What is Jack Ma’s Ant Group and how does it make money?

Digital financial services giant Ant Group is set to pull off the world’s biggest initial public offering, or IPO. Chinese billionaire Jack Ma, the co-founder and former executive chairman of Alibaba which owns the Post, controls Ant Group through ownership of over half of its shares. Ant operates China’s massive e-payment system Alipay, but its services also extend into lending, investment and insurance products. With 95.6 per cent of its revenue coming from within China mainland, the Hangzhou-headquartered company now hopes to expand internationally.