Fintech
Ant Group’s $2.9 billion technology investment helps the fintech giant achieve ESG goals
Ant Group invested 21.2 billion yuan ($2.9 billion) in technology, including artificial intelligence (AI), last year to drive innovation for consumers, small and micro businesses and partners, according to the company’s latest sustainability report released Thursday.
The fintech affiliate of Alibaba Group Holding, which owns the Post, has increased its research and development (R&D) expenses by 12.7% every year since 2021, according to the report.
More than 87 million small and micro businesses use Ant’s technology, which has contributed to their digitalisation, the company said.
“We constantly reflect on how to stay true to our original aspirations in this era of rapid change, continuously making small but wonderful changes to the world,” said Eric Jing, president and CEO of Ant Group.
Alipay is one of the largest mobile payment apps in China. Photo: Shutterstock
“Since our journey began with the birth of Alipay in 2004, technology-driven innovation has always been the fundamental force driving our growth. It will play an even more important role in shaping our future.”
The Chinese fintech giant’s “Bailing” AI model, approved by the Chinese government last year, has been used to serve customers across a range of industries, from healthcare to financial services.
Ant’s AI-powered healthcare services, introduced in April, have served more than 92 hospitals in the eastern province of Zhenjiang, according to the province’s health authority. The “AI life assistant”, which includes travel and government services, is still being tested on the homepage of Alipay, one of China’s largest digital payment platforms owned by the company.
To expand its operations overseas, the fintech company has partnered with more than 25 electronic payment platforms and banking apps to facilitate cross-border payments in Southeast Asia and Europe.
Ant also said it achieved carbon neutrality across its operations for the third consecutive year, reducing direct and indirect emissions and electricity consumption by more than 43%, according to the report.
Ant Forest, the company’s tree planting initiative, which won the United Nations Earth Award in 2021, has planted more than 475 million trees worldwide with the help of Alipay’s 690 million users over the past five years, the report says.