MOSCOW, October 16 (RIA Novosti) - The Chinese Alibaba Group has spearheaded a new subsidiary company, Ant Financial Services Group, to control its financial services and make a more successful market entry, Xinhua reported Thursday.
The new subsidiary group will target small and micro-sized entities and individual consumers amid Alibaba's current expansion. The group consists of six entities, which include Alipay Wallet, the mobile application of Alipay, Yu'e Bao, a money market fund with 570 billion yuan ($93 billion), the third-party financial services platform Zhaocaibao, micro-loan provider Ant Micro and the private bank MYBank, according to Xinhua.
In September, Alibaba was pronounced China's most successful company by Fortune China ranking. Before awarding the moniker, the ranking agency closely followed the company's initial public offering during which Alibaba raised a record $25.3 billion.
The e-commerce company was founded in 1999 by former English teacher Jack Ma. It has profited from China's consumer class by dominating the country's e-commerce industry.
Chinese media records also claim that Ma is currently China's richest person.