Ant Group Expands Digital Inclusion, Serving Over 87 Million SMEs In 2023

Ant Group announced the release of its 2023 Sustainability Report, highlighting substantial progress since the launch of its ESG strategy in 2022.

The report details advancements in four core pillars: Technological Innovation, Digital Inclusion, Green and Low-Carbon Development, and Open Ecosystem.

Technological innovation

Ant Group

Ant Group has significantly increased its investment in technology R&D for three consecutive years, reaching RMB 21.19 billion yuan (US$2.92 billion) in 2023.

This investment supports the BaiLing Foundation Model, which was approved to serve the Chinese public in 2023. The model powers AI assistants, such as the smart financial manager, that enhance user access to services on the Alipay platform.

Digital inclusion

Ant Group

Ant Group and its associate MYbank have served over 87 million SMEs as of 2023. On the Alipay platform, more than 700 digital solutions have been developed by thousands of Independent Software Vendors (ISVs) for 4.27 million merchants.

The annual transaction volume of merchant-operated Alipay mini-programmes grew by 68 percent year-on-year in 2023.

Open ecosystem

Ant Group

More than 25 leading e-wallets and banking apps have adopted Alipay+, facilitating cross-border commerce and enabling users to pay and travel like locals. Alipay+ connects international businesses to over 88 million merchants worldwide.

WorldFirst’s one World Account has served one million SME traders globally. The 10×1000 Tech for Inclusion program has certified 6,243 learners, nearly half women from over 100 countries and regions.

Governance and incentive system

Ant Group has upgraded its governance and incentive system to align with global best practices, linking senior management’s remuneration to the company’s risk management and sustainability performance metrics.

Eric JingAnt Group

Eric Jing

The 2023 Sustainability Report references relevant Sustainability Accounting Standards Board (SASB) industry standards and includes enhanced climate-related disclosures per the requirements of the International Sustainability Standards Board (ISSB).

Looking ahead, we are constantly reflecting on how to stay true to our original aspirations in this era of rapid change, continuously bringing about more small yet beautiful changes to the world,”

said Eric Jing, Chairman & CEO of Ant Group.

 

Featured image credit: Edited from Freepik

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