Alibaba launches $15 billion overseas R&D drive
Alibaba
Alibaba: The?Alibaba?'Damo' academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech.
China's top e-commerce firm,AlibabaGroup Holding Ltd, is launching a $15billiondriveto buildoverseasresearch hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce, logistics and cloud technology.
TheAlibaba'Damo' academy would launch eight research bases in China, Israel, the United States, Russia and Singapore and was hiring 100 researchers to work on artificial intelligence (AI), quantum computing and fintech, the company said in a statement on Wednesday.
"TheAlibabaDAMO Academy will be at the forefront of developing next-generation technology that will spur the growth ofAlibabaand our partners", Chief Technology Officer Jeff Zhang said.
The Chinese giant and its affiliates have undergone a rapid expansion in the past year, bringing it into direct competition with USe-retailer Amazon.com Inc, as well as global payments, cloud and logistics firms.
Since last yearAlibabahas invested roughly $2billionto acquire a majority stake in Singapore-based retailer Lazada.com, creating a network of e-commerce hubs across Southeast Asia in partnership with payment affiliate Ant Financial.
It has also pursued a 1.2billionbid for USmoney transfer service MoneyGram, in a pending deal that has come under scrutiny from critics who say it poses a national security threat.
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Along with an existing data science research lab in California,Alibabahas opened new data centres in Europe, the United States, the Middle East, Australia, Japan, India and Indonesia since 2016, in a bid to boost its cloud business.
The investment also comes as Beijing prioritises state funding in quantum computing, AI and big data, urging provincial governments, universities, the military and private firms to play a bigger role in developing advanced technology in areas where China trails developed countries.
Alibabacurrently has 25,000 engineers on staff, it says, and says the new research infrastructure will help them meet a goal of twobillioncustomers within two decades.