Ant Group, the Alibaba-affiliated fintech giant behind Alipay, announced on June 8 that it will spin off its self-developed database service OceanBase as an independent company incorporated as Beijing Aoxingbes Technology. The new entity will be 100% controlled by Ant, with Hu Xiaoming, the CEO of Ant Group, personally serving as chairman.
Within this year, the new company is expected to bring up to date OceanBase’s existing features and reinforce them with analytical business processing capabilities. OceanBase will be upgraded to an enterprise-level distributed database. The company also announced that it would serve more than 10,000 corporate customers worldwide in the next three years.
“Technology is in the genes of Ant Group and an important strategic direction for Ant Group. After 10 years of development, OceanBase has supported various challenges in key projects such as Alipay and online banking, and demonstrated impressive performance. We hope this new database can serve more partners,” said an official announcement from Ant Group.
OceanBase has provided support to Ant Group’s businesses such as Alipay and online merchant banking for many years. The establishment of an independent company hints at the maturity of its business model.