Ant Group launches artificial intelligence focused on finance

Ant Group launches artificial intelligence focused on finance

Chinese group Ant Group on Friday, September 8, unveiled an artificial intelligence (AI) model specific to the financial world and began testing consumer and professional applications. This announcement comes as China has opened the floodgates of AI to the public. Tencent, Baidu, SenseTime Group and three startups – Baichuan Intelligent Technology, Zhipu AI and MiniMax – have just opened their AI chatbots to the public after getting the green light from the government, as Beijing moves to curb their use expand products. part of the competition with the United States.

Ant is a Chinese fintech created by Chinese billionaire Jack Ma, who we also know through Alibaba and who has been in the eye of the storm in recent months. The Chinese online commerce and cloud giant has thus been split into six units. In October 2020, Jack Ma incurred the wrath of the communist power after giving a speech in which he believed regulators failed to understand consumers’ needs and were hindering innovation in the banking sector. Beijing then slammed the IPO of Ant Group, Alibaba’s payments subsidiary, while Jack Ma disappeared from the radar for several months before finally withdrawing from the business. Last January he announced that he would relinquish control of Ant Group.

Ant said its new model has started testing both apps on the company’s wealth management and insurance platforms. The first, the Zhixiaobao 2.0 application, is aimed at the general public to whom it provides financial advice. Ant claims to be able to match financial professionals in terms of market analysis and reasoning skills. This app will be available upon regulatory approval. The second app, Zhixiaozhu 1.0, is aimed at professionals and can perform investment analysis and information extraction, among other things. In the list of professions threatened by AI, we can now add those of financial analyst and financial advisor!

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