In China, the mobile payment market is no longer monopolised by Alipay as competition from WeChat has dented its market share.
India and China are economic rivals in Asia.
Despite his humble beginnings, Wang Wei, the 46-year-old owner of SF Express, became the country’s third richest man on Tuesday, after his company made its debut on the Shenzhen Stock Exchange.
At the World Economic Forum in Davos, the chief executive of Ant Financial, Eric Jing, announced that the company has ambitions to expand globally, and has set a goal of 2bn customers for the next decade.
Think Amazon combined with eBay combined with PayPal combined with Twitter – add to that a bank and wealth manager – that’s Alibaba Group for you, and not even in its entirety.