In 2023, Ant Group, a financial affiliate of Alibaba Group, announced that it invested a record high of 21.19 billion yuan ($2.92 billion) in technology research and development. The majority of this investment was focused on AI technology, demonstrating the company’s commitment to advancing technological innovation in the financial sector.
This significant investment in AI technology allowed Ant Group to receive approval from the Chinese government to release products powered by its “Bailing” artificial intelligence (AI) large language model to the public. This marked a significant milestone for the company, as it allowed them to leverage AI technology to enhance the user experience for their customers.
The “Bailing” model has been integrated into various AI assistants on Ant Group’s Alipay platform, including a “smart healthcare manager” and “smart financial manager”. These AI assistants are designed to provide users with personalized and efficient services, making it easier for them to manage their healthcare and financial needs.
Overall, Ant Group’s investment in technology research and development underscores their commitment to innovation and their efforts to leverage AI technology to enhance their services. By investing in cutting-edge technology, the company aims to stay ahead of the curve and provide customers with the best possible experience on their platform.
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