Future Finance

Jack Ma’s New Chieftain Lays Out Plan to Fend Off Tencent

Hu wants to make 80% revenue from platform technology services
Ant elevates local services importance, expands beyond finance

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By Lulu Yilun Chen

June 28, 2020 at 9:00 PM UTC

Updated on

June 29, 2020 at 6:29 AM UTC

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Billionaire Jack Ma’s newest chieftain is accelerating Alipay’s evolution into an online mall for everything from loans and travel services to food delivery, in a bid to claw back shoppers lost to Tencent Holdings Ltd.