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Ant Financial Services Group has launched a new, single, brand for its technology products and services, Ant Financial Technology.

The idea behind the new, single brand is to support the growth of financial institutions by improving user experience and lowering costs.

The new brand will consist of Ant Financial’s five product portfolios, namely large-scale financial transaction technologies, financial security technologies, financial intelligence technologies, next-generation interaction technologies and blockchain applications. 

Xi HU, deputy chief technology officer of Ant Financial, said: “Since our establishment in 2014, Ant Financial has focused on developing cutting edge technologies to enable inclusive finance. We are pleased that our technology products and services have already been used to improve efficiency and lower costs at approximately 200 financial institutions, including more than 100 banks, over 60 insurance companies, and more than 40 asset management firms and security brokers. 

"Going forward, we will offer a full suite of technology products and services to power the growth of our financial institution partners and help them extend their services to more individuals.” 

Wenkai Zhou, vice president, Bank of Nanjing said: “The rapid development of financial technology has had a profound impact on the traditional financial industry. To overcome some of the growth challenges of our business, we partnered with Ant Financial to build a distributed digital finance platform. This significantly enhanced our ability to underwrite loans and led us to expand our partnership in a number of other areas.”