The report indicates that Ant Group is heavily investing in technological advancements, particularly in the field of artificial intelligence. This move aligns with the company's strategic focus on innovation and its commitment to delivering cutting-edge fintech solutions. The record investment also underscores the company's financial strength and its ability to fund extensive research and development initiatives.
Key takeaways:
- Ant Group Co. spent a record 21.2 billion yuan ($2.9 billion) on research in the last year.
- The fintech giant increased its investment in technology including artificial intelligence.
- The affiliate of Alibaba Group Holding Ltd. has been boosting its research and development investment over the past three years.
- This information was disclosed in its 2023 sustainability report released on Thursday.