Jack Ma advocates for AI-driven future at Ant Group anniversary

In a rare public address, Alibaba co-founder Jack Ma expressed optimism about the future of Ant Group and its potential to harness artificial intelligence (AI) for innovation.

Speaking at the fintech giant's 20th-anniversary celebration on Sunday, Ma underscored the transformative power of AI and its role in shaping the next two decades.

Reflecting on the opportunities afforded by the internet, Ma highlighted the unprecedented changes AI could bring. "The changes driven by AI over the next 20 years will surpass all expectations," he remarked, according to Chinese media outlet 36kr.

Ma also acknowledged the challenges Ant Group has faced in recent years, crediting these experiences with the company’s growth and maturity. “The encouragement and criticisms we’ve received have helped Ant become stronger,” he noted.

Once a symbol of China's tech dominance, Ant Group faced a regulatory crackdown that began after Ma criticized Chinese regulators in 2020. This led to the suspension of Ant’s highly anticipated IPO, which had previously valued the company at over $300 billion.

Since then, Ant has undergone significant restructuring to align with financial regulations, including sweeping organizational changes. In 2023, Ma relinquished control of the company, signaling a shift in its leadership and governance.

The regulatory overhaul culminated in July 2022 when Chinese authorities imposed a fine of nearly $1 billion on Ant Group for violations related to consumer protection and corporate governance.

At the anniversary event, Ant Group announced that Cyril Han, currently the company’s president, would succeed Eric Jing as CEO starting March 1.

Ant Group operates Alipay, one of China’s leading mobile payment platforms, and remains a critical player in the fintech sector. Despite the challenges, Ma’s comments signal confidence in Ant's ability to leverage AI technology to drive innovation and growth in the years ahead.