Ant Group’s New Blockchain Service ZAN Targets Global Markets

Ant Group, the fintech subsidiary of the Chinese internet behemoth Alibaba, has introduced ZAN, a new blockchain service aimed at Hong Kong and international markets.

Zhang Hui, CEO of ZAN, stated at a conference in Shanghai that ZAN provides a comprehensive suite of blockchain application development products and services to institutional and individual web3 developers.

Ant Group, the parent company of Alipay, stated in a statement shared that ZAN can help institutional clients issue and administer real-world assets in compliance with local regulatory requirements.

ZAN also offers technical products, such as electronic know-your-customer, anti-money laundering, and know-your-transactions services, to “assist Web3 businesses in enhancing their capabilities in customer identity authentication, security protection, and risk management,” according to the company.

Zhang said, “At Ant Group Digital Technologies, we have observed the trend as well as efficiency and security constraints during the application development process.

“ZAN is committed to investing in the research and development of Web3 technologies and products, providing more extensive and dependable technical services to the community, and collaborating with our partners to accelerate Web3 developments and innovations.”

China outlawed all cryptocurrency transactions in September 2021.

Still, it remains bullish on homegrown blockchain technology and digital economies, with Chinese tech titans such as Alibaba and Tencent concentrating on developing their consortium blockchains.

For example, Alibaba’s Ant Group launched its blockchain brand, AntChain, in July 2020.

Ant Group stated earlier this year that it had begun testing ZAN’s technical services.

HashKey Group, a Hong Kong-based crypto company, has incorporated the e-KYC feature of ZAN for its identity data aggregator service, according to the statement.