China’s Ant Group unveils an AI finance model as race heats up. Ant Group introduced a finance-specific artificial intelligence (AI) model in a crowded race to introduce AI in tightly controlled China. It began testing consumer and business applications for the product.
Because Ant is China’s largest fintech business, with more than 1 billion users globally for its Alipay payment system, its debut into financial AI is noteworthy. Billionaire Jack Ma established Ant.
Ant comes after Thursday’s AI announcements from tech heavyweights Tencent (0700. HK) and Xiaomi (1810. HK), as well as April’s announcement by Ant’s affiliate Alibaba (9988. HK). 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 program.
On the firm’s wealth management and insurance platforms, Ant said that closed testing of its new model had started for the two applications.
According to Ant, the Zhixiaobao 2.0 app, created to provide customers with financial advice, can equal the typical financial expert’s market research and reasoning skills. Once it achieves regulatory permission, it will be accessible.
In contrast to other nations, China demands that businesses submit security evaluations and get authorization before making AI products available to the general public.
Among other business duties, Zhixiaozhu 1.0 may do investment analysis and information extraction for financial specialists, according to Ant.
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