Chinese company Ant Group launches AI-powered ‘life assistant’

A fintech company backed by Chinese e-commerce giant Alibaba has attempted to enter the AI-powered products market by announcing the creation of a “life assistant” mobile app.

Ant Group said its Zhixiaobao app can help users “order meals, hail taxis, book tickets, and discover local restaurants and entertainment venues,” as well as access services on digital payment app Alipay.

It was unveiled in Shanghai on Thursday, as tech giants such as Google, Meta and Microsoft ramp up investment in the artificial intelligence market and many companies boast tighter integration of chatbots.

“Alipay is committed to harnessing the power of AI to enhance user experiences, ensuring that AI assistants like Zhixiaobao become valuable tools in everyone’s daily lives,” Ant Group CEO Cyril Han said in a press release.

Since Ant’s initial public offering was canceled by Chinese authorities in 2020, the company has been forced to overhaul its business model to satisfy financial regulators.

Last year, the company was fined 7.1 billion yuan ($984 million) for “illegal” activities, months after its founder and billionaire Jack Ma relinquished control of the company.

The Hangzhou-based company’s profits fell 10 percent in the January-March quarter, Bloomberg News reported, adding that Ant’s valuation has fallen by more than 70 percent since the IPO was canceled.

Ant on Thursday described its new product as a “native AI-powered app based on Ant Group’s BaiLing model,” referring to the company’s extensive language model.

Last year, the Chinese government gave Ant the green light to offer products using BaiLing.

At the Shanghai event, the company also announced the launch of AI-powered products for retailers, healthcare users and insurance companies.

© 2024 AFP