Adrian JohnsonTLDR:
– Chinese fintech giant Ant Group has established a new artificial intelligence (AI) unit called NextEvo, led by former Google engineer Xu Peng.
– Ant Group’s NextEvo will focus on driving and coordinating the company’s core AI efforts, including language models, AI algorithms, natural language processing, and AI-generated content operations.
Ant Group, the Chinese fintech giant affiliated with Alibaba Group Holding, has created a new AI unit called NextEvo, led by former Google engineer Xu Peng. The unit will spearhead Ant Group’s core AI initiatives, overseeing language models, AI algorithms, natural language processing, and AI-generated content operations. Ant’s increased focus on AI aligns with the broader trend of major Chinese tech companies investing in large language models to drive growth and innovation. NextEvo’s establishment comes as Beijing relaxes some restrictions on Ant’s businesses following a series of restructuring efforts prompted by the cancellation of its dual listing in Shanghai and Hong Kong in 2020. Ant has applied for a permit to expand its credit business, and while regulatory requirements have constrained its growth, the company’s recent restructuring has brought it closer to resuming its listing. Xu, the head of NextEvo, joined Ant in 2016 and has a background in AI research and development, having previously worked at Google on machine translation and advertising algorithms. NextEvo’s mission is to leverage AI to create innovative products and drive value in various industry sectors.