Chinese tech giant Ant Group has taken a groundbreaking step by introducing its own large language model (LLM), surpassing mainstream AI models’ capabilities.
Alongside this innovation, the company has also launched a new Web3 brand, signaling its ambitions to compete in global markets, as reported in the media on Monday.
The Hangzhou-based company has officially introduced its self-developed “financial LLM,” accompanied by two applications powered by this advanced AI model, according to reports from the South China Morning Post.
Ant Group’s Vice President, Wang Xiaohang, explained, “We have built computing power at a level of 10,000 GPUs. On this basis, Ant’s entire financial business has quickly switched to the LLM paradigm.” This significant advancement reflects the company’s commitment to embracing cutting-edge technology.
Wang further revealed that the newly developed AI model has already outperformed “mainstream general-purpose LLMs” when applied to financial scenarios.
The financial LLM, an upgraded version of Ant Group’s consumer-facing financial assistant known as Zhixiaobao, is set to play a vital role in the wealth management and insurance sectors. It will assist users across a range of scenarios, including generating asset-management plans. However, its availability to users is contingent on receiving regulatory approval.
Ant Group’s move into the LLM market aligns with the strategies of other leading Chinese tech giants, including Baidu, Huawei Technologies, Tencent Holdings, and Alibaba, which have also rolled out their own LLMs for adoption in various industries.
Ant’s Chairman and CEO, Eric Jing Xiandong, highlighted the transformative potential of LLMs, stating, “The rise of LLMs will reshape many commercial activities.” He used the analogy of throwing a stone into a pool to describe the impact, emphasizing how LLMs are already influencing customer operations, marketing, and sales processes.
In addition to its LLM venture, Ant Group has introduced a new Web3 brand called ZAN, which aims to capture markets in Hong Kong and other overseas regions. This move underscores the growing competition among China’s prominent tech firms to narrow the gap with Western counterparts in harnessing the power of generative AI.
Ant Group’s foray into the LLM landscape and its expansion into Web3 demonstrate the company’s commitment to staying at the forefront of technological innovation and global market expansion. These developments are expected to have far-reaching implications for the tech industry and beyond.