In December 2017, Dr Lerong Lu published an article ‘How a little ant challenges giant banks? The rise of Ant Financial (Alipay)’s fintech empire and relevant regulatory concerns’ in the International Company and Commercial Law Review 2018, Vol. 29(1), pp. 12-30.

Abstract: This article examines the development, business model, legal and regulatory aspects of the world’s largest fintech company—Ant Financial Services Group (Ant Financial or Alipay). It offers an insight into how the buoyant fintech sector is reshaping the landscape of the financial industry as well as the challenges fintech has posed to traditional banks. Moreover, it points out certain financial risks associated with Ant Financial’s innovative services that merit attention from global financial regulators.

Key Words: Financial regulation, mobile payments, Alipay, Ant Financial, electronic banking, financial services, fintech

The paper can be viewed via the Westlaw UK. It will soon be available at SSRN.