A day after Chinese tech giant Tencent announced that it is opening its large language model (LLM) for enterprises, Jack Ma founded Ant Group unveiled an artificial intelligence (AI) model. This is a finance-specific LLM and the company has started testing consumer and professional apps for the product.
Why is this LLM notable?
The foray by Ant into financial AI is notable because it is China’s biggest fintech firm, with more than 1 billion users worldwide for its Alipay payment app.
Ant said its new model had begun closed tests of the two apps on the company’s wealth management and insurance platforms, according to a report by news agency Reuters.
The Zhixiaobao 2.0 app is designed to give consumers financial tips and, according to Ant, it can match the average financial professional in market analysis and reasoning capability. The company also announced that this app will be after it receives regulatory approval.
It is to be noted that unlike other countries, China companies are required to submit the security assessments to receive clearance before releasing AI products to the public.
Meanwhile, the Zhixiaozhu 1.0 app can conduct investment analysis and information extraction for financial professionals, the company highlighted.
Other AI LLMs
The development comes after several tech giants in China announced their respective models. The companies include Tencent, Xiaomi, Ant’s affiliate Alibaba, Recently, Baidu Inc and SenseTime Group, among others.
“By July, there are more than 130 large language models in China. A war of a hundred models has begun,” news agency Reuters quoted Jiang Jie, Tencent’s vice president, as saying.
Meanwhile, US companies such as Google, Meta and OpenAI, among others have already released their LLMs for customers.
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