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Hong Kong Teams 2018

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Ant Financial Services Group

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Hong Kong Teams 2018

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Ant Financial Services Group

Ant Financial is a technology company that brings inclusive financial services to the world. As of January 2019, together with its global joint venture partners, Ant Financial served one billion...

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Ant Financial’s legal team is led by general counsel Leiming Chen and currently consists of approximately 200 legal and compliance professionals. This large operation is split into the following functional teams: domestic legal led by Alex Tu Jianwei; international legal led by Carrie Suen; domestic compliance led by Raymond Li Chen; international compliance led by Seng Hong Wee; domestic AML compliance led by Guo Qianting; international AML compliance led by Vincent Li. There is also privacy protection led by chief privacy officer Nie Zhengjun, IP and international litigation led by chief IP counsel Benjamin Bai, the investments legal team which is led by Zhang Y and, finally, corporate finance and corporate governance legal led by Summer Gu Ying. Over the last two years, Chen has led efforts to streamline the effectiveness and efficiency of the legal and compliance functions by identifying, monitoring and managing legal and compliance risks whilst Ant Financial continues to grow its businesses domestically and abroad. For example, the department transferred the AML functions from the risk management division to the legal and compliance department in May 2016 before separating it into two separate entities the following year. The firm also established a privacy protection team in August 2017 to implement its GDPR and other data protection and privacy related regulations. The team also worked on the recently completed US$14bn Series C financing with a complex and innovative transaction structure, which was devised by the corporate finance and corporate governance legal team. In 2017 the IP team recorded the most patent filings on blockchain technology in the world and also successfully launched the world’s first ever cross-border remittance service between digital wallets, powered by a unique cutting-edge blockchain technology application developed by Ant Financial. This is the first blockchain-based cross-border digital wallet remittance service globally, offering a fast, secure, convenient, transparent and a low-cost way to transfer money directly between individuals in Hong Kong and the Philippines. Furthermore the team helped establish e-wallet joint ventures with local partners in a number of countries and regions, including India, Indonesia, Malaysia, Thailand, the Philippines, Bangladesh, Pakistan and Hong Kong, as part of Ant Financial’s global financial inclusion journey. Regarding its priorities for the future, Chen says the legal department is ‘very much focused on establishing [itself] as a strategic partner to [its] business counterparts globally by pursuing a one team culture that promotes close working relationships across all functional teams within the legal and compliance department in providing strategic, effective and commercially oriented legal and compliance solutions to our business counterparts in a forward-looking and proactive fashion’. As Ant Financial continues to evolve as a global technology company that empowers financial institutions to deliver financial services to previously unbanked consumers globally, it intends to be the leader among legal and compliance functions of all leading global Fintech companies.

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Ant Financial Services Group

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