Ant Financial expects to break 2015 Singles Day record and exceed $14b in sales

Ant Financial, the Chinese payments giant controlled by billionaire Jack Ma, expects this year's Singles Day shopping extravaganza on Nov 11 to top 2015's roughly $14 billion as domestic consumption remains resilient despite an economic slowdown.

The online financial services company expects to handle a record amount of sales, an annual 24-hour online shopping marathon pioneered by affiliate Alibaba Group Holding Ltd that's become a barometer for Chinese internet retail.

As the operator of leading payments service Alipay, Ant Financial plays a key role in the smooth exchange of the enormous sums of cash in play.