Fintech & Ecommerce

Ant Group Spends $2.9 Billion on Research

Last year, Ant Group Co. spent a record 21.2 billion yuan ($2.9 billion) on research.

Ant Group Spends $2.9 Billion on Research

Currently, the mentioned fintech company, based in China, is actively investing in advanced technologies, including projects related to the design of artificial intelligence. This is a worthwhile endeavor since currently there is a tendency at the global level for intensive and large-scale integration of AI into various spheres of activity and workflows. Artificial intelligence is a tool that can automate many functions, increase efficiency, improve productivity, reduce business costs, and boost customer service quality.

It is also worth noting that the process of widespread use of machine intelligence is associated with certain risks. Any or practically any tool, depending on the conditions and goals of the applying scenario, can be both a means of development and designing and a source of what can be conditionally characterized as a source of destructive force. In the context of artificial intelligence use cases, attention should be paid to the fact that cybercriminals also have access to advanced technology. For example, scammers operating in the virtual space have already applied AI to achieve their goals. Due to the use of artificial intelligence, their crimes have become more difficult to detect. Against the background of this problem, the importance and significance of digital literacy is growing. For example, a query in an Internet search engine, such as how to know if my camera is hacked, will allow anyone to find out about signs of unauthorized access to the device. Digital literacy is also a tool for countering cybercrime.

Ant is a subsidiary of Alibaba Group Holding Ltd. The firm on Thursday, June 13, published the sustainability report for 2023. This report contains information that over the past three years, the company has increased its investment in research and development.

It is worth noting that Ant, founded by Jack Ma, independently designs technology. The company is currently developing its own large language model BaiLing. Last year, the company received approval from the Chinese government to provide services to the public.

It is worth noting that Ant is a pioneer of fintech. Currently, the company is making efforts and implementing solutions aimed at expanding the scope of its activities in other countries. The relevant strategy of the firm is the result of the strive to overcome the negative circumstances and consequences of the slowdown in economic growth in China.

Currently, Ant ties up more than 30 e-wallet platforms and banking apps for cross-border payment transactions in different regions of the world, including Europe and Southeast Asia.

In the digital payments area, Ant and its subsidiary MyBank served more than 87 million customers from the small business sector as of last year. Unit Ant Digital Technologies serves 13,000 enterprises.

To digitize operations, 4.27 million merchants use tools such as mini-programs on the Alipay platform. As a result of using the mentioned tools, the volume of transactions for the entire 2023 showed an increase of 68% compared to 2022.

Ant’s estimated annual profit fell by about 24% last year due to a fine of 7.1 billion yuan, which signaled the end of years of crackdown by China’s leadership regarding the technology industry.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.