General News Technology

No new technology would be purchased by China’s Ant Financial

In the ongoing trade disputes that have recently aroused between the two largest economies across the entire globe, the latest development reveals news of a possible restriction on Chinese investment in U.S. technology companies, However, paying no heed to these disputes, Alibaba-affiliated financial technology firm Ant Financial seems to be rather calm and relaxed in this situation.

According to Douglas Feagin, the senior vice president of global business of Ant Financial, “Our operations are conducted in several different countries and each one of these countries has different regulatory and political developments.”

In an interview with CNBC’s Akiko Fujita, Feagin said: “Currently for us, the technology that is being implemented is based completely on our existing customer base and we have plans of expanding it further out.”

Feagin also said that the company is still “extremely confident” of its ability to innovate, in a sign denoting further enthusiasm for the technology created by Ant Financial

He then added, “As a matter of fact we are not even really considering to explore new technology around the world, so buying is completely off the books for now.”

When Akiko Fujita questioned Feagin regarding the potential impact of increasing global trade tensions due to Ant Financial partnering with local companies, Feagin very calmly claimed that the company is “very excited” about the model and would continue to follow it in several different markets.

He then explained why the company is so calm by saying, “Ant Financial delivers the know-how and technology to partners, after that the responsibility of thinking about local customer’s needs and how to sell products and services in those markets are bestowed upon the shoulders of our partners.”

He then went on to add “That is the best and most efficient way of understanding the local consumers, that is also the best way to protect their data, store data and things like that in a local database.”

Speaking on the future vision of the company, Feagin revealed that Ant Financial is completely focussed on building upon its pre-existing nine relationships with local partners while simultaneously expanding its customer base among them, he also hinted at the possibility of adding new allies in the future but very “selectively.”