The Ant Group Unveils a New AI Model in the Financial Sector

Ant Group, the leading Chinese fintech firm with over 1 billion Alipay users worldwide, has introduced a finance-specific artificial intelligence (AI) model and initiated testing of consumer and professional applications.

This move marks Ant's entry into the competitive landscape of AI deployment in China, following recent AI announcements from tech giants Tencent and Xiaomi.

Ant's affiliate, Alibaba, had also ventured into AI in April. As of July, over 130 companies in China had introduced "large language models" similar to OpenAI's ChatGPT, according to Tencent.

Ant announced that it has initiated closed testing for two applications on its wealth management and insurance platforms.

The Zhixiaobao 2.0 app, intended to offer consumers financial advice, possesses market analysis and reasoning capabilities comparable to the average financial professional, as per Ant's statement. Its availability is contingent upon obtaining regulatory approval.

In contrast to some other nations, China mandates that companies undergo security assessments and obtain clearance before launching AI products to the general public.

Ant clarified that Zhixiaozhu 1.0 can perform various business tasks, including investment analysis and information extraction, catering to the needs of financial professionals.

Source: Josh Ye, Reuters