In a bold step into the realm of artificial intelligence, Ant Group, the fintech firm supported by Chinese e-commerce giant Alibaba, has announced the launch of its new mobile app, Zhixiaobao. Unveiled at a Shanghai event on Thursday, Zhixiaobao is designed to serve as a comprehensive "life assistant," offering users a suite of services including meal ordering, taxi hailing, ticket booking, and discovering local dining and entertainment options.
The introduction of Zhixiaobao comes as global tech giants like Google, Meta, and Microsoft intensify their investments in AI technologies, with many companies emphasizing the integration of chatbots to enhance user experiences. Ant Group’s foray into AI is part of a broader trend towards leveraging advanced technology to provide seamless and efficient services.
"Alipay is committed to harnessing AI's potential to improve the user experience," said Cyril Han, president of Ant Group, in a press release. "Our goal is to ensure that AI assistants like Zhixiaobao become valuable tools in everyday life for everyone."
The launch of Zhixiaobao is particularly notable given Ant Group's recent history. Since its initial public offering (IPO) was halted by Chinese authorities in 2020, the company has been navigating a complex regulatory environment, resulting in significant changes to its business model. The firm faced a 7.1 billion yuan (approximately US$984 million) fine last year for "illegal" practices, shortly after its founder Jack Ma relinquished control.
In the first quarter of this year, Ant Group's profits fell by 10 percent, and its valuation has plummeted by more than 70 percent since the failed IPO, according to Bloomberg News. Despite these setbacks, the company has continued to innovate and adapt.
Zhixiaobao is built on Ant Group's BaiLing foundation model, a large language model developed by the company. This AI-native application is part of a broader strategy to integrate advanced AI technologies into various aspects of Ant Group's offerings. The Chinese government approved the use of BaiLing in commercial products last year, paving the way for this latest innovation.
At the Shanghai event, Ant Group also unveiled new AI-powered products targeting merchants, healthcare service users, and insurance companies, further expanding its AI-driven portfolio.
With Zhixiaobao, Ant Group aims to strengthen its position in the competitive fintech landscape and demonstrate its ability to overcome regulatory hurdles while delivering cutting-edge technology solutions.
