Currently, Alibaba is the leading purveyor of cloud computing to the financial sector with a 12.2% market share, according to industry data tracker IDC. The total market is projected to be worth at least $3.59 billion by 2023, up from $930 million this year, according to IDC. Alibaba is competing with rivals that include Tencent Holding Ltd., as well as traditional financial institutions such as conglomerate Ping An Insurance Co. of China Ltd.