Ant Group’s 2023 sustainability report revealed that the company invested a record-breaking RMB 21.2 billion ($2.9 billion) in research and development last year, representing an impressive 12.7% increase from the previous year and a 3.6% rise compared to 2021. The company attributed much of this spending towards advancing artificial intelligence technology, which was exemplified by the launch of their Bailing AI foundation model to the public in November.
Furthermore, Ant Group announced that it had served more than 87 million small business enterprises through its digital payment services by the end of 2023. In order to expand its global reach, the fintech giant collaborated with 25 e-payment platforms to enhance cross-border payments, reaching over 1.5 billion accounts both domestically and internationally. This strategic move is part of Ant Group’s ongoing efforts to strengthen its position in overseas markets while solidifying its role as a leader in the digital payments sector.