Chinese FinTech giant Ant Group has revealed it increased its research and development (R&D) investment to 23.45 billion yuan ($3.26 billion) in 2024 alone.
In its sustainability report, published on Monday, the company disclosed the investment figure, explaining that the capital will be spent on promoting continuous digital innovation with a focus on AI for consumers, SMEs and partners.
The firm said it has increased its R&D investment for four consecutive years from 2021, reaching a record 10.7 per cent year-on-year in 2024.
In the report, Ant Group said that its investments in AI focus on “advancing digital transformation at scale”, citing the company’s own data showing that since 2021, 130 million users have accessed the company’s AI services, connecting them with healthcare, financial and everyday service providers.
According to the company, 43 per cent of users come from lower tier cities.
In addition, the company stated that over 24,000 companies have adopted Ant’s business solutions, including AI, blockchain, distributed databases, to improve operational efficiency and that over 2,000 open-source repositories have been released to support developers.
Eric Jing, chairman of Ant Group and Cyril Han, chief executive at the firm, said that 2024 marked the 20th anniversary of Ant Group and Alipay, Ant Group’s digital wallet.
“Over the past two decades, we have remained committed to leveraging innovation to make quality services more accessible for small entrepreneurs and ordinary consumers, so that the business and the life they treasure may flourish because of the work we do,” they said.
In the report, they emphasised how the firm seeks to leverage technology to boost digital inclusion.
“At the dawn of the age of AI, we are empowered to do more and better for small businesses and individuals,” they added.
Earlier this month, Alipay announced a new payment capability that allows users to complete transactions using augmented reality (AR) glasses, aiming to enhance the speed and intuitiveness of digital payments.
The technology enables users to scan a merchant’s Alipay QR code through AR glasses and confirm the transaction via voice verification.
The company saimethod significantly reduces the time typically required for QR code payments via smartphone, which can take 20 to 30 seconds.
