May 20, 2020

Alibaba Group made $25.3bn during Single’s Day

China
Alibaba
Single's Day
2 min
Alibaba Group made $25.3bn during Single’s Day

Alibaba Group Holding Limited generated RMB168.2bn (US$25.3bn) of gross merchandise volume (GMV) through Alipay on 11 November.

The company made a 39% increase compared to last year’s global shopping festival, with 90% of its total GMV accounted for by mobile GMV settled through Alipay – an increase of 8% from 2016.

“More than US$25 billion of GMV in one day is not just a sales figure,” stated Daniel Zhang, Chief Executive Officer of Alibaba Group.

“It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail.”

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Alipay processed 1.48bn total payment transactions, which is a rise of 41% from last year.

The payment platform also handled 256,000 transactions per second at peak, and Alibaba Cloud handled 325,000.

It is argued that one of the contributors to this success is Alibaba’s newly released AI fashion consultant.

The technology uses very small sensors that are embedded within garments, and through these a screen within changing rooms will recommend further garments to pair with the original, enable customers to purchase more.

The technology is available, free of charge, across 13 stores in China.

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Jun 7, 2021

Business Chief Legend: Ho Ching, CEO of Temasek

hoching
legend
singapore
Temasek
3 min
Singaporean Ho Ching created the largest listed defence engineering company in Asia, before leading Singapore’s sovereign wealth fund to global success

Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.

Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.

Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.

Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.

As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.

It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.

But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.

As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.

So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.

 

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