Ant Financial, a blockchain and fintech development company, has been ranked as the fifth most valuable private company in China. Part of the Alibaba Group, the company is also the highest valued fintech company in the world.
The information was revealed in a recent report by Hurun, who ranked all companies in China by their valuation. While Ant Financial was the fifth largest company on the list, it reached the first place in the fintech sector. Additionally, the leaderboard shows that Ant Financial only requires $30 billion more to be ranked higher than Chinese smartphone producer Huawei, worth $172 billion.
Hurun compiled the leaderboard based on data from Nov 29, 2019, and published it on Jan 9. Alibaba won the first place in the leaderboard, followed by Tencent Holdings, Ping An Insurance, and Huawei. They are valued at $545 bn, $508 bn, $215 bn, and $172 billion respectively.
Ant Financial is an affiliate of China’s most valuable company
China’s most valuable fintech company has close ties with Alibaba, which represents the largest enterprise in the country. Alibaba is also significantly involved in the blockchain industry and became the entity with the largest number of blockchain patents in the world.
On the other hand, Ant Financial took the step to create a platform that provides a low entry fee for individuals and small companies who seek to join the industry. Called the ‘Ant Blockchain Open Alliance,’ the platform is set for release within the month.
The fintech company enjoyed great success in previous years as well. In 2018, they tested their first blockchain system for remittances by creating a blockchain electronic wallet for cross-border remittance services. At the time, the company managed to send a transaction in only three seconds.
China makes significant progress in blockchain race
As CryptoPythia reported on Jan 9, China will launch the most ambitious blockchain project in the world in April 2020. The project, named ‘Blockchain-based Service Network’ (BSN), is an infrastructure project backed by the State Information Center (SIC).
The BSN will set the foundations of a future blockchain-centric nation, as it provides a scalable and trusted infrastructure that can support future blockchain projects and assist with the development of digital companies and smart cities. Moreover, 400 enterprises and 600 developers support the project.