中国的新金融科技帝国报告(英文版)(23页)

1Chinas new fintechempiresTRUSTED BY THE WORLDS LEADING COMPANIES“We use CB Insights to find emerging trendsand interesting companies that might signal a shift in technology or require us to reallocate resources.”2Own the future.The CB Insights machine intelligence platform synthesizes, analyzes and visualizes millions of documents to deliver fact-based insights. It enables smart companies to predict trends, see competitors strategies, explore new markets and reveal opportunities to capitalize on change.CLICK TO TRY CB INSIGHTS3Does anything seem odd here?For illustrative purposes only. Market caps as of January 12, 2018. Ant Financial private valuation as of latest financing round.4Ant Financials valuation now tops the marketcap of leading global banksFor illustrative purposes only. Market caps as of January 12, 2018. Ant Financial private valuation as of latest financing round.5Lets rewind. In 2008, Alipay was just a rapidlygrowing online payment service123E NA B L I NGE - C OM M E R C EAs the designated online payment service for the 80M users on Alibabas Taobao marketplace, consumers naturally adopted Alipay.B YP A S S I NG C R E DI T C A R DS Because credit cards were not widely used in China, Alipays escrow-based system and broad accessibility resonated with consumers.G R OW T H B E YONDAL I B AB ABy 2008, Alipay was increasingly becoming an accepted payment method for retailers and service providers outside Alibabas ecosystem.Sources: Alipay press release, September 21, 2008, Alipay hits 100 million user milestone6Then Chinas mobile Internet boom took placeFrom 2008 to 2014, mobile Internet users in China grew by more than 400 million.7726956205575004203563032331182008200920102011201220132014201520162017Sources: China Internet Network Information Center, CB Insights analysis7For a while, Alipay was the only game in townAs Alipay transitioned from desktop to mobile, its share of Chinas total mobile payments transaction volume grew dominant.Other7%10%83%8Product innovation & online-to-offline propelWeChat Pay to emerge as Alipays rivalWECHAT RED ENVELOPE768M senders on 2018 Chinese New YearDIDI CHUXING7.4B rides completed in 2017MEITUAN18M daily on-demand delivery ordersSources: Tencent, Didi Chuxing, Meituan-Dianping9Today, Alipay and WeChat Pay control 92% ofChinas fast-growing mobile payments universeChinas mobile payment volume continues to surgeAll values shown in USD Trillion0.20.920132014201520162017eSources: iResearch, Analysys, CB Insights analysis1011“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”Bill GatesThe Road Ahead, 199511Alipay is now the modern gateway to an ecosystemof financial servicesPAYMENTS WEALTHMANAGEMENTThe crown jewel, Alipay, is now a mobile wallet that has 520M+ users, and 110M+ partners across 15 countries.Yue Bao is a money market fund that invests spare change from Alipay wallets. The money market fund is the largest in the world, managing $233B at the end of 2017.Ant Fortune is a marketplace for other Ant Financial and third-party financial products. At the end of 2017, Ant Fortune had 330M users.INSURANCE Ant Insurance Service has nearly 400M users and is seeing premium growth of 43% YoY. Ant Financials marketplace has 80+ insurance companies selling thousands of products.CREDIT SCORES Zhima Credit creates a credit score based on social networks and payments history among other factors. At the end of Q117, it had about 260M users.CONSUMER LENDING Ants consumer credit offering, Ant Credit Pay, has 100M active users. In total, Ant Financial has lent $95B to consumers through Q117.Ant Cash Now allows Alipay users to borrow funds quickly, based on user risk profiles.Sources: World Fintech Report 2018, Alibaba investor presentations1213Two big challenges ahead:Regulation Going Global13Chinas tightening financial sector could hinderfintech developmentTencent calls off China-wide test of credit scoring systemFebruary 1, 2018 |14Ants global expansion moves from Asia toLatin AmericaThailandAnt takes stake inIndonesiaAnt partners withVietnamPakistanAnt partners withIndiaAnt acquires 25% stake inIndiaAnt, Alibaba up stake to 40% inSouth KoreaAnt takes $200m stake inPhilippinesAnt partners withCambodiaBangladeshAnt takes stake inAnt takes stake inSingaporeAnt partners withMalaysiaAnt takes stake inAnt acquiresJan-15Jul-15Jan-16Jul-16Jan-17Jul-17Jan-18Jul-18Date1516“If you have a network of partners that are all on thesame technology stack, interoperability is not a problem. In the future, someone who uses the Philippines version of Alipay could come to Hong Kong and shop at any store that accepts Alipay.Thats the vision. ”Joseph TsaiCo-founder, Alibaba Group1617W H E R EW E R EH E A DE DNE X TIn the next 10 years, Distribution + Data = massive advantage as new opportunities emerge17Over the next 10 years, the mobile payments warwill be waged offlineAlibabas first mention of its New Retail concept on earnings calls was in November 2016“The most important opportunity on the horizon is helping traditional business to upgrade into a New Retail modelOnline and offline will be a single seamless experience, not just in consumer interaction, but also in the entire business operation and execution.”Daniel Zhang, CEO November 2, 201618Chinas fintech giants will lead the way forinnovation in offline paymentsFrom ordering at Starbucks 2,800 China locationsto getting groceries delivered while youre shopping at Alibabas Hema supermarketto self-service WeChat and facial scan payments at Carrefour smart storesSources: Alizila, Tencent, Drug Store News19Ant Financial and Tencent build out digitalinsurance strategyBACK-END IMPROVEMENTAnt Financials AI photo- estimating system handles 12 claims in 6 secondsPERSONALIZATIONTencents WeSure partners with insurers to launch specific policies for its usersINNOVATIONZhong An serves over 490M customers by working with close to 200 ecosystem partnersSources: Alizila, Zhong An, CB Insights analysis20China is one of the biggest opportunities in thewealth management globallyTotal individual investable assets in China grew to $26 trillion in 2016$4T$6T$10T$13T$17T$26T200620082010201220142016Source: Bain and Chin