Ant Financial, which oversees Alipay, the country’s largest mobile payment service, is the financial affiliate of internet powerhouse Alibaba. Following their rebranding in 2014, Ant Financial has expanded to become a full-fledged financial services company, with a range of services and high-level cross-border finance related investments. JD.com, a leading online Chinese retailer, began providing short-term credit to its suppliers in 2012 and later to third-party sellers on its online retail platform. Mid-sized Chinese tech companies, especially online marketplace operators, have also begun providing loans to merchants on their platforms, offering consumer credit options as well as selling traditional financial services. There’s no definitive timeline as to when these companies will be able to turn a profit through online finance, but their financial arms are receiving massive private valuations.