'I'm dreaming of AI that reads our thoughts': Ant Group CMO

"Spending isn’t down—people still have money. But how they’re choosing to spend it has changed,” says Ray Chen Liang, senior VP and chief marketing officer at Ant Group, who doesn’t sugarcoat the reality of marketing in today’s China. Families are renting instead of buying homes, cutting back on luxury purchases, and opting for investments in insurance, savings plans, and gold. Chen views these shifts as opportunities to rethink how Ant’s products, like Alipay and Ant Wealth, meet evolving needs.

Since joining Alipay in 2008, he has steered Ant Group to some of its biggest marketing successes, including Yu’e Bao, a product with over 700 million users. But even he admits the landscape has changed. "Creating another product like that is harder now," he says. "Consumer interests are fragmented. You can’t just rely on one-size-fits-all solutions anymore."

Take Alipay Little Purse, a 2024 product launch designed to help younger users save money. Within months, it attracted 80 million users, proving that targeted, relevant products still have the power to cut through the noise. But Chen knows success isn’t about repeating the past—it’s about adapting. That’s why he’s moved Ant away from traditional marketing like billboards and TV ads. "Big brand, big exposure campaigns just don’t work anymore," he says. Instead, he’s doubling down on ‘seeding’—creating detailed, engaging content for niche social platforms, especially for complex products like insurance and investment funds.

Generative AI is also playing a major role. In 2024, AI on Ant’s platforms produced over 60 million creative assets for merchants, saving time and costs. Chen’s ambitions for AI, however, go further: "I’m dreaming of AI that really understands us—maybe even reads our thoughts."

Chen is clear-eyed about the challenges of staying ahead in fintech, and his approach is simple: Have a constant pulse on culture and what people care about and react with urgency. In this interview with Campaign Asia-Pacific, he breaks down what that means—how Ant is preparing for 2025, why marketing is shifting from creativity to data, and what keeps him inspired in a rapidly changing world.

1. What is the single biggest challenge and opportunity facing your brand in 2025, and how are you preparing to address both? 

Consumer tastes are becoming more varied and flexible across different generations and regions in China. Ant Group's brands include Alipay and Ant Wealth, and we operate largely differently than traditional consumer brands. To thrive in such a dynamic environment, we require savvy strategic planning.

I wouldn't say that spending is down in China; people have the financial means to spend, but their priorities have certainly shifted. Historically, Chinese families have invested 70-80% of their wealth in real estate, with the rest going to education and luxury consumer goods. Nowadays, more families are opting to rent rather than buy homes, freeing up cash to invest in things like insurance, savings plans, bonds, and gold for long-term stability. This has also transformed how people view consumer goods, leading to a decline in luxury purchases in favour of more practical and affordable options.

So, at Alipay, we proactively adapt the offerings to align with these emerging trends. For instance, Ant Insurance helps our partners expand their range of life and health insurance products, allowing users with different risk profiles to better prepare for uncertainties and ensure steady growth of their assets. While real estate was once the go-to for building wealth, insurance is quickly becoming a popular alternative. Over the past year, more people have turned to monetary funds like Yu’e Bao for security and long-term asset growth amidst uncertainty about where to park their money.

Challenges are many, of course. It is no easy job to understand and forecast how people’s attitudes towards money change and then work with established institutions to build a good product fit. Then tech platforms should raise their investments in security and consumer protection to speed up with the advancement of new applications and new efficiencies.

In 2024, we put out a product called the Alipay Little Purse, which is designed to assist users in saving money more efficiently. It gained tremendous popularity, particularly among the younger generation, which currently owns around 80 million users in just a few months since its launch. However, with the increasingly fragmented nature of consumer interests, creating another immensely popular product like Yu’e Bao—which quickly attracted around 700 million users upon its launch—has become more challenging nowadays. Therefore, we are committed to continually refining our products to better meet the needs of our diverse customer base, which is essential for Ant Group's ongoing success.

2. What marketing capabilities are you prioritising for investment in 2025, and which areas are getting a cut?

We've been shifting away from the traditional ‘big brand, big exposure’ model of TV ads and billboards since 2023. These broad strokes simply don't resonate in today's niche-driven market.

Our focus is shifting towards ‘seeding’—delivering engaging, detailed content on targeted social media platforms. This is particularly crucial for complex financial products like investment funds and insurance, which require a more nuanced explanation than a traditional ad can provide. This year, we'll allocate more resources to this content-driven approach and scale back further on traditional broad-reach tactics. While traditional methods still have their place, they're no longer the dominant force.

3. How is generative AI fundamentally changing your marketing function? Can you share specific examples of its impact on a recent campaign or initiative?

Right now, generative AI is making its presence felt as an ‘agent’. Our company is actively exploring its potential across a bunch of sectors—life services, finance, healthcare—and across our diverse product portfolio. Sure, AI can help with simple tasks like getting coffee delivered, but I’m dreaming much bigger: I’m talking about AI getting to a point where it can really understand us, maybe even read our thoughts. 

In advertising, AI has been a gamechanger, particularly for smaller businesses. It streamlines tasks like poster-creation and offering cost-effective customisation. In 2024, AI generated over 60 million creative assets for merchants on Ant’s platforms. As AI evolves, it promises even greater targeting and campaign optimisation precision, leading to more effective marketing outcomes.

Soaking up the serenity of Fushimi Inari in Tokyo (left) and the vibrant energy of Malacca (right)

4. What emerging technology or trend will have the biggest impact on marketing in APAC over the next two years, and how are you preparing for it?

AI, undoubtedly. We haven’t seen major shifts in how people consume information in the Asia-Pacific region. Most of us still rely on text-based content or short videos, and this trend is not likely to change in the short term. Therefore, leveraging AI to enhance these existing channels will be key.

5. CMOs are under increasing pressure to deliver maximum value for every dollar spent. In today’s volatile market, how can agency-client relationships evolve to deliver maximum measurable value?

Being a CMO is all about finding the sweet spot: you want to stretch that advertising dollar as far as it will go, but you also need to build a brand that stands the test of time and nurture those essential relationships within the company. It’s like walking a tightrope between being smart with your spending and being a team player. If you focus excessively on the numbers, you risk being labelled as ‘cheap’ or ‘opportunistic’, which isn’t great for your image or for fostering trust.

The temptation to reduce costs is still strong, particularly in the current challenging economic climate. However, playing it cheap isn’t going to revive industries or keep businesses afloat in the long haul. What’s really critical is relationship-building. Essentially, we need to make friends because it’s the connections and partnerships that ultimately fuel growth for companies and brands.

6. Talk about a campaign outside your brand that truly inspired you, and what lessons could you apply to your own brand?

I love chatting with my international friends about which Asian brands they think really shine on the global stage. Japanese companies often come up in these conversations, and one standout example is Shinkansen. It is well-known for its high-speed railway lines and is praised for its business success and its considerate practices in other countries. I learned that when Shinkansen exports its products and technology, the company makes an effort to engage with local communities by apologising in advance for any disruptions, conducting safety education sessions in schools, and even establishing small train museums to share railway history with the public.

This approach inspires me because it highlights the value of community involvement, social responsibility, and business growth. It’s not just about making money but about growing together with communities and creating social value. This mindset has really shaped how I talk about globalisation, pushing for a way of integrating and thriving with communities, whether we are looking abroad or at our own cities.

7. Name another brand (can’t be yours) with a fantastic customer experience that you really admire. What element of their approach do you find most compelling?

It has to be Ctrip.com to serve global business travellers like myself.

Their service is exceptionally reliable. No matter what kind of travel hiccup—especially during international trips, they are always on top of it, quick to serve and solve issues, even when the clock is different across time zones. Their loyalty programme, which has non-expiring points redeemable like cash, is incredible. I've been their loyal customer for almost two decades now and am continuously grateful for the long-lasting perks their points system provides.

At the Harbin International Ice and Snow Festival in China's Heilongjiang province

8. What's your go-to source of creative inspiration when you're feeling stuck—a book, movie, artist, or even a place?

I draw inspiration from diverse sources. I am an avid reader, love films, and listen to music and prioritise artistic influence for creative inspiration. I read books totalling over three million words a year and typically watch around two films each week. I also do a bit of fragmented reading here and there and watch lots of short video clips over 1,000 hours a year.

I think real creativity comes from staying plugged into what’s happening now and thinking about where we’re headed in the future. It’s all about understanding the world around us and expressing it in unique ways. Lately, my favourite film is Ready Player One. I’ve watched it three times because its imaginative spin on the future of our world sparks a fire in me.

9. What needs to change in your sector regarding working culture?

Marketing has traditionally relied heavily on creativity, particularly in making brands stand out. However, with the advent of personalised marketing, there is a noticeable shift towards more precise, data-driven strategies. It’s like the industry has been a mix of art and science for a while, but the spotlight was mostly on the creative side. Now, with AI stepping in to handle some creative tasks, there is a stronger focus on the science behind marketing. This means marketers are diving into data, marking a significant departure from the old creative-first approaches.

Of course, not everyone needs to be good at both creativity and analytics. Instead, we should have creative people working closely with analytical minds. This teamwork is vital for the future because it combines creative vision with scientific accuracy to craft effective marketing strategies.

10. If you could have dinner with any three people, living or dead, who would they be and what marketing wisdom would you hope to glean from them?

If I could have dinner with any three people, living or dead, I'd choose Steve Jobs, Elon Musk and James Wong (黄霑). From Steve Jobs, I'd hope to learn from his unparalleled ability to synthesise art and technology. Elon Musk's perspective on future trends and disruptive innovation would be invaluable. And from James Wong, I'd be fascinated to explore his masterful and influential use of the Chinese language.

11.  What keeps you up at night?

Nothing. As a CMO, once you have a clear understanding of the landscape, there's no need to lose sleep.