Long Time Not Appearing, Jack Ma Highlights AI's Future For Ant Group

JAKARTA Jack Ma, co-founder of Alibaba Group, shows his confidence in the future of the Ant Group and the great opportunities offered by artificial intelligence (AI) in the rare public appearance since the cancellation of the Ant Group IPO in 2020.

In Ant Group's 20th anniversary celebration which took place on Sunday, December 8, Ma welcomed the AI technology revolution as a promising new chapter for the fintech giant.

Our Generation is very lucky to be able to take advantage of internet-era opportunities. However, the major changes that the AI era will bring in the next 20 years will surpass everyone's imagination," Ma said as reported by Chinese media, 36kr.

Ma also expressed his gratitude for the various experiences and challenges that Ant Group has faced over the past few years. "The demands and criticisms received have helped Ant grow and mature," said Ma.

However, Ma's journey with Ant Group is not always smooth. After public criticism of Chinese regulators in October 2020, the large-valued Ant Group IPO was canceled, followed by a crackdown on the technology sector by Chinese authorities. This makes Ma rarely seen in public over the past few years.

Transformation and Leadership of BaruAnt Group, which operates mobile payment app Alipay, has undergone changes in large organizations to comply with financial regulations. In 2023, Ma handed over control of Ant Group and in July, Chinese authorities imposed a fine of nearly $1 billion for violations of consumer protection laws and corporate governance.

In Ant Group's latest announcement, it was stated that President Cyril Han would replace Eric Jing as CEO starting March 1.

Jack Ma's presence at this celebration is a new signal of optimism for Ant Group, especially in adopting AI technology as the main strategy for the future.