Ant Financial Services Group (“Ant Group”) has released its 2020 Corporate Social Responsibility (CSR) report, detailing its efforts to leverage the power of digital technology to build a better future, particularly as communities across the globe continue to grapple with challenges posed by COVID-19.
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“Now more than ever, we recognize the power of digital technology to transcend geographical and information gaps and help countries and institutions work together, be it during natural disasters or in daily life. Together, we can leverage technology to build a better society for the future.”
At the heart of Ant Group’s CSR efforts is a commitment to finding innovative yet simple ways to leverage digital technology and create a digital life that is accessible for all. In the current economic climate, the need to bridge the digital gap – that remains a hindrance for many people around the world – and thereby empower people is more pressing than ever.
As the CSR report shows, digital technologies have the power to invigorate social-economic development and support stable and long-term economic growth. Inclusive finance programs that leverage digital technologies empower the small and micro-sized economy, an important part of China’s economy.
As of the end of 2019, MYbank, a leading online private commercial bank under Ant Group, had served 20.87 million Small and Micro Enterprises (SMEs) and individually owned businesses, of which 80% had never obtained a business loan from a bank before.
“Digital technology has played a pivotal role in combating COVID-19 and enabling consumers and businesses to resume work and life as soon as possible,” says Eric Jing, Executive Chairman of Ant Group. “Now more than ever, we recognize the power of digital technology to transcend geographical and information gaps and help countries and institutions work together, be it during natural disasters or in daily life. Together, we can leverage technology to build a better society for the future.”
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Since the start of the COVID-19 pandemic in January 2020, Alipay has launched a variety of services and measures to mitigate the impact on individuals and SMEs and support their road to recovery. Many of the digital lifestyle service platforms enabled by Alipay have also played an important role in creating jobs and employment opportunities during the pandemic. Initiatives include:
- Launching the “Anti-COVID-19 Express Services,” a dedicated section in the Alipay app, in late January to minimize the impact of COVID-19 on people’s daily lives. The section aggregates services provided by partners supporting this initiative, including: real-time updates on COVID-19; online medical consultations; online grocery delivery services; and enabling donations to charitable organizations via Alipay. As of mid-February, these services had saved users from making at least 90 million trips out of their homes, helping to protect them during the pandemic.
- Enabling multiple regions across China to distribute consumption coupons via Alipay mini program, spurring economic growth as SMEs continue to resume regular business operations. Since March 2020, cities including Nanjing, Hefei, Hangzhou, and Wenzhou, amongst others, have distributed consumption coupons worth over RMB4 billion to citizens via Alipay.
- MYbank also announced a series of measures, including waiving or cutting interest rates, to help small and micro business owners overcome the economic impact of the COVID-19 outbreak, especially those at the epicenter in Hubei Province. Further, merchants using the Alipay platform can also apply for loans offered by the “Contactless Loans” initiative jointly launched by MYbank and 100 partner banks in China.
In 2019, Alipay also reviewed its alignment to the UN Sustainable Development Goals (SDGs), identifying a clear focus on 11 goals. Moving forward, Alipay’s efforts will focus on mapping out a blueprint to continue connecting Alipay’s core capabilities with the UN SDGs, thus contributing to the realization of the global sustainable development agenda.
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