(Yicai Global) Nov. 18 -- The world can learn and benefit from inclusive financial service practices in China, said Eric Jing, head of the Internet finance division of Alibaba Group Holding Ltd. [NYSE:BABA].
Eric Jing Ant Financial's chief executive said this in his speech at the 3rd World Internet Conference in Wuzhen in southeastern Zhejiang province on the morning of Nov. 18.
He said Ant Financial hoped to work with global partners to provide impartial, transparent and inclusive digital financial services for ordinary consumers worldwide, such as farmers, the elderly, rural residents and people to whom financial assistance would otherwise be inaccessible.
He demonstrated the remarkable power of digital financial services citing examples of how common people, the disadvantaged and people living in remote areas can obtain financial services using Alipay (Alibaba's e-payment service), AntCredit (a microloan product) and Zhima Credit (a personal credit assessment service).
Internet finance offers a solution to long-standing obstacles facing inclusive financial services such as high costs, ineffective coverage, information asymmetry and risk management-related difficulties, said Jing.