One of the biggest conglomerates in the world and in China, Alibaba, is looking to build its very first research center outside mainland China. The conglomerate is looking to partner with Singapore and a local university to create AI applications.
According to reports, Alibaba is looking to spend a total of 5 years of development and research with the Nanyang Technological University of the NTU. The Singaporean University is tasked to work hand-in-hand with Alibaba with millions of investment being pumped every year.
Specifically, the partnership is looking to focus on creating an Artificial Intelligent system for the company and the setup would include several tests being conducted on the campus. Alibaba mentioned that they are looking to start with 50 initial researchers.
Alibaba, Singapore Partnership
The tech company is also looking to push the research and testing outside Singapore. They announced that an integration of their development into South East Asian countries is expected in the future.
They also mentioned that the AI tech that they are going to produce revolves around elderly care and urban transport. Alibaba is also looking to enter the AI market through their new Singapore Research Center.
Alibaba mentioned that Singapore has been one of the most valuable countries it has in terms of great market performance and overall technological advancement. According to the company, Singapore houses great scholars, facilities, and a great government that will help them achieve their goal.
The company’s Chief Technology Officer Jeff Zhang noted that the joint project is expected to last a total of 5 years and the brick and mortar facility is looking to find its home at Nanyang Technological University.
Furthermore, a spokesman from Alibaba waived any kind of interviews or reports regarding the breakdown of their investment. The company didn’t give the detailed investment plans and cost but assured investors that the research center is under the development funds they announced last year.
Alibaba To Invest in Zomato
On the other hand, the conglomerate is also looking to take a huge investment deal in India. Alibaba sets its eye on the food search and delivery company Zomato. The Indian company is currently operating in over 24 countries specializing in food deliveries and great food researchers.
According to reports, the company is looking to shell out a total of $150 million dollars in Zomato. They currently value the company at a whopping $1 billion. Alibaba’s Ant Financial is also looking to take a piece of Zomato, with a planned 50 million worth of shares acquired in the secondary purchases.
BWorldFinance is your primary source of news in the financial market, technology, and more. Visit bworldfinance.com now and get the latest happenings on the market. Register an account now and begin your investing journey!