At Alibaba Cloud, the emphasis was on how artificial intelligence (AI)-powered cloud infrastructure is transforming various sectors in China, particularly financial services and e-commerce. Tongyi Qianwen, Alibaba’s large language model (LLM), was showcased as a tool for improving natural language processing and enhancing operational efficiency in sectors requiring large-scale data processing.

The discussion also highlighted AI-driven fraud detection systems and app testing platforms, which help secure financial transactions and ensure application robustness across various sectors. Another critical point was Alibaba’s super app development platform and the role of mini programs to embed finance in customer-centric ecosystems.

The visit to Ant Group Research Institute focused on the company’s evolution from Alipay to Ant Financial and into a comprehensive financial services technology platform, with a significant emphasis on how AI is being used to support financial inclusion in China. Delegates learned how Ant Group has grown to integrate services like digital lending, wealth management, and insurance for consumers as well as how it is addressing financial accessibility for small and medium-sized enterprises (SMEs).

Particular attention was given to Ant Group’s AI-powered financing tools, such as Tomtit, Lark, and Goose, which provide SMEs with credit and cash flow management solutions. These tools are specifically designed to meet the needs of smaller businesses, which often face challenges accessing traditional financial services. Ant’s global expansion through Alipay+ and ANTOM (Ant to Merchants) was also highlighted, as it connects local payment methods to global merchants, enabling seamless cross-border transactions. These innovations emphasise how Ant Group is shaping the future of digital commerce both within China and abroad.

At Peking University’s Institute of Digital Finance, the session was focused on development and regulation of fintech companies, big-tech platforms and digital banks in China’s financial landscape. The institute plays a crucial role in researching and informing the policy-making and regulatory environment that supports the growth of fintech companies like Ant Group and Tencent, ensuring these platforms can innovate while maintaining financial stability.

Delegates were briefed on how China's regulatory frameworks have facilitated the rapid growth of fintech while balancing innovation with risk management. The discussion highlighted how regulations have enabled digital financial platforms to scale and thrive, offering critical insights into the policy development process that helps manage the risks associated with rapid digitalisation of financial services. This focus on regulatory policy and the impact of emerging technologies like AI and blockchains provides a balanced perspective on how China’s fintech ecosystem has developed within a structured, yet adaptable framework.

The final stop at China Construction Bank (CCB) shifted the focus to digital transformation, green finance and the internationalisation of the renminbi (RMB) and its use in offshore and cross-border transactions. Delegates were introduced to CCB’s RMB Internationalisation Report, produced in partnership with The Asian Banker, which provides insights into how companies, enterprises and financial institutions in China and overseas are adopting the RMB for transactions.

CCB’s development and achievements in technology modernisation, digital transformation, and green and sustainable finance were also highlighted. The bank’s extensive work in RMB internationalisation, including the expansion of channels, products and services, and initiatives such as the eCNY (digital yuan) project, was discussed as part of its strategy to promote the use of the currency for cross-border payments, trade settlement, financing, investment as well as a reserve currency.

The first day of the study tour highlighted the intersection of technology, finance and regulation within China’s rapidly evolving financial services industry. The sessions at Alibaba Cloud, Ant Group, Peking University, and CCB offered a comprehensive look at how these institutions are driving and shaping innovation in areas like AI and fintech platforms, including regulation. While AI was a key theme at Alibaba Cloud and Ant Group, the discussions at Peking University and CCB emphasised the role of platform scalability and regulation, as well as RMB internationalisation, respectively, offering a balanced and detailed view of how China is reshaping its financial landscape.