E-Commerce Giant Alibaba Has Made a Significant Development in the Field of Blockchain!

Ant Group, the fintech subsidiary of Chinese giant Alibaba, today launched ZAN, a new blockchain service for Hong Kong and international markets.

Chinese Fintech Giant Ant Group Launches International Blockchain Brand ZAN

ZAN’s chief executive officer, Zhang Hui, said at a conference in Shanghai that ZAN offers a full suite of blockchain application development products and services for both enterprise and individual web3 developers.

Alipay’s parent company, Ant Group, said in a statement that ZAN can help institutional clients issue and manage real-world assets in compliance with local regulatory requirements.

ZAN also offers technical products, including electronic customer recognition, anti-money laundering services, to “help Web3 businesses improve their capabilities in customer identity verification, security protection, and risk management.”

“At Ant Group Digital Technologies, we have seen the trend as well as efficiency and security bottlenecks in the application development process,” Zhang said in a statement.

“To solve these pain points, ZAN is committed to investing in research and development of Web3 technologies, providing more comprehensive and reliable technical services to support the community, and working with our partners to accelerate Web3 innovation,” it said.

Although China banned all cryptocurrency transactions in September 2021, the country remains bullish on domestic blockchain technology and digital economies, with Chinese tech giants like Alibaba and Tencent focusing on developing their own consortium blockchains.

*This is not investment advice.