Tencent, Alibaba's nemesis, is considered a lot more reserved in the financial space, but its WeChat Pay app has been slowly eating away at Alipay's share of the payments market. In a symbolic move in May, the Alibaba affiliate changed its name from Ant Financial to Ant Group. Even prior to that, Ant had been actively publicizing itself as a "technology" company that offers payments gateways and sells digital infrastructure to banks, insurance groups and other traditional financial institutions -- rather than being a direct competitor to them. On the Alipay app, users can browse and access a raft of third-party financial services, including wealth management, microloans and insurance. As of March, Ant's wealth management unit facilitated 4 trillion yuan ($570 billion) of assets under management for its partners, offering money market funds, fixed income products and equity investment services.