Ant Financial Services Group has brought its complete suite of technology products and services under a single brand, Ant Financial Technology.

The company expect the move to support the growth of financial institutions by improving user experience and lowering costs.

Ant Financial Technology will comprise the company’s five product portfolios, namely large-scale financial transaction technologies, financial security technologies, financial intelligence technologies, next-generation interaction technologies and blockchain applications.

Ant Financial deputy CTO Xi HU said: “Since our establishment in 2014, Ant Financial has focused on developing cutting edge technologies to enable inclusive finance.

“We are pleased that our technology products and services have already been used to improve efficiency and lower costs at approximately 200 financial institutions, including more than 100 banks, over 60 insurance companies, and more than 40 asset management firms and security brokers.

“Going forward, we will offer a full suite of technology products and services to power the growth of our financial institution partners and help them extend their services to more individuals.”

In May this year, the company signed strategic cooperation agreements with multiple Chinese banks including Shanghai Pudong Development Bank, China CITIC Bank and Bank of Tianjin, to support their digital transformation.