Ant Group, the Chinese fintech giant affiliated with Alibaba Group Holding, has announced the launch of its new artificial intelligence (AI) unit, NextEvo. Led by Xu Peng, a former engineer at Google, NextEvo aims to drive and coordinate Ant Group’s core AI initiatives. With the growing importance of AI technology in the financial industry, this move demonstrates Ant Group’s ambition to leverage AI to enhance its expanding business.
NextEvo will be responsible for overseeing Ant’s own large language model (LLM), Bailing, as well as AI algorithms and engineering, natural language processing (NLP), and AI-generated content operations. This strategic decision aligns with the ongoing trend among major Chinese tech companies to invest in LLMs and explore ways to drive growth through innovation in this area. Ant Group recognizes the potential of AI in revolutionizing various aspects of its operations and is proactively investing in this technology.
Ant’s efforts in the AI space come at a time when it is undergoing significant changes to comply with regulatory requirements. After the last-minute cancellation of its dual listing in Shanghai and Hong Kong in 2020, Ant Group has been restructuring its business. The People’s Bank of China and the government of Zhejiang province have recently indicated their willingness to grant Ant a “personal credit information collection licence,” marking a positive step towards allowing Ant to expand its credit business. However, the company will need to navigate regulatory requirements and operate under conventional banking rules.
Founded in 2016, Ant’s new AI unit will be led by Xu Peng, who has an impressive background in AI research. Xu joined Ant in 2016 and has since led the company’s AI research lab from Silicon Valley. With a bachelor’s degree in engineering from Tsinghua University and a doctorate from Johns Hopkins University, specializing in NLP, Xu brings a wealth of experience to this role. His previous work at Google focused on machine translation and advertising algorithms, further underscoring his expertise in the field.
In discussing Ant’s LLM, Bailing, Xu has expressed his excitement about the potential of using it to develop innovative products and create value in the industry. Ant’s early adoption of LLMs paved the way for other Chinese tech companies to receive government approval to release consumer-facing products and applications built on this technology. By continuing to invest in cutting-edge AI, Ant Group is positioning itself as a leader in the field and staying ahead of the curve in an increasingly competitive market.
Overall, Ant Group’s establishment of NextEvo highlights its commitment to harnessing AI technology to drive growth and innovation. With a former Google engineer at the helm and a focus on LLMs and AI algorithms, Ant is well-positioned to leverage the power of AI in the financial services industry. As the company continues to navigate regulatory challenges and expand its business, the launch of NextEvo serves as a testament to Ant Group’s dedication to remaining at the forefront of technological advancements in the industry.
“Bailing is designed to be used to build more innovative products in various services and create value in the industry.” - Xu Peng, Head of NextEvo.
In a rapidly evolving tech landscape, Ant Group understands the importance of staying ahead of the curve. By strategically investing in AI, Ant Group is unleashing the power of technology to revolutionize its business and enhance its offerings to customers. With NextEvo leading the way, Ant Group is poised to reshape the financial industry through cutting-edge AI initiatives.
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