ANT Group will step up investments in artificial intelligence and data elements in the next decade, with a key focus on distributed database, blockchain, privacy computing and green computing technologies, and provide AI-powered intelligent services for other firms, according to the Chinese fintech company.

He Zhengyu, chief technology officer of Ant Group, was quoted by the China Daily as saying the company will strive for technological innovation and invest heavily in AI technology represented by large language models (LLMs), while bolstering sharing of data to unleash the value of massive data resources.

Ant Gourp recently set up its innovation and technology headquarters in Beijing at a new campus called T-Space.

Eric Jing, chairman and CEO of Ant Group, said the company will make full use of Beijing’s strength in talent and technological innovation, increase investments and usher in a new chapter for Ant.

Ant Group has also established a new subsidiary in Beijing which offers intelligent customer services, marketing, operation, and technology research and development for enterprise clients.

This is aimed at helping these clients improve management efficiency and reduce costs via AI-powered technology.

The company’s technological research institute, which is also located in Beijing, aspires to bring about breakthroughs in core and cutting-edge technologies related to data elements and AI, such as intelligent robots, data storage and high-performance real-time graphic computing technology.

With the optimization of generative AI and deep learning algorithms, AI technology could be used to tackle more complex problems and is becoming an important tool to drive the innovation of enterprise service models, analysts said.

According to a report by global market research company International Data Corp., China’s spending on AI will likely hit US$38 billion in 2027, and account for about 9% of the global market, with a compound annual growth rate of about 25% from 2023 to 2027.

(SD-Agencies)