The firm has long envisioned Internet companies to be an essential part of the country's financial reform. That is why it launched the Paypal-like Alipay transaction tool for every online and offline payment, analysts said.

According to Hong Bo, founder of IT consultancy company IT5G, the company's determination is best reflected by a straightforward bylined article by the company's charismatic founder Ma in People's Daily, an influential government newspaper, in June.

"China's banking industry currently only serves 20 percent of potential clients out there. I don't see the rest covered by their services," Ma said in the article.

It is clear Ma, who is behind the scenes ushering in major strategic transformation, has mapped out a clear picture to reshape the industry he dominates.

The financial sector will only be a fraction of Alibaba's intention to beef up its product line, analysts said.

In May, Alibaba paid about $294 million to become the largest shareholder of AutoNavi Holdings Ltd, China's leading digital mapping provider in a bid to boost its competitiveness.

This was followed by an earlier investment into micro blog operator Sina Inc's Weibo services, which allows Alibaba to both boost the number of users and give the company more data to crunch.

Alibaba also vowed to build a national logistics network, which further demonstrates its ambitions to tap into the service sector.

"Apparently, Alibaba is extending its resources and strengths in the e-commerce arena to the services sector, in which it positions itself as a service infrastructure provider," said Li Zhi, principal analyst with domestic IT consultancy Analysys International.

Hong believes Alibaba has always read the Chinese economy perceptively and grabbed historical opportunities.

"For instance, its business-to-business development took off a decade ago when China's competitive edge in low-cost mass production ruled the world. Now Alibaba has seen the tide turning and is reorienting itself to focus on the services sector," he said.

But it is not going to be straightforward for Alibaba, experts warn.

"It's coming under criticism for being too dominant. So how they address issues such as anti-trust allegations would be very critical for foreign investors," said Mark Konyn, chief executive officer of Cathay Conning Asset Management Ltd.