1. Ant Group
Easily topping the list of the 5 largest fintech companies in the world is Chinese company Ant Group. Known as Ant Financial before June 2020, Ant Group is considered to be by far the most valuable fintech company in the world, worth over $313 billion. The company was about to raise the world’s largest IPO in October but the move was dramatically blocked by China on the day before the IPO.
The company is an affiliate of the Alibaba Group (NYSE:BABA), and is the owner of the biggest digital payment platform in China, which has around a billion customers and over 80 million merchants, and in June 2020, the total payment volume transaction reached CNY 118 trillion, or nearly $18 trillion. In 2019, the Wall Street Journal reported that the flagship money market fund operated by the Ant Group was the biggest in the entire world, as around 588 million users of the mobile payment system established by Ant contributing to it, which is actually more than a third of the population of the world’s most populous country.
One of the controversies that Ant Group has been engaged in has been accusations that it directly or indirectly helped China’s mass surveillance program, which has been strongly denounced across the West. The company has claimed that it has no involvement in any such matters, though the controversy has still not subsided completely.