Three years after the halt of Ant Group's IPO, capital market valuations for the company began to diverge. However, following financial regulations and penalties, Ant Group is gearing up for a fresh start.
Especially in the wake of the AI surge led by Chat GPT, Ant Group's tech-focused Chairman, Eric Jing, believes that the company is on the brink of new growth opportunities.
On September 7, at the 2023 INCLUSION·Bund Conference, Jing, discussing AI models, mentioned that we are entering a new era, echoing sentiments expressed by Dr. Ni Yili, Chairman of McKinsey China.
Looking back at the previous internet wave, from PCs to smartphones, the increase in online time greatly enhanced connections between people, objects, and products. Services like location-based services and the move towards a cashless society profoundly changed our lives, leaving a lasting impact on the socio-economic landscape.
Jing sees the current AI wave as akin to the "iPhone moment" in the mobile industry, predicting it will reshape many business operational models.
"Like a stone in water, AI is already affecting traditional customer operations, marketing, and sales," he said, suggesting that this might just be the first ripple, with far-reaching implications to follow.
Jing emphasized that Ant Group considers technology as its core competitive strength, its most vital productivity, and the fundamental driving force of its development. From foundational models to industry-specific ones, Ant Group opts for in-house development and a full-stack approach. He also hinted at the release of their own large model on September 8.
Previous reports suggest that Ant Group is developing its language and multimodal models, internally named "Zhenyi." Jing has stated that these large models, representing a new wave of AI technological revolution, bring new possibilities for Ant Group. He believes that the advancement of AI technology will further promote the development of inclusive finance.
Beyond "Zhenyi," Ant Group is also actively exploring blockchain and cloud computing technologies to enhance the efficiency and security of financial services.
Regarding the opportunities AI will bring to digital finance, Jing pointed out the immense value of the digital yuan. Its value to the industrial internet is comparable to mobile payments for the consumer internet.
"The most significant feature of the digital yuan is its programmability. In the yuan's clearing segment, it can bridge both payment and business blockchains, ensuring one party's compliance leads to the other's automatic delivery," Jing noted, foreseeing vast synergistic effects and opportunities within the entire ecosystem.
Additionally, Jing mentioned that with the advancement of digital technology, SMEs are becoming major players in global trade. Cross-border e-commerce and Chinese exporters looking to sell overseas face challenges in foreign exchange management and fund settlement. In recent years, Ant Group introduced "Wanlihui," assisting small and micro enterprises to receive multi-currency payments on various global platforms using a single account.
In Jing's view, the transformation of digital finance, international trade, and business models under the AI revolution could all present new valuation opportunities for Ant Group.
