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Following China’s highly competitive AI market, big players like Xiaomi, Ant Group (Ant), and Tencent are investing in artificial intelligence for finance.
Remarkably, China is about to have a new taste of AI experience in the finance industry through Zhixiaozhu (1.0) and Zhixiaobao (2.0), a novel AI-powered app for financial professionals and consumers, respectively.
Ant Group Discloses Its AI Model for Finance
According to a report, on September 8, 2023, Ant Group announced its AI model for finance. Also, it has started testing enterprise and consumer versions of the product, joining the AI deployment frenzy in China, where AI is heavily controlled.
Note that Ant Group Digital Technologies is one of China’s top fintech companies owned by Chinese billionaire Jack Ma, the founder of AliPay. The latest artificial intelligence unveiling projects the firm as a major player in China’s quest for Artificial Intelligence supremacy.
The AI quest in China has been severe since this year. Reports show that Alibaba, an affiliate company of Ant Group, unveiled its artificial intelligence model in April. Meanwhile, Xiaomi and Tencent also launched their AI models in July. According to the reports, more than 130 enterprises in the country launched big language models.
These AIs are similar to OpenAI’s ChatGPT language model. Ant Group’s move is significant because it is among China’s largest fintech firms. The company’s latest artificial intelligence (AI) initiative uses a financial large language (MLL) model to power two different applications: Zhixiaobao (2.0) and Zhixiaozhu (1.0).
With the help of Zhaoxiaobao (2.0), also called Smart Wealth, customers can get answers to their financial questions. Furthermore, its ability could match the average financial professional’s market analysis and reasoning skills.
Also, Ant Group said Zhixiaozhu (1.0) will help financial professionals extract information and investment analysis. The application is also expected to automate different business processes for the financial professionals.
China’s Regulations on Artificial Intelligence
In contrast to many other countries worldwide, China has severe regulations on using AI-related products. The Chinese government ensures that AI-related products pass through some background checks and security reviews before the public release.
This strict approach highlights the government’s desire to sustain the safety and control of the fast-growing artificial intelligence industry. Ant Group’s move into financial AI aligns with the ongoing trend where technology firms leverage the power of artificial intelligence in the finance sector.
Notably, Ant Group recently announced the launch of a new brand, ZAN. ZAN delivers a full portfolio of blockchain application development solutions and services for private and institutional Web3 developers.
For institutional clients, ZAN will deliver a solution to help the issuance and management of real-world assets (RWA) in compliance with local regulatory requirements.
Artificial intelligence can enhance decision-making, provide custom-made financial services, and help perform tasks more efficiently for professionals and consumers.
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