BlackRock co-founder Robert Kapito has warned that the Western financial services industry is risking complacency over the disruptive threat posed by large Asian tech companies such as Ant Financial, which is expected to be valued at $150bn in its latest fundraising.
The president of BlackRock, the world’s largest asset manager, said he was “shocked” at the potential valuation of Ant Financial, which is the payments affiliate of ecommerce group Alibaba and has captured just over 50 per cent of the $16tn Chinese mobile payments market.
Chinese tech companies are moving to compete with established financial services providers, who are likely to struggle to match the new entrants’ financial muscle and technological firepower, Mr Kapito said.
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