China's Ant Group unveils finance AI model as race heats up
Add BT as a preferred source
ANT Group unveiled a finance-specific artificial intelligence (AI) model on Friday (Sep 8) and started testing consumer and professional apps for the product, joining a crowded race to deploy AI in heavily-regulated China.
The foray by Ant into financial AI is notable as the company founded by billionaire Jack Ma is China’s biggest fintech firm, with more than one billion users worldwide for its Alipay payment app.
Ant follows AI announcements by tech giants Tencent and Xiaomi on Thursday, and Ant’s affiliate Alibaba in April. By July in China, more than 130 companies had introduced “large language models”, the type that powers OpenAI’s seminal ChatGPT generative AI app, according to Tencent.
Ant said its new model had begun closed tests of the two apps on the company’s wealth management and insurance platforms.
The Zhixiaobao 2.0 app, designed to give consumers financial tips, can match the average financial professional in market analysis and reasoning capability, Ant said. It will be available once it receives regulatory approval.
Unlike other countries, China requires companies to submit security assessments and receive clearance before releasing AI products to the public.
Zhixiaozhu 1.0 can conduct investment analysis and information extraction, among other business tasks, for financial professionals, Ant said. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Qatari LNG ship struck in Strait of Hormuz, testing US talks
DBS shares rise 1.9% to hit all-time intraday high as sentiment improves
‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis
Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10
