Ant Financial Technology shares tech capabilities to help financial institutions grow

Ant Financial Technology will share its technological capabilities to help financial institutions grow by improving user experience and lowering costs.

It's a new technology brand unveiled by Ant Financial, Alibaba's financial affiliate.

The five major areas of technologies to be shared with Ant Financial partners include financial transaction, financial security, financial intelligence, interaction and blockchain applications.

"We are pleased that our technology products and services have already been used to improve efficiency and lower costs at approximately 200 financial institutions and we hope to power the growth of our financial institution partners and help them extend their services to more individuals," said Hu Xi, deputy chief technology officer at Ant Financial. 

Earlier this month, the company said it will spend 1 billion yuan (US$145.6 million) in the coming three years to develop mini programs such as public utility services, online mapping, and public bike rental to connect with more service providers.

Mini programs allow users to access external services through the main app interface without having to download a separate application, and offers a wider variety of services on top of the main app.