Ant Group has announced that its research and development spending reached a record high of RMB 21.2 billion ($2.9 billion) in 2023, according to its sustainability report released on Thursday. This represents an increase of 3.6% compared to the previous year and a massive 12.7% increase compared to 2021, with a major focus on artificial intelligence technology. The company made its Bailing AI foundation model available to the public in November, showcasing its commitment to innovation.
Furthermore, Ant Group reported serving over 87 million small business enterprises through its digital payment services by the end of 2023. As part of its global expansion strategy, the fintech giant has collaborated with 25 e-payment platforms and has reached over 1.5 billion accounts domestically and internationally, aiming to enhance cross-border payments. These initiatives demonstrate the company’s dedication to advancing financial technology and its efforts to support businesses on a global scale.
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