China Mobile speeds up AI integration in financial firms

People visit the China Mobile pavilion at the 2024 edition of the Mobile World Congress in Barcelona, Spain, February 26, 2024. (Photo: Xinhua)

China Mobile, one of China's three major telecom operators, vows to accelerate the deep integration of artificial intelligence (AI) into all production and operational processes of the financial industry to help reduce operating costs, increase efficiency, and boost core competitiveness, the company said in a statement sent to the Global Times.

The remarks were made ahead of the three-day Annual Conference Financial Street Forum 2024 to be held in Beijing from Friday to Sunday, where representatives from various industries will discuss achievements and plans in the financial field, with a focus on how technology can drive high-quality development of the domestic finance industry.

During this forum, China Mobile and the Beijing Liyan Institute of Finance and Development will co-host a parallel forum titled "AI+Finance Enables a New Chapter in Digital Finance," where innovative achievements will be unveiled.

China Mobile will promote "AI+" as a key strategic initiative, focusing on innovation and application to drive the development of new quality productive forces.

The company is collaborating with financial regulators and institutions to engage in multi-dimensional and multi-level cooperation, jointly implementing corresponding national strategies and accelerating the development of digital finance.

The company focuses on building a new type of information infrastructure centered on 5G, computing networks, and capability platforms, providing the financial industry with high-speed, mobile, and secure "connectivity services." By doing so, it aims to establish an information superhighway and solidify the foundation for digital finance, according to the statement.

China Mobile is also committed to promoting the adoption of widespread intelligent applications. Specifically, it will collaborate with financial institutions to boost the aggregation and integration of multidimensional data, high-performance computing power, and advanced algorithms, in a bid to accelerate the deep integration of AI into the entire production and operational processes of the financial industry.

This will help reduce operating costs, improve work efficiency, and collectively enhance core competitiveness, according to the statement.

In empowering the financial industry with AI, China Mobile has achieved notable results. For instance, the company has formed partnerships with local governments and financial institutions in Southwest China's Yunnan Province to build a digital industry chain platform for livestock farms, leveraging AI as the technical foundation. This platform efficiently facilitates credit assessment and asset management, enabling a closed-loop circulation of funds.

This initiative helps reduce credit costs and regulatory risks for financial institutions, enabling them to quickly issue loans and ensure precise fund allocation.

In addition, China Mobile has launched the Jiutian 100 billion-parameter multi-modal large model, and it was the first state-owned enterprise(SOE) to have obtained "double filings" from the Chinese government.

The Jiutian foundational large model is the first SOE-developed model to have obtained "double filings" from the Chinese government for the provision of generative AI services and domestic deep synthesis service algorithms.

The company has collaborated with financial institutions to develop AI core capabilities across various specialized areas, including customer service, risk control, investment research, business operations, office management, and marketing.

The potential for AI to empower the financial industry is huge. According to a research report by China International Capital Co, the market demand for China's AI industry is expected to reach 5.6 trillion yuan ($790 billion) by 2030, with total investment in the sector exceeding 10 trillion yuan between 2024 and 2030, presenting significant business opportunities for financial institutions, according to media reports.