As per the Chinese corporate spokeswoman, Ant Group has acquired Chinese government clearance to deliver goods powered by its "Bailing" artificial intelligence (AI) broad language model to the public. China, unlike other countries, mandates enterprises to submit security evaluations and obtain authorization before releasing AI products to the public.

 

The financial affiliate of e-commerce giant Alibaba Group in September unveiled a finance-specific AI model and started testing consumer and professional apps for the products, as per moneycontrol. 

 

Ant Group, originally Ant Financial, is a subsidiary of the Chinese giant Alibaba Group. The company controls Alipay, the world's largest mobile (digital) payment platform, which has over 1.3 billion users and 80 million merchants, with total payment volume expected to reach CN118 trillion by June 2020. It is the world's second largest financial services firm, trailing only Visa. As per reports claimed in March 2019 that Ant's flagship Tianhong Yu'e Bao money-market fund was the world's largest, with over 588 million users, or more than one-third of China's population, donating funds to it.

 

Ant Group was planned to raise $34.5 billion in the world's largest IPO at the time, valuing the business at $313 billion, in October 2020.On the eve of the IPO, China put a halt to the proceedings. According to reports, Chinese Communist Party leader Xi Jinping personally halted the Ant IPO.