And not just that, there are new rules coming out all the time. He also perceived the threat of WeChat early on and had Alipay accept QR codes so that it could be used more easily for not just online, but also offline transactions. Before going to a detailed Ant Financial story, we can first have a glance at the global fintech companies (comparison between parent companies) and their current market capitalization for future comparison. You had to jump through 7 pages to complete a single transaction. And you can now get a $70 monthly credit line even for those merchants who don’t accept it. As of June 30 its AUM stood at Rmb816 billion ($118 billion), and as of mid-October it had 305 million users. [08:19]It was definitely the market leader at this point, but it was still, honestly speaking, a piece of crap to use. I guess at Alibaba you also have a ton of cloud services and AI that you need to work on, but if you want to do blockchain, then you gotta stay at Ant, where you can work on AntChain, Ant’s Blockchain-as-a-service open platform. Things were looking good. There are now more than 4,000 wealth-management products available to the platform’s 180 million users. The rest are all platforms. Below are the main products and services of Ant Financial. I mean, that’s its name, right? 71: Industry trends in China’s COVID-19 recovery, with Mu Chen. Ant Group, which on Monday set the price for its much anticipated flotation and is expected to start trading early next month, will beat the record $25.6bn sold by state-backed oil giant Saudi Aramco in its flotation last December. Thanks so much! Top news, insights and analysis every weekday. It declined to reveal its sales volume, but presumably has some way to go to catch Tiantian Fund Sales, the biggest online funds distributor, set up in 2012. and the fact that you have to repay the cash balance all at once, you can’t pay a minimum balance like you can with your typical credit card balances, which makes it doubly more attractive to try to game the system if you want to get cash. [32:16]Which brings us to our last business line, which is InsureTech, something we have skipped over entirely thus far. In what ways are these offerings mapped to the evolving financial behaviors of Chinese consumers, as well as to the existing product landscape? In addition to Tech Buzz, you can also find Sinica which covers current affairs. A well-built social credit-profiling system will assist banks greatly in risk control and the whole business ecology. I think the 674-page preliminary prospectus gives us way enough to work with. But are also kind of nuts anyway, as we discussed in the episode on the Chinese stock market. [24:35]You might be rolling your eyes now thinking: that’s so China, but actually, hear us out, it makes a lot of sense. But it’s far beyond that now. We predict there is going to be one company and one company only that’s the king of China tech headlines this month, and no, it’s not ByteDance, exciting as the drama of its TikTok spinoff is turning out to be.