September 10, 2024
By Our Correspondent
Ant Digital Technologies, a subsidiary of the prominent Chinese fintech firm Ant Group, aims for its new blockchain initiative, Zan, to emerge as a leading technology provider within the global Web3 landscape, leveraging Hong Kong’s favorable environment for the industry, as stated by Zan’s chief executive to a Hong Kong-based media.
The blockchain project was initiated by Ant in September of the previous year, with the ambition of establishing a pivotal technology company at the core of Web3, akin to the roles that Google and Microsoft played as essential service providers during the Web 2.0 era, according to Zan CEO Cobe Zhang Chenguang.
Zhang expressed, “Our objective is to deliver the technological services that Ant has amassed over the years, which encompass not only blockchain but also advancements in financial compliance, to Web3 developers.”
Cobe Zhang Chenguang assumed the position of CEO at Zan in August 2024, having previously held the role of chief operating officer.
He further noted that Zan aspires to capture the largest market share in the Asia-Pacific region within two to three years with its array of technical solutions for Web3 developers, which includes services such as node provision and know-your-customer verification.
Ant Group is affiliated with Alibaba Group Holding, the parent company of the Post. Ant Digital Technologies currently operates AntChain, recognized as China’s largest enterprise-focused blockchain platform. In 2023, the company held a 26.5 percent share of the blockchain-as-a-service market in China, while its competitor Tencent Holdings ranked second with an 18 percent market share, as reported by research firm IDC in July.
According to Zhang, Ant established Zan in Hong Kong to broaden its blockchain services beyond mainland China.