Jack Ma used these constant rejections to forge a stronger foundation for Alibaba Group Holding, which he co-founded in 1999. Additionally, it gave him the desire to think strategically and unconventionally, enabling him to transform Alibaba into a Chinese tech conglomerate with a market capitalization of $284.35 billion as of January 2023.

Market observers were not surprised by Jack Ma’s announcement that he would relinquish control of Ant Group, a unit of Alibaba. This action will appease Chinese authorities, who have been increasing their pressure on the corporation to reorganize its intricate organizational structure as per the requirements of the People’s Bank of China.

The business claimed it was changing its ownership structure to guarantee that “no shareholder, alone or jointly with other parties, will have control over Ant Group.” To “further enhance the stability of our corporate structure and sustainability of our long-term development,” the statement stated Jack Ma will now only control 6.2% of the voting rights.

After dealing with opposition from Chinese regulatory officials for over two years, the billionaire had debated separating the fintech from Alibaba for some time.

The situation reached a breaking point in November 2022 when officials abruptly stopped Ant Group’s first public offering (IPO), valued at over $200 billion. This was put on hold after China’s financial watchdogs cracked down on Chinese stocks listed on US exchanges.

So how did China’s most well-known and flamboyant corporate icon lose favour and end up on the government’s bad books?

A tale of rags to riches
Jack Ma, born in 1964 in Zhejiang, China, was an inquisitive child from an early age. However, when he was a teenager and eager to study English, he worked as a tour guide for foreign tourists to improve his command of the language since he believed this was a more effective method than memorizing words from a book.

Later, he attempted to enrol at Hangzhou Teachers College by taking the entrance exam but failed twice. However, Jack Ma didn’t give up, and in 1984 he was accepted into the college. He received his English degree four years later, and from then, he taught English at Hangzhou Dianzi University until 1993.

It is nearly impossible to hold a self-starter down for an extended time. So by starting Haibo Translation Agency in 1994, Jack Ma used his English proficiency to offer translation and interpreting services.

A year later, while on an official trip to the US on behalf of the city of Hangzhou, he observed Americans using the internet to fulfil most of their demands, including communication, shopping, informational needs, and entertainment.

Jack Ma came home and established China Pages in 1995, an online directory for local businesses looking for international clients, after being astounded by how technology could change lives, livelihoods, lifestyles, and the economy. Many referred to it as China’s first indigenous Internet start-up. He, however, departed it after only two years and went on to lead a government-backed Internet business until 1999.

He created Alibaba Group Holding in 1999 as a B2B website to aid in transactions between small firms when the impulse to go it alone won out. Jack Ma upset Applecart business by charging users a small cost to become verified as trustworthy vendors on the network and an additional fee for selling to consumers overseas.

When he once visited a bank, the employees refused to process an online transaction because they claimed it was a financial product. This caused the former teacher to become a technocrat, and he subsequently stated in a lecture, “If a Chinese company didn’t go into payments, some overseas company would come to do it, and we’d end up the victims. So I went to hear Clinton speak about the importance of leadership when I was at Davos. That meant doing something brave that you believe in, which won’t harm your country or your consumers. Then I had my realization, and decided to give it my all.”

As a result, Alipay began operating as a third party in online transactions in 2003. With 1.3 billion users as of 2013, it had eclipsed Paypal’s 377 million users to take the top spot among mobile payment platforms worldwide, ahead of Apple Pay’s 507 million users and Google Pay’s 421 million.

Contrary to trend
Jack Ma focused on the 2003-launched consumer-focused platform Taobao after seeing the success of Alibaba’s B2B website. Severe Acute Respiratory Syndrome (SARS) broke out in China that year, almost decimating the nation’s economy, as the government had to put lockdown to stop the spread of the disease.

His never-say-die attitude showed itself once more. Despite challenges faced by China, he and a core group of techies launched the site after finishing its development at his apartment. This decision turned the company’s fortunes around.

As more Chinese people shifted to online purchasing due to the self-imposed quarantine, Taobao established a solid foothold in the e-commerce industry. By 2006, it had surpassed eBay as the most popular e-commerce site in the nation, and by 2020, it was generating $56 billion in yearly revenue from over 600 million members.

Investors stream in
The expansion of Alibaba was not unnoticed. The year 2005 saw Yahoo investing $1 billion in the business, acquiring a 40% interest, while Softbank acquired another 30% interest. This gave the two firms a place at the table of the internet behemoth that was now well-known throughout China. Jack Ma had finally made it to the big leagues, thanks to this coalition, earning him the title of “China’s New Internet King” in the New York Times.

With the help of these favourable conditions, the e-commerce business raised $1.5 billion when it went public in 2007 on the Hong Kong stock exchange. However, the Chinese central bank published new third-party Internet payment provider regulations in 2010. It stated that these entities needed to apply for and obtain licenses from the People’s Bank of China to continue operating.

Jack Ma kept a 46% share in the financial services company and split off Alipay into a separate company. This led to a protracted dispute with Yahoo, which asserted that his decision to divide the company without informing it beforehand resulted in a sharp decline in the value of Yahoo’s stock.

Despite these developments, visionary entrepreneur-backed Alibaba applied for a $25 billion IPO in the US in 2014. However, there needed to be more clarity regarding the connection between Alibaba and Alipay, and concerns surfaced on how the parent firm would profit from the public offering.

Later, the Chinese conglomerate clarified in its revised draft prospectus that Alibaba no longer had “an ownership interest in or control over Alipay or its current parent company.” In addition, it acknowledged that Jack Ma still owned 46% of Small and Micro Financial Services firm (SMFSC), the parent firm of Alipay.

The Ant continues to march
Jack Ma gained recognition over time as the person who built a tech behemoth and the best brand representative for contemporary China. From former German Chancellor Angela Merkel to twice-elected American President Barack Obama, he embodied the nation’s significant technological advancements and economic prosperity.

The administration at home, though, was keeping a close eye on his expanding political views. Jack Ma attended the Bund Summit in October 2020, and things started going awry for him. In his address, he attacked the Chinese regulatory market, saying, “Good innovation is not afraid of regulation, but is afraid of being subjected to yesterday’s way to regulate.”

The Chinese billionaire may have been attempting to be humorous when he compared the nation to a “pawn market” and accused it of adhering to outdated business practices. But the dictatorial government was anything but amused.

Jack Ma’s comments were an outright rebuke of Chinese President Xi Jinping’s determination to end monopolistic activities to “prevent the disorderly expansion of capital.”

In retaliation, the Chinese antitrust authorities investigated Alibaba’s practice of pressuring vendors to sell exclusively through its platform. Ant Group representatives were called in for a meeting to discuss consumer rights and competition. Additionally, Alibaba found itself in the crossfire of the ongoing geopolitical verbal battle between China and the US, which has been more heated after COVID’s breakout, as US officials began closely scrutinizing Chinese businesses’ listings on their bourses.

To reach investors in mainland China for Ant Group’s initial public offering (IPO), the e-commerce giant said it would add a primary listing in Hong Kong to its New York presence. This came after the e-commerce behemoth paid a massive $2.8 billion fine due to regulatory scrutiny in China.

Jack Ma stayed out of the spotlight after the reaction from the administration and disappeared for a while. Then, according to Reuters, the Chinese financial authorities cautiously approved Ant Group’s request to resume its dual public listing in July 2022.

The man, the prophet
Jack Ma continues to be a visionary in the business realm, and players in the industry and politicians hold him in high regard despite his blunders in the political sphere.

He talked more about wanting to do more than manage a business as he met more fellow thinkers from diverse streams. He had a strong love for philanthropy and innovation, focusing on education in rural China as a nod to his earlier career as a teacher.

“In the future, there will be a competition for creativity, imagination, learning, and independent thought rather than for information. If you think like a machine, trouble will eventually arise,” Jack Ma said.

He also stated in one of his talks that after 20 years of making people more like machines, robots will resemble people in the next 20 years.

Jack Ma formally resigned from his position as Alibaba’s executive chairman in 2019. In an open statement announcing his departure, he said, “I still have many goals to pursue. Those who know me well understand that I dislike being idle. As I am still young and the world is vast, I want to experience new things.”

His decision to relinquish control of Ant Group is just another step in his departure from the vast empire he has created, leaving behind a lasting legacy.

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Eligma has hit headlines by setting new standards for Bitcoin and blockchain, apart from powering Slovenia’s latest Bitcoin City project. The start-up is now aiming to use blockchain technology to establish communication standards for crypto payment networks.

Knowing Elly POS Terminal

Elly POS Terminal is basically a touchscreen terminal with the latest state-of-the-art payment technology and minimalistic design. It has features like a docking station, WiFi connectivity, mobile SIM card plan, 10-hour battery life and a five-inch HD touch screen.

“Seamless transitions from mobile data to WiFI allow a fully mobile checkout experience. Get paid at the counter or on the terrace. The choice is yours,” the company states on its website, as it explains the pre-loaded SIM card aspect of the Elly POS Terminal.

The POS also offers other salient services such as ‘Accept Tips’, ‘Connect to Cash Register’ (enabling Elly’s clients to connect their existing cash registers with the start-up’s API), ‘Become a Crypto Exchange’ (where Elly clients can become a part of the crypto industry) and ‘Buy now Pay Later’.

“We combined payment methods and POS services into one single solution, transforming the POS terminal into a tool that will help your business grow,” the company stated on its website.

Eligma’s payment partners include Binance Pay, Bitcoin.com, Apple Pay, Google Pay, Alipay and WeChat Pay.

GoCrypto: Masterstroke From Eligma

“GoCrypto is the fastest growing crypto payment network providing zero volatility risk for the merchant,” this is how the venture described ‘GoCtypto’ on its website.

GoCrypto is basically an all-in-one software and point-of-sale solution, which accepts all types of payment transactions for “brick-and-mortar & online stores”.

“Our smart POS terminal supports crypto, card, and digital payments. Its intuitive system lets you instantly expand your offer with the newest payment trends and process transactions from you store or on the go,” the venture states.

GoCrypto is currently providing services in 70 countries and possesses over 300 million users, while supporting payments in over 50 cryptocurrencies.

It is operating as a global payment scheme connecting all the stakeholders. Crypto wallets, exchanges, cashier system providers, payment solution providers and merchants, everyone is a part of GoCrypto’s connected ecosystem.

E-commerce platforms get free crypto payment plugins and customers are provided with custom solutions as per their needs. These platforms can also make their own payment solutions by integrating GoCrypto’s customized payment services under their own brands. This will help these businesses to level up their point-of-sale, apart from offering the customers a superior user experience, when it comes to personalized online shopping.

Understanding GoCrypto In Detail

GoCrypto’s solutions include ‘Smart POS Application’ (helps customers add cryptocurrency to their list of payment methods through the venture’s revolutionary point-of-sale application), ‘eCommerce’ (feature which enables crypto payments for online stores on major e-commerce platforms, apart from offering free payment gateway plug-ins), Web POS (this lets the users accept crypto on the user’s phone/tablet/computer) and ‘Cash register integration’ (under this, businesses can accept cryptocurrency payments through their cash register system).

GoCrypto also has an analytical tool called ‘Manager’, which performs a full overview of the clients’ businesses, starting from latters’ payment transactions and payout history, apart from providing detailed analytical data and advanced filtering possibilities for these ventures.

GoCrypto also has its own tokens, under an ecosystem called ‘GoC tokenomics’, where these tokens get transformed into ‘true utility gems’. The tokenomics offers services like payments, NFT minting and staking to referral programs and DAO governance.

GoC token is a multichain utility token issued on the Bitcoin Cash (SLP) blockchain, Smart Bitcoin Cash (smartBCH), BNB Smart Chain (BSC) and Polygon (MATIC).

“The GoCrypto (GoC) token is a multichain utility token issued on the Bitcoin Cash (SLP) blockchain, Smart Bitcoin Cash (smartBCH), BNB Smart Chain (BSC) and Polygon (MATIC),” the venture states.

The ecosystem consists of ‘GoC Bridge’ (enabling the fast and secure transfer of the GoC token between multiple chains), ‘GoCrypto 1.0’ (facility helping Elly Wallet users to shop at physical and online stores in selected countries, following which they receive a tokenback reward) and GoCrypto 2.0 (decentralised payment protocol),

“Users can mint unique NFTs which bring them benefits in the scope of the ‘Refer to Earn’ program and allow for participation in the DAO governance. Once they hold an NFT, users can stake their GoC tokens – NFTs can be upgraded by staking additional GoC or traded on the NFT marketplaces,” GoCrypto remarked.

“Each of the minted NFTs has its own ID number and provides users with a unique referral link which can be used to refer new merchants to start accepting payments via the GoCrypto 2.0 Decentralized Payments protocol. Referred merchants are linked to the NFT that provides the owner of the NFT with the share of transaction fees generated by the merchant for as long as the merchant is active. Additionally, NFTs also have a power level which is based on how much GoC token a user stakes and in which of the available pools. The power level of the NFT determines how much DAO voting power the owner of the NFT has,” it added further.

GoC token holders can also enjoy discounted prices in the GoCrypto merchandise store. The merchandise store also showcases GoCrypto’s decentralized eCommerce solution as a plugin.

GoCrypto Poised For Its Metaverse Debut

GoCrypto is setting up its first metaverse offices in the 21 stories high virtual crypto skyscraper called Bloktopia.

“Our offices will be situated on the 3rd floor, lot 44, showcasing GoCrypto’s products, hosting community events, and offering advanced features, such as GoC token trading & staking and more,” GoCrypto remarked.

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During the fourth quarter of 2020, it was reported that Alibaba’s financial arm is planning the biggest initial public offering (IPO) in history, raising as much as $35 billion in a joint listing in Hong Kong and Shanghai. However, Alibaba soon made headlines when it was reported that China had launched an antitrust investigation into Alibaba.

In this regard, Eric Schiffer, chief executive at private equity firm The Patriarch Organization, told the media, “This no longer looks to be a pure-play fintech but rather a fintech hybrid, with technology that enables communication and transactions overseen by traditional banking rules. The pure-play fintech is out the window – that’s dead and buried.”

Alibaba plans to raise up at least to $5 billion through the sale of US-denominated bonds in January. It was also reported that the company could raise up to $8 billion in the bond sale which also depends on investors’ interest.
The proceeds from the fundraising were to be used for its general corporate expenditure. The company’s plan to sell the bond comes around the time when it was facing challenges over antitrust issues. During that period, the company also confirmed that it received a notification from the State Administration for Market Regulation.

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Ant plans to list simultaneously in the Hong Kong Stock Exchange and on Shanghai’s STAR Market. If Ant Group manages to achieve its target, it could surpass the $29.4 bn raised by Saudi national oil and gas company Aramco.

Alibaba founder Jack Ma recently said during the Bund Summit in the eastern financial hub of Shanghai, “It’s the first time that the pricing of such a big listing – the largest in human history – has been determined outside New York City” he told the Bund Summit in the eastern financial hub of Shanghai. We didn’t dare to think about it five years ago, or even three years ago. But a miracle just occurred.”

The pricing is expected to be announced officially next week. Alibaba holds a 33 percent stake in Ant Group. Fintech firm Alipay, owned by Ant Group and which was previously known as Ant Financial, claimed to earmark 1.3 billion annual active users by the end of March 2020.

It was earlier reported that Ant is seeking a valuation of more than $200 billion in a Hong Kong IPO.

In July, executive chairman Eric Jing of Ant, said in the press release, “The innovative measures implemented by Shanghai Star market and the Hong Kong stock exchange have opened the doors for global investors to access leading-edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets.”

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Shameel Joosub, CEO, Vodacom Group, told the media, “We already offer South African customers an ecosystem of innovative digital financial services products, but this technology partnership with Alipay will enable us to be on par with leading global digital counterparts quicker and more efficiently.”

It is reported that Vodacom will closely work with Alipay to develop a super-app. The proposed super-app seeks to bring enhanced customer experience for South African customers through a digital payments ecosystem. This will serve both banked and unbanked population in the country.

Guoming Cheng, Head of Global Payment Partnership, Ant Group, told the media, “Vodacom Financial Services’ aim is to better serve customers and merchants in South Africa through digital technology, and we look forward to working with them to achieve this.”

However, the solution will only be available in South Africa. But other Vodacom markets will continue to offer M-Pesa though the company has closed the option in the country, media reports said. Also, Vodacom customers will be rewarded airtime and data while using the super-app.

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Ant Group has not disclosed details on the IPO size or timing as of yet. However, according to media reports, Ant is seeking a valuation of more than $200 billion in a Hong Kong IPO.

Executive chairman Eric Jing of Ant, said in the press release, “The innovative measures implemented by Shanghai Star market and the Hong Kong stock exchange have opened the doors for global investors to access leading-edge technology companies from the most dynamic economies in the world and for those companies to have greater access to the capital markets.”

Alibaba, the parent company holds a 33 percent stake in Ant Group.

Earlier this year, Alipay, which was previously known as Ant Financial, claimed to earmark 1.3 billion annual active users by the end of March 2020.

The majority of its users came from China, while the rest were brought in by its nine ewallet partners in India, Thailand, South Korea, the Philippines, Bangladesh, Hong Kong, Malaysia, Indonesia and Pakistan.

In the month of June, Ant’s new boss Hu Xiaoming revealed that the company is aiming to generate 80 percent of total revenues from technology service fees, up from about 50 percent in 2019.

Recently, Alipay partnered with African telecom company Vodacom to launch the app in South Africa. According to the telco, the Alipay app will offer a “marketplace of goods and services tailored to South African customer needs.”

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“More than US$25 billion of GMV in one day is not just a sales figure,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail.”

Key highlights from the Global Shopping Festival

The Alibaba Economy at Scale

• Total GMV settled through Alipay was RMB168.2 billion (US$25.3 billion), an increase of 39% compared to 2016
• Total mobile GMV settled through Alipay was approximately 90% of total GMV, compared to 82% last year
• More than 140,000 participating brands and merchants
• Alipay processed 1.48 billion total payment transactions, up 41% from 2016, and processed 256,000 transactions per second at peak
• Alibaba Cloud processed 325,000 orders per second at peak
• Cainiao Network processed 812 million total delivery orders
• The first delivery arrived 12 minutes and 18 seconds after midnight

Globalization: Power of the Chinese Consumer

• 60,000 international brands and merchants available to Chinese consumers
• 225 countries and regions with completed transactions
• 167 merchants each generated more than RMB100 million (US$15.1 million) in sales, 17 merchants surpassed RMB500 million (US$75.4 million) in sales, and 6 merchants surpassed RMB1 billion (US$150.9 million) in sales
• Top countries selling to China include: Japan, United States, Australia, Germany, South Korea

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The platform connects Chinese tourists with merchants, airports, travel agencies and other Alipay partners, giving users access to intuitive local offers and services, and merchants the ability to target potential clients.

“With 98% of outbound Chinese tourists owning a smartphone, there is a clear opportunity for a mobile-based ecosystem to deliver a truly 21st century travel experience,” said Carl Su, Vice President of Ant Financial, at the 2017 Global Smart Tourism Ecosystem Summit in Beijing. “Alipay’s smart tourist service platform connects all kinds of overseas merchants with the right Chinese tourists, even before they depart. Merchants find that our digital platform lowers marketing cost and improves conversion rate, while tourists find that access to local services and products is easier than ever before.”

Alipay’s outbound service platform allows users to download merchants’ coupons before or during their trip. Over 160,000 coupons are downloaded by users every day, among which 60% are redeemed when users pay via Alipay overseas.

Based on analysis of user preferences, Alipay recommends nearby merchants and even tips on itineraries. By paying with Alipay, users gain Alipay membership points that can ultimately gain them access to anything from better exchange rates and discount rates, to VIP lounge access at the airport.

The outbound tourism service platform also allows merchants and travel agencies to keep in touch with their customers online after the trip.

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Alipay teams up with Nordic partners

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This will bring Chinese tourists the same convenient payment and travel experience that they enjoy in China.

According to the World Tourism Organisation, 2016 was another strong year for outbound tourism from China, the world’s leading outbound market. International tourism expenditure grew by $11 billion to $261 billion, an increase of 12%. The number of outbound travellers rose 6% to 135 million in 2016.

Over 500 merchants in Finland already accept Alipay and are searchable on Alipay’s Discover Platform, including well-known brands in Helsinki such as Marimekko, Iittala and Marja Kurki. Finland’s latest addition to the Alipay ecosystem is retail giant Stockmann. ePassi, a leading e-payment company in Europe, and the largest e-wallet in Finland, has been working with Finpro, a government owned organisation promoting trade, investment and tourism in Finland, to promote Alipay among merchants in the country.

Alexander Yin, CFO of ePassi, said, “Together with Alipay, we are building a smart tourism ecosystem for Chinese tourists. Now Chinese users have an easy and flexible way to enjoy a full Finnish shopping experience without a language or currency barrier. The convenient payment experience starts when a Chinese tourist books his or her flight ticket and hotel room online, continues with shopping on Finnair flights between China and Helsinki, and, once there, encompasses everything from hop-on-hop-off buses and sightseeing in Helsinki to shopping, dining, enjoying a classic Finnish sauna, and even meeting the Moomin in Naantali or Santa Claus up in Lapland.”

In Sweden, several merchants including luxury watch shops have already launched Alipay through local partner Cimple in a network that is gradually expanding.

Alipay’s latest MoU with Svensk Handel (Swedish Trade Federation), the employers’ association serving the entire trade and commerce sector, will see the two sides promote Alipay with Business Sweden, an organisation jointly owned by the Government of Sweden and representatives from the Swedish business community.

Mr. Mats Hedenström, Head of Policy at Svensk Handel, said, “In Sweden, 90% of transactions are now cashless. We find it’s a safe and efficient solution for both customers and merchants. Tourists may find some shops here don’t accept cash at all. Svensk Handel’s intention in signing up with Alipay is to make it more convenient for the growing group of Chinese visitors to enjoy shopping in Sweden.”

In Norway, 2paynow, a leading mobile payment and tax refund marketing provider in Europe, and its sales partner APay are working with the Scandinavian Tourist Board to introduce Alipay services to the Norwegian market in September. Per Holte, Chairman of Scandinavian Tourist Board, said, “Number of Chinese tourists, especially free independent tourists (FITs), have been increasing rapidly in the recent years and China has become an important market for the Scandinavian tourism industry. We will further deploy Alipay services in this region with 2paynow to help local merchants understand and service Chinese tourists better, which will strengthen the advantages of Scandinavian countries as Chinese-friendly destinations.”

Meanwhile, Nets, the largest Nordic vendor of digital receipt solutions, is also bringing Alipay to merchants in Denmark and beyond.

Alipay is now accepted by more than 10 million merchants across China and by bricks-and-mortar shops in 32 countries and territories.

Douglas Feagin, President of International Business, Ant Financial Services Group, said, “Alipay has been leading the trend of smart living in China. People not only use Alipay for payment, but also for settlement of all types of needs in their daily life. As part of our globalisation strategy, we are focused on working with local partners to bring this smart lifestyle to Chinese tourists, no matter where they go.”

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Ant Forest allows users to collect “energy points” through their actions in the real world that can be used to grow virtual and, ultimately, real trees. To date, 230 million users of Alipay, Ant’s flagship payments app, have activated their Ant Forest account. Ant Financial and its partners, including environmental NGOs the SEE Foundation and China Green Foundation, have planted 10.25 million trees, equivalent to a 1.22 million-ton reduction in CO2 emissions.

“Ant Financial is about bringing equal opportunities to the underserved and for a long time we’ve recognized that our platform can power positive change well beyond the financial sector,” said Ant Financial’s executive chair, Lucy Peng. “Ant Forest is a prime example. By integrating a fun game into the Alipay app, we have offered millions of users the opportunity to play a meaningful role in the fight against climate change. We are proud of what we have all achieved together and believe there is much more we can do in the future.”

On September 5, 2017, Ant Financial announced that it will open Ant Forest’s product and technology platform to non-profits, governmental organizations and other international partners to further encourage innovation in environmental philanthropy.

The Change the World list features some of the largest companies from around the world in sectors from healthcare and household products to finance and IT. Each of them, in the words of Fortune’s President, Alan Murray, was “doing something different. They were making a conscious effort to harness the profit motive to address some of the most intractable issues the world faces.”

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