China’s Ant Group announced that it invested a record high 21.19 billion yuan ($2.92 billion) in technology research and development in 2023, with a significant focus on AI technology.
This investment was disclosed in the firm’s 2023 sustainability report. In the previous year, Ant Group received approval from the Chinese government to release products powered by its “Bailing” artificial intelligence (AI) large language model to the public.
This substantial investment underscores Ant Group’s commitment to advancing AI technology and integrating it into its product offerings. This investment likely supports the development and implementation of their “Bailing” large language model, which has already received government approval for public use.
We can expect Ant Group to integrate this AI technology into their existing financial products and services, potentially creating new features and functionalities.
The news highlights Ant Group’s commitment to being a leader in AI-powered financial technology. It will be interesting to see how their “Bailing” AI shapes the future of their product offerings.
It further said, it has been powering various AI assistants on the Alipay platform. These include a “smart healthcare manager” and a “smart financial manager.”
The integration of the Bailing AI model into these services highlights Ant Group’s efforts to enhance user experiences on the Alipay platform by leveraging advanced AI technologies for healthcare and financial management.
