Ant Group inks strategic partnership with Shanghai to help the city’s AI ambitions
- The partnership signing ceremony was attended by Shanghai Mayor Gong Zheng and Eric Jing Xiandong, chairman and chief executive at Ant
- Alipay, the group’s mobile payment service operator, has established its global headquarters in Shanghai and will increase its R&D investment there
Ant Group and the Shanghai municipal government have struck a partnership that would see the two parties deepen their collaboration in fields such as blockchain and artificial intelligence (AI).
Under the partnership, Ant Group, the fintech affiliate of Alibaba Group Holding, will “actively participate in building [an] artificial intelligence industry ecosystem and blockchain innovation platform in Shanghai”, according to a statement published on Wednesday. Alibaba owns the South China Morning Post.
The partnership signing ceremony was attended by Shanghai Mayor Gong Zheng and Eric Jing Xiandong, chairman and chief executive at Ant.
The deal is the latest example of a Big Tech firm in China supporting the state’s technology priorities. Ant Group, which called off a mega initial public offering in Shanghai and Hong Kong in late 2020, has undergone a reorganisation and ownership change to satisfy regulatory demands.
Jing lauded Shanghai for being an open, creative city that provides companies with a “broad stage and space for development”.
