Alibaba Affiliate Ant Group Eyes Overseas Web3 Expansion With New Blockchain

Ant Group, an affiliate company of Alibaba BABA and parent of Alipay, launched a new blockchain service, ZAN which will be targeting Hong Kong, Singapore, and overseas markets for expanding global Web3 presence.

At a Shanghai conference, ZAN CEO, Zhang Hui, disclosed that the new service offers a broad range of blockchain application development products and services for both institutional and individual Web3 developers. It will assist institutional clients in issuing and managing real-world assets in compliance with local regulatory requirements.

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The product range also includes technical products that will help Web3 businesses build up their capabilities in customer identity authentication, security protection, and risk management.

To further understand and leverage these advancements, hear from industry experts at Benzinga's Future of Digital Assets conference in NYC on Nov. 14. This event delves into pivotal trends like AI, regulations, SEC actions, and the growing institutional adoption in the crypto sector.

Ant Group commenced its pilot of ZAN’s technical services in early 2023. Also, ZAN’s e-KYC feature has been adopted by HashKey Group, a Hong Kong crypto firm, for its identity data aggregator service.

Will China’s New Launch Attract Global Interest?

Although China has banned cryptocurrency transactions since September 2021, Chinese tech giants like Alibaba and Tencent are focusing on developing their own consortium blockchains. With bullish signals on homegrown blockchain technology, Alibaba’s Ant Group introduced its blockchain brand, AntChain in July 2020.

“It's too early to say whether ZAN will gain real traction overseas. They have pedigree in China but international Web3 development is a different ballgame with no guarantees. We need to wait and see,” financial expert Jessica Ran at Bayshore Capital Advisors said.

On Thursday, Alipay launched three new mobile wallets in the Philippines.

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To know more about blockchain, crypto, and related topics, Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023. It highlights trends like AI, regulations, SEC actions & and institutional adoption in the crypto space. Secure early bird discounted tickets now!