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

    The online financial services company expects to handle a record amount of sales Nov. 11, 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.

    Alibaba and Ant have plenty riding on the event, which is closely watched by investors and a source of immense pride for both companies. It’s also attracted some controversy: the U.S. Securities and Exchange Commission has been looking at data reported from the promotion last year, Alibaba said in its annual report in May.

    Vice chairman Joseph Tsai has said the company is cooperating with the U.S. regulator, sharing facts in an investigation it had voluntarily disclosed.

    “We have our partners and employees working around the clock in anticipation of 11/11 this year. We expect and we hope it to be even bigger than last year,” said Douglas Feagin, the former Goldman Sachs investment banker who now heads Ant’s international operations.

    “We have many more merchants and products and service available on the platforms, and I can tell you that many are in the advanced stages of planning.”

    Ant Financial serves some 450 million users and competes with Tencent Holdings Ltd. in online payments as well as Internet services from dining to food delivery. (SD-Agencies)