Alibaba Cloud tops Chinese market for financial AI models

Alibaba Cloud, the cloud computing services subsidiary of Alibaba (9988), has topped the Chinese market for financial artificial intelligence models with a 33 percent market share, according Frost & Sullivan.

The size of the financial AI model market in mainland China rose nearly 1.4 times to 3.82 billion yuan (HK$4.09 billion) in 2024 from 1.59 billion yuan the previous year, according to the China financial AI model market tracking report H1 2024.

Its growth is mainly driven by demand from banks, insurance companies and brokerages, the report said.

The report also noted that Alibaba Cloud leads in two key submarkets within the financial AI model sector.

The company's market share is nearly five times that of the second-largest player in the Model-as-a-Service submarket, and around four times that of the runner-up for standardized products.

STAFF REPORTER