatically" grow its users outside China."It's 900 million in China, 300 million outside. We see the 300 million growing dramatically outside of China," he said.
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