Ant Group, Alibaba’s fintech affiliate, gains Chinese approval for its AI model Bailing, boosting Alibaba’s AI leadership By Coingape Staff 51 mins ago Updated 51 mins ago
In an exciting development for the AI industry, Ant Group, the fintech affiliate of Alibaba, has received approval from the Chinese government to launch products based on its Large Language Model (LLM) known as Bailing, according to a Reuters report. Meanwhile, this move signifies Alibaba’s continuous focus on expanding its AI portfolio and capitalizing on the growing potential of generative artificial intelligence (AI) products.
Ant Group Secures Regulatory Approval For Bailing
Chinese technology conglomerate Alibaba has been at the forefront of AI innovation, and now its affiliate company, Ant Group, is poised to leverage the power of Bailing for various applications. Meanwhile, it’s important to note that in China, regulatory approval is mandatory for companies to release AI products to the public.
This approval process includes rigorous security assessments to ensure data protection and compliance. Meanwhile, the Chinese government approved Ant Group, Alibaba’s fintech affiliate, to use its language model Bailing in public products.
Bailing will enhance Ant’s services and innovation. Other Chinese tech firms, including Alibaba, Tencent, and Baidu, are also developing ChatGPT-like products in the global generative AI race.
Meanwhile, Ant, owner of Alipay, can utilize its mobile payment service’s popularity for user insights. Alibaba focuses on AI as a core strategy during its six-way spinoff. In addition, Alibaba’s commerce unit introduced tools, like chatbots, to aid small businesses in international expansion.
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Expanding AI Horizons
The latest announcement comes on the heels of Alibaba’s recent AI endeavors, including the launch of two open-source AI models, Qwen-VL and Qweb-VL-Chat. The latter, Qweb-VL-Chat, is equipped to engage in more complex conversations and answer diverse questions. It can also generate images from textual descriptions, showcasing the capabilities of AI models developed by the tech giant.
Meanwhile, Ant Group introduced its financial Large Language Model (LLM) at the INCLUSION 2023 conference, demonstrating its commitment to advancing AI applications. Alongside Bailing, Ant Group has unveiled AI programs like Zhixiaobao 2.0, an AI financial assistant for consumers, and Zhixiaobao 1.0, designed to assist industry professionals.
In addition, the company opened up its AI model, Tongyi Qianwen, to the public following regulatory approval. Alibaba has also entered into cooperation agreements with prominent companies, such as Oppo, Taobao, and DingTalk, who will utilize Tongyi Qianwen to train their own AI models.
Meanwhile, Ant Group’s upcoming products powered by the Bailing LLM are anticipated to further push the boundaries of artificial intelligence. In addition, this strategic move aims to bolster Alibaba’s market share in the AI industry, solidifying its position as a global leader in AI innovation.
As the AI landscape continues to evolve rapidly, Alibaba and its affiliate Ant Group are taking assertive steps to ensure that they remain at the forefront of AI development, offering innovative solutions to both consumers and industry professionals alike.
