Ant Group, the fintech subsidiary of Chinese internet giant Alibaba, is taking an important step in the crypto field. It introduced ZAN, a blockchain service designed specifically for both Hong Kong and overseas markets. Alipay’s parent company, Ant Group, announced that ZAN is ready to serve both corporate and individual customers in these international markets.
Significant move into the crypto space: Complete suite of blockchain solutions
ZAN CEO Zhang Hui introduced the platform at a conference in Shanghai. Accordingly, he emphasized that ZAN offers a comprehensive suite of blockchain application development products and services. These services appeal to both corporate organizations and individual web3 developers. As in the crypto space, it provides them with a wide range of blockchain-related tools and solutions.
ZAN’s capabilities extend to assisting enterprise clients in exporting and managing real-world assets in compliance with local regulatory requirements. In addition, the platform provides a range of technical products, including electronic know-your-customer (e-KYC), anti-money laundering (AML) and know-your-transaction (KYT) services. These services enhance web3 businesses’ customer identity verification, security protection and risk management capabilities. It also aims to empower them in the crypto space.
commitment to progress
Zhang underlines the platform’s commitment to research and development in the field of Web3 technology. Zhang said, “As Ant Group Digital Technologies, we have observed trends in the application development process. We also identified challenges related to efficiency and security. To address these pain points, ZAN continues to invest in research and development of Web3 technologies and products. It also provides more comprehensive and reliable technical services to support the community. “On the other hand, we are committed to working with our partners to accelerate Web3 developments and innovations.” makes the statement.
China’s steps into the crypto space
China banned cryptocurrency transactions in September 2021. However, the country has taken a strong stance on domestic blockchain technology and digital economies. Major Chinese tech giants, including Alibaba and Tencent, are taking steps. Accordingly, they are focusing on developing their own consortium blockchains to foster innovation in this field.
Alibaba’s Ant Group is no stranger to the blockchain arena. The company launched its blockchain brand AntChain in July 2020. He also revealed his commitment to advancing blockchain technology. Ant Group said it began piloting ZAN’s technical services earlier this year. Notably, ZAN’s e-KYC feature has already been adopted for its identity data aggregator service by HashKey Group, a leading Hong Kong-based crypto firm.
