Ant Group, the fintech firm backed by Chinese e-commerce giant Alibaba, has taken a significant step into the world of artificial intelligence by unveiling a new mobile app designed to serve as a “life assistant.”
The app, called Zhixiaobao, was introduced at an event in Shanghai on Thursday, marking Ant Group’s latest move to diversify its offerings in an increasingly competitive tech landscape.
Zhixiaobao is designed to make everyday tasks easier for users, integrating a variety of services into one platform. According to Ant Group, the app can help users with tasks such as ordering meals, hailing taxis, booking tickets, and discovering local dining and entertainment options. Additionally, it offers access to services within Alipay, Ant Group’s widely used digital payment platform.
Cyril Han, President of Ant Group, in a news release said, “Alipay is committed to harnessing AI’s potential to improve the user experience, ensuring that AI assistants like Zhixiaobao become valuable tools in everyday life for all.”
The introduction of Zhixiaobao comes at a time when global tech giants like Google, Meta, and Microsoft are heavily investing in artificial intelligence, particularly in the integration of chatbots and other AI-driven services.
Ant Group described Zhixiaobao as an “AI-native application” that BaiLing foundation model develops and powers. The Chinese government granted approval last year for Ant to offer products using the BaiLing model, paving the way for this new app and other AI-powered innovations.
At the same event in Shanghai, Ant Group also announced additional AI-driven products targeting merchants, healthcare service users, and insurance companies. These offerings demonstrate the company’s broader strategy to expand its influence in various sectors through advanced technology.
Ant Group’s move into AI comes at a challenging time for the company. Since the Chinese authorities halted Ant’s highly anticipated initial public offering (IPO) in 2020, the company has had to undergo a significant overhaul to align with stricter financial regulations.
Last year, Ant was fined 7.1 billion yuan (approximately US$984 million) for “illegal” activities, and its billionaire founder Jack Ma stepped down from control of the company, reflecting the intense regulatory scrutiny it has faced.
These regulatory challenges have taken a toll on the company’s financial performance. Bloomberg News reported that Ant’s profits dropped by 10 percent in the first quarter of this year. Furthermore, the company’s valuation has plummeted by more than 70 percent since the halted IPO, highlighting the tough road Ant Group has been navigating.
Despite these setbacks, Ant Group continues to push forward with innovation, particularly in the AI space. The launch of Zhixiaobao and other AI products indicates that the company is striving to rebuild and reposition itself in a rapidly evolving tech industry.
As the competition in AI intensifies globally, Ant Group’s foray into AI-powered life assistants and other services could be a key factor in its future growth. By integrating AI into everyday tasks, Ant aims to create tools that not only simplify life for users but also solidify its presence in the tech world, even as it adapts to new regulatory realities.