Ant Group’s research and development spending reached a record RMB 21.2 billion ($2.9 billion) last year, as indicated in 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. The company made its Bailing AI foundation model accessible to the public in November, showcasing its commitment to innovation.
Additionally, Ant Group reported serving over 87 million small business enterprises through its digital payment services by the end of 2023. As part of its global expansion strategy, the fintech giant has collaborated with 25 e-payment platforms and has reached over 1.5 billion accounts domestically and internationally, aiming to enhance cross-border payments. These initiatives demonstrate the company’s dedication to advancing financial technology and its efforts to support businesses on a global scale.