The Chinese firm Ant Group Co presented an artificial intelligence tool, which is intended for use in the areas of money management and insurance services.

Having released a new development, this fintech company, which receives support from Jack Ma, the founder of Alibaba Group, has joined the race for next-generation AI. This firm will use its so-called financial large language model in the functional space of two apps, including Zhixiaobao, which answers customer questions, and Zhixiaozhu, a digital assistant for finance experts. The company announced this at the Inclusion conference, which was held on the Bund in Shanghai.

Chinese firms, including Tencent Holdings and Baidu, are now beginning to gradually enter the competition for the creation of an analog ChatGPT, the world’s most popular AI-based chatbot developed by specialists of the American startup OpenAI. Beijing has officially approved the public introduction of the first batch of generative artificial intelligence services. This decision has become a kind of historical event that activates the process of development of the Chinese digital intelligence industry and allows local developers to present products based on advanced technology to a wide consumer audience.

Tencent data shows that in July in China, more than 130 companies implemented large language models that support the original ChatGPT app.

Ant also intends to use its large language model within application scenarios that go beyond the functional space of the two mentioned apps. The company plans to use the AI configuration to analyze the processes taking place in the market, train investors, verify claims, and explain the products offered by the insurance companies. This artificial intelligence system was trained on the basis of hundreds of billions of data sets of tokens, which included, among other things, financial documents, and arrays of text materials.

Ant also made its AI-based coding platform called CodeFuse available to developers. The company’s efforts in the field of artificial intelligence do not end there. The firm has been conducting closed testing of Zhixiaobao 2.0 for about six months, which it intends to launch for public use immediately after receiving approval from regulators. The Zhixiaozhu app is undergoing further testing.

Ant, having entered the race for a new generation of artificial intelligence, continues to be a fintech firm and boasts more than 1 billion users of the Alipay payment app worldwide.

Competition in the area of AI extends not only to the space of technology improvement, in which the winner will be the one who has made the most progress but also to projects of companies related to the introduction of digital intelligence in other industries. For example, Ant, Tencent, Xiaomi, and Alibaba are currently striving to take a dominant position as a distributor of artificial intelligence-based tools in the financial environment.

In China, as the number of developments by local firms increases and regulatory regulations gradually weaken, the movement towards a new era of financial analytical solutions and productivity tools is gradually beginning.

As we have reported earlier, Anthropic Introduces Paid Plan for Its AI Assistant.