Jack Ma-Backed Ant Group Pursues Stablecoin Licenses Across Asia

Ant Group, the fintech giant backed by Jack Ma, is aggressively expanding its global footprint with plans to secure stablecoin licenses in major Asian financial hubs. The company''s Singapore-based international arm will file for regulatory approval in Hong Kong once the city''s new stablecoin framework becomes operational in August.

The MOVE signals Ant''s strategic pivot toward blockchain technology as a core component of its cross-border payment infrastructure. While best known for its Alipay platform, the company has quietly processed over $1 trillion in transactions last year, with a third flowing through its proprietary Whale blockchain network.

Since Chinese regulators derailed its 2020 IPO and curtailed domestic lending operations, ANT has redirected focus toward international markets and enterprise solutions. Its overseas division, now preparing for potential spin-off with an independent board, reported nearly $3 billion in 2024 revenue with consecutive profitable years.