Ant Financial to Share Full Suite of AI Capabilities with Asset Management Companies

Ant Financial Services Group (“Ant Financial” or “the Company”) today
announced that the Company will share a full suite of AI capabilities
with asset management companies in China to support their digital
transformation. Following its successful launch last year, Caifuhao, an
AI-powered corporate account on the Ant Fortune platform, has brought
tangible benefits to 27 fund management companies.

“By combining Ant Financial’s AI technologies with the capabilities of
asset management companies in investor education and fund management,
together we are making customized wealth management services more
accessible for ordinary users,” said Eric Jing, Executive Chairman and
CEO of Ant Financial.

With the support of AI-powered services offered by their Caifuhao
account, including operational optimization, content generation,
compliance and risk management, 27 fund management companies have been
able to increase their operational efficiency by 70% while reducing
their overall costs by 50%. Additional benefits include a 10-fold
increase in the number of daily visitors, a three-fold increase in the
amount invested by returning customers, and an 89% increase in the
holding period among all investors. Asset management companies that have
set up a Caifuhao account include Minsheng
Royal Fund Management Co., Ltd., China Asset Management Co., Ltd.,
and Bank of Communications Schroder Fund Management Co., Ltd.

In the past, asset management companies in China lacked sufficient
insights into their customers as well as cost-effective channels to
reach them, limiting the ability of these companies to provide
value-added services such as investor education and customized wealth
management products. Launched in 2017, AI-powered Caifuhao corporate
accounts on the Ant Fortune platform provide fund managers with a
channel to better connect and engage with users to build their own

“China’s asset management industry is experiencing an incredible digital
transformation, with customer service becoming increasingly more
important than sales functions,” said Guoming Zu, Vice President of Ant
Financial’s Wealth Management Business Group, at the Ant Fortune
Partners Summit held in Beijing on June 19, 2018. “With our proven track
record of supporting financial institutions, Ant Financial is ready to
share full suite of AI capabilities to ecosystem partners in the asset
management industry.”

More than 100 asset management companies have signed up to join the Ant
Fortune platform since its inception in 2015, representing over 90% of
all fund management companies in China. This has resulted in more than
4,000 wealth management products being made available to tens of
millions of individual Ant Fortune users.

Sharing technological capabilities that allow other businesses to better
serve customers has been part of Ant Financial’s DNA since the birth of
Alipay in 2004. After opening up its payments services to a wide range
of online and offline businesses, Ant Financial announced an “Internet
Booster” plan in 2015 to support the digital transformation of
traditional financial institutions by sharing Ant Financial’s
technological capabilities.

In recent months, Ant Financial has accelerated its pace of opening up
its technological capabilities to financial institutions. Banks
including Huaxia Bank, China Everbright Bank, Shanghai Pudong
Development Bank, China CITIC Bank, and Bank of Tianjin have signed
strategic cooperation agreements with Ant Financial to support the
banks’ digital transformation.

About Ant Fortune and Caifuhao

Launched in 2015, Ant Fortune serves as a comprehensive wealth
management platform that caters to individual consumers with little
financial management expertise. In the past, a vast majority of wealth
management products were designed for high-net worth investors and
portfolio management which requires both time and expertise. Ant Fortune
aims to provide investment options for those who have little time or
know-how to increase their wealth by lowering the threshold of

On June 14, 2017, Ant Fortune launched Caifuhao, a corporate account on
the Ant Fortune platform for financial institutions. By June 2018, a
total of 27 asset management companies had opened Caifuhao accounts to
better connect and engage with end users.

By opening a Caifuhao on Ant Fortune, financial institutions gain access
to Ant Financial’s AI capabilities, including better user connectivity,
user profiling, operational optimization and smart marketing. These
capabilities translate into increased operational efficiency and reduced

About Ant Financial

Ant Financial Services Group is dedicated to using technology to bring
the world equal opportunities. Our technologies, including blockchain,
artificial intelligence, security, Internet of Things and computing,
empower us and our ecosystem partners to serve the unbanked and
underbanked, bringing more secure, transparent, cost-effective and
inclusive financial services to individuals and SMEs worldwide.

Ant Financial has formed international partnerships with global
strategic partners to serve local users in those markets, and we serve
Chinese travelers overseas by connecting Alipay with online and offline
merchants in popular destinations. By the end of March 2018, together
with its global JV partners, Ant Financial served 870 million users
worldwide. Brands under Ant Financial Services Group include Alipay, Ant
Fortune, Zhima Credit, MYbank and Ant Financial Cloud.

For more information on Ant Financial, please visit our website at www.antfin.com
or follow us on Twitter @AntFinancial.

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