Ant Group Reports Record R&D Spending and AI Service Expansion in 2024
Ant Group announced in its annual sustainability report that its research and development expenditure reached a record high of RMB 23.45 billion ($3.2 billion) in 2024. This marks the third consecutive year that R&D spending has exceeded 10% of the company's total revenue. The fintech giant highlighted significant growth in its artificial intelligence sector, with three AI-driven services covering health, finance, and daily life now serving over 130 million users, 43% of whom reside in smaller cities. Additionally, Alipay’s "Tap and Pay" feature has expanded to more than 300 scenarios, supporting over 100 million users and millions of merchants since its launch last year. The company’s cross-border payment platform, Alipay+, currently connects over 1.7 billion consumer accounts and 100 million merchants globally. Beyond technological advancements, Ant Group reported RMB 8.9 billion in charitable spending focused on supporting women in underdeveloped regions. The company also expanded its workforce by adding over 6,000 employees and established new R&D centers in Changsha, Zhengzhou, and Chongqing, signaling continued investment in infrastructure and talent acquisition.
Wire timeline
Ant Group Reports Record R&D Spending and AI Service Expansion in 2024
Ant Group announced in its annual sustainability report that its research and development expenditure reached a record high of RMB 23.45 billion ($3.2 billion) in 2024. This marks the third consecutive year that R&D spending has exceeded 10% of the company's total revenue. The fintech giant highlighted significant growth in its artificial intelligence sector, with three AI-driven services covering health, finance, and daily life now serving over 130 million users, 43% of whom reside in smaller cities. Additionally, Alipay’s "Tap and Pay" feature has expanded to more than 300 scenarios, supporting over 100 million users and millions of merchants since its launch last year. The company’s cross-border payment platform, Alipay+, currently connects over 1.7 billion consumer accounts and 100 million merchants globally. Beyond technological advancements, Ant Group reported RMB 8.9 billion in charitable spending focused on supporting women in underdeveloped regions. The company also expanded its workforce by adding over 6,000 employees and established new R&D centers in Changsha, Zhengzhou, and Chongqing, signaling continued investment in infrastructure and talent acquisition.
TechNode