China’s Ant Group venturing into financial AI
- September 12, 2023
- Posted by: Quatro Strategies
- Categories: AI & Semiconductors, China
Ant Group, China’s leading fintech company, has revealed its foray into the field of financial artificial intelligence (AI). The company, founded by billionaire Jack Ma, is now testing consumer and professional applications for this new AI model. This development is significant, given that Ant Group is China’s largest fintech firm, boasting more than one billion users worldwide for its Alipay payment app.
The move by Ant Group into financial AI aligns with the broader trend of companies in China exploring AI technologies. Earlier in the week, tech giants Tencent and Xiaomi also announced AI-related initiatives, while Ant’s affiliate, Alibaba, made a similar announcement in April.
Ant Group has initiated closed tests of two applications designed for its wealth management and insurance platforms. The first application, known as Zhixiaobao 2.0, offers financial advice to consumers and has the capability to match the average financial professional in market analysis and reasoning.
However, it will only be made available to the public once it receives regulatory approval, as China has strict regulations that require companies to undergo security assessments before releasing AI products.
The second application, Zhixiaozhu 1.0, is tailored for financial professionals and can perform tasks such as investment analysis and information extraction. Ant Group is actively pursuing regulatory clearance to launch this application as well.
These moves into AI underscore the growing importance of AI technologies in the financial sector and the competitive landscape among tech companies in China to harness the potential of AI to enhance their financial services offerings.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
DHL-led venture looking at SAF production in Germany
German logistics giant DHL has forged a strategic collaboration with energy firm HH2E and South African petrochemicals company Sasol to advance the production of sustainable aviation fuel (SAF) in Germany. This sides agreed to initiate a joint effort to establish potential production capacities for SAFs rooted in green hydrogen, also known as eSAFs, located in eastern Germany.
South Korea’s SK Hynix to invest $74.6 billion in AI and chips by 2028
South Korea’s SK Hynix, the world’s second-largest memory chip maker, will invest 103 trillion won ($74.6 billion) through 2028 to bolster its chips business, with a strong emphasis on artificial intelligence (AI), according to an announcement from its parent company, SK Group, on Sunday. SK Group also revealed…
Geneva talks yield 90-day truce in escalating U.S.-China trade war
The United States and China have struck a surprise agreement to sharply reduce their tit-for-tat tariffs for 90 days, offering a critical reprieve in a trade war that had ground nearly $600 billion in bilateral commerce to a halt. Under the temporary truce announced Monday, the U.S. will scale back the steep tariffs it imposed in April—from 145% down to 30%—while China will lower its retaliatory tariffs on U.S. goods from 125% to 10%.
Markets reacted swiftly to the news, with the dollar rising and stocks climbing in both Europe and Asia. Investors had been bracing for prolonged economic pain after months of protectionist escalation by U.S. President Donald Trump, who launched a barrage of new tariffs shortly after returning to office in January. His administration justified the tariffs on grounds ranging from national security to addressing China’s trade practices and the country’s alleged role in the fentanyl crisis.
