China’s Ant Group launches AI finance model

Alex Omenye
Alex Omenye

Ant Group on Friday, revealed a finance-specific artificial intelligence model, and testing of consumer and business apps for the product has already begun.

Established by billionaire Jack Ma, Ant is China’s largest fintech company and has more than 1 billion users worldwide for its Alipay payment system, the company’s debut into financial AI is noteworthy.

Ant comes after Thursday’s AI announcements from internet titans Tencent and Xiaomi as well as April’s announcement from Ant’s subsidiary Alibaba.

According to Tencent, more than 130 businesses had launched “large language models” in China by the end of July. These models are what drive OpenAI’s ground-breaking ChatGPT generative AI programme.

On the wealth management and insurance platforms of the company, Ant said that closed testing of its new model had started for the two apps.

The Zhixiaobao 2.0 app, created to offer customers financial advice, can equal the market research and reasoning skills of the typical financial professional. Once it achieves regulatory approval, it will be accessible.

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