CFTE as a Knowledge Partner attending 24 Fintech, we recorded live with our hosts, Ronit and Gaurav. We have Kelvin Li, Head of Platform Tech Business Unit at Ant International, joined our FUMO: Future of Money Podcast live from Riyadh, Saudi Arabia, to discuss the innovations Ant International brings to over 66 markets worldwide.
Since joining Ant International, Kelvin took a number of leadership roles in the Global FX, Treasury, Solution, and Partnership teams, where he led the team in building the next-generation global payment and treasury infrastructures and products, leveraging cutting-edge DLT and AI technologies to support the growing needs of small & medium enterprises in a more scalable and sustainable manner.
Kelvin worked with major banks like JP Morgan, Citibank, and HSBC to transform FX and liquidity management, connecting global treasury hubs across five key cities and managing over 40 currencies across 60 entities. Under his leadership, Ant International won the Adam Smith Award for Best Liquidity Management (2021) and Best Technology Solution (2022). Before Ant International, Kelvin was Head of Corporate Solutions at Citi Group China and Head of FX at JP Morgan China, he is also an alumnus of the London School of Economics (LSE).
Can you introduce what Ant International does?
K: Ant International, the global arm of Ant Group, powers the future of global commerce with digital innovation, enabling everyone and every business to thrive. Ant International’s strategy comprises four services for global merchants:
- Alipay+ supports local merchants, including SMEs to attract tourists from all over the world by offering a seamless digital payment experience, the same as if they were paying in their home countries.
- Antom, a merchant payment services provider, helps facilitate local users to buy from global e-commerce or digital entertainment platforms.
- WorldFirst with its Global SME World Account Service and newly launched app will be of help to local SMEs to ride on the wave of international trade growth.
- The embedded finance service better, as well as our credit tech solutions, can also contribute to enhancing the financial inclusion of the local market.
Ant International’s four key solutions are powered by advanced and innovative technologies, enabling seamless cross-border payments for travellers and businesses globally.
What is a QR code, and what is the form of payment infrastructure?
K : QR code payment is an inclusive, low-cost payment method that doesn’t require expensive infrastructure like payment terminals.
QR codes can be used by merchants anywhere to receive payments, making mobile payments more accessible in regions where internet access may be limited. For example, in China, QR codes replaced traditional card payments due to their convenience and accessibility.
Unlike bank cards, QR codes are interactive as they work through a mobile device to guide users to a merchant’s locations, highlight available coupons, and direct them to merchants’ offers.
The Middle East adopted QR codes primarily for inbound tourists, but they became popular for their efficiency and convenience. QR codes can work offline if they contain static information or data stored on a device. However, completing the transaction or using real-time data (like current prices) usually needs an internet connection. In some cases, technologies like Bluetooth or NFC can be used for offline communication, allowing QR codes to exchange information without needing an internet connection.
How does a digital wallet work?
K : Digital wallets, such as the 30+ e-Wallets which partner with Alipay+, make it easy for users to make payments from their mobile phones.
E-wallets are now widely used internationally and have become a crucial form of payment for global merchants, especially in regions like Asia where e-wallets are more common than bank cards.
E-wallets can provide its users with a range of services and solutions, making digital wallets a versatile tool for travellers seeking more convenient ways to pay.
Is fintech still a growth story, particularly in a post-COVID world?
K: During COVID, there was uncertainty about the future, but there is now strong growth, particularly in international markets. The focus is on following customer demand and embracing technological innovations like Web 3.0 and AI, which are transforming the financial services industry.
Expansion is happening not only in Asia but also in the Middle East, where rapid development and local partnerships are driving new growth opportunities in financial services and technology. The combination of fintech and regional expertise is creating new engines for growth in various markets.
Is Latin America, a market of interest for Ant International?
K: Yes, We’re interested in Latin America, particularly in countries like Brazil and Mexico, which have large populations and rapid growth. We see a strong need for mobile payments and more inclusive financial services in these markets. We see a lot of openness and diversity here, with people from different regions exchanging ideas and exploring how to apply technology and do business together. Latin America is an exciting and dynamic region, and although it’s different from here, we want to bring our experience and technology to work with local partners and serve the people there.
Future Outlook:
Ant International plays a pivotal role in the landscape of global finance, reaching from the bustling markets in South East Asia to the growing fintech industry in the Middle East. Under Kelvin’s leadership, the team is set to continue growing and innovating global payments with impactful technology, embedded finance, and exciting new partnerships.
Tune in to our podcast for more details! https://courses.cfte.education/podcasts/future-of-payment-qr-code-technology-kelvin-li-head-of-platform-tech-business-unit-at-ant-international/
