Ant Group's US$2.9 billion tech investment helps fintech giant reach ESG goals

Ant Group invested 21.2 billion yuan (US$2.9 billion) in technology last year, including artificial intelligence (AI), to drive innovation for consumers, small and micro enterprises and partners, according to the company's latest sustainability report released on Thursday.

The fintech affiliate of Alibaba Group Holding, which owns the Post, has been increasing its research and development (R&D) outlay by 12.7 per cent annually since 2021, according to the report.

More than 87 million small and micro-sized enterprises use Ant's technology, which has helped with their digitalisation, the company said.

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"We are constantly reflecting on how to stay true to our original aspirations in this era of rapid change, continuously bringing about more small yet beautiful changes to the world," said Eric Jing, chairman and CEO of Ant Group.

Alipay is one of the largest mobile payment app in China. Photo: Shutterstock alt=Alipay is one of the largest mobile payment app in China. Photo: Shutterstock>

"Since our journey started from Alipay's inception in 2004, technology-driven innovation has always been the fundamental force propelling our growth. It will play an even greater role in shaping our future."

The Chinese fintech giant's AI model "Bailing", which was approved by the Chinese government last year, has been used to serve customers across a range of areas, from healthcare to financial services.

Ant's AI healthcare services, which were introduced in April, have served more than 92 hospitals in eastern Zhenjiang province, according to the province's health regulator. The "AI life assistant", which includes travel and government services, is still being tested on Alipay's homepage, one of China's largest digital payment platforms owned by the company.

To expand its overseas operations, the fintech company has partnered with more than 25 e-payment platforms and banking apps to facilitate cross-border payments in Southeast Asia and Europe.

Ant also said it has achieved carbon neutrality across its operations for the third consecutive year, reducing its direct and indirect emissions emissions and electricity consumption by more than 43 per cent, according to the report.

Ant Forest, the company's tree-planting initiative, which won the United Nations Earth Award in 2021, planted more than 475 million trees around the world with the help of Alipay's 690 million users over the past five years, the report said.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

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