Ant Group reported record research and development spending of RMB 21.2 billion ($2.9 billion) last year, according to its 2023 sustainability report released on Thursday. This expenditure increased by 3.6% compared to the previous year and by 12.7% compared to 2021, with a major focus on artificial intelligence technology.
One of the company’s major achievements in 2023 was making its Bailing AI foundation model accessible to the public in November, showcasing its commitment to innovation. Additionally, Ant Group served over 87 million small business enterprises through its digital payment services by the end of the year, demonstrating its dedication to advancing financial technology and supporting businesses on a global scale.
As part of its global expansion strategy, the fintech giant collaborated with 25 e-payment platforms and reached over 1.5 billion accounts domestically and internationally, aiming to enhance cross-border payments. These initiatives highlight Ant Group’s efforts to support businesses on a global scale and advance financial technology.
