Alibaba’s cloud computing subsidiary has a leading edge in the provision of financial cloud computing services in China, according to a report from market intelligence firm International Data Corporation (IDC).
Alibaba Cloud laid claim to an 18.4% share of the USD$4.636 billion financial cloud computing market in China in 2020, according to the IDC report released on 3 June.
Alibab Cloud also leads when it comes to the provision of cloud computing services to China’s banking and online finance sector, with IDC highlighting its use of distributed ledgers, databases, mobile development platforms and AI development plans to provide full-bore financial cloud solution plans to its clients.
Approximately 60% of Chinese insurance companies are Alibaba Cloud clients, as well as 50% of securities firms and several hundred banking sector financial institutions.
Key clients of Alibaba Cloud include big state-owned banks such as ICBC, China Construction Bank, Agricultural Bank of China and Postal Savings Bank of China, as well as top insurers such as China Life Insurance and China Pacific Insurance.