Chinese fintech giant Ant Group has announced a record investment of 23.45 billion yuan (approximately USD 3.26 billion) in research and development (R&D) for the year 2024, according to a report by Reuters.
The figures were disclosed in the company’s 2024 Sustainability Report, published on Monday.
Ant Group has been steadily increasing its R&D spending for four consecutive years since 2021. The company's sustained investment is primarily focused on technological innovation, enhancing financial services, and advancing artificial intelligence and security technologies.
The firm stated that it anticipates the investment will “play a vital role in making its services more effective and secure, while further solidifying its position in the global technology race.”
