Visit our new website: worldnews.easybranches.com

Alibaba launches $15 billion overseas R&D drive

  • Thu, 12 Oct 2017 12:44
(Reuters) - China’s top e-commerce firm, Alibaba Group Holding Ltd is launching a $ 15 billion drive to build overseas research hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce, logistics and cloud technology. 

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, the company said in a statement on Wednesday.

“The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and 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 U.S. e-retailer Amazon.com Inc, as well as global payments, cloud and logitics firms.

Since last year Alibaba has invested roughly $ 2 billion to 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 1.2 billion bid for U.S. money transfer service MoneyGram, in a pending deal that has come under scrutiny from critics who say it poses a national security threat.

Along with an existing data science research lab in California, Alibaba has opened new data centers 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.

Alibaba currently has 25,000 engineers on staff, it says, and says the new research infrastructure will help them meet a goal of two billion customers within two decades.

Source: Reuters; Reporting by Cate Cadell; Editing by Stephen Coates
China Technology News

Tags


Related Stories

Sukhothai man praised for building unmanned tractor
  • Sat, 14 Oct 2017 09:42

SUKHOTHAI: A 35-year-old man in this northern province is being hailed for his acumen after a video of his remote-controlled tractor ploughing a floo...

Great Firewall of China
  • Sat, 14 Oct 2017 06:09

(Bloomberg) So much for the lofty goals of the internet, breaking down information barriers and fomenting the free flow of ideas across the globe. C...

LEGOLAND Malaysia Launches VR Roller Coaster Ride
  • Sat, 14 Oct 2017 04:46

LEGOLAND® Malaysia Resort will be the world’s first LEGOLAND park to launch the LEGO virtual reality roller coaster in November 2017. The ride will...

Fandango is acquiring rival online ticketer MovieTickets.com
  • Sat, 14 Oct 2017 03:41

 A consolidation in the advance movie ticketing space is happening today, with Fandango’s announcement that it’s acquiring rival Movi...

IRS puts Equifax contract on hold during security review
  • Sat, 14 Oct 2017 02:51

NEW YORK (Reuters) - The U.S. Internal Revenue Service has temporarily suspended a contract worth more than $ 7 million it recently awarded to Equifa...

Google Assistant can finally control Chromecast from your phone
  • Sat, 14 Oct 2017 01:50

Google's Assistant app is capable of lots of things, but before today, controlling a cast session by voice wasn't really possible. Android P...

Statue of Liberty
  • Sat, 14 Oct 2017 00:43

The copper lady dressed in robes that stands at the entrance to New York harbor is one of the largest statues ever built. Her full name is Liberty Enl...

Coinbase unlocks instant cryptocurrency purchases
  • Fri, 13 Oct 2017 23:42

Want your bitcoin purchases in a hurry? That's doable now that Coinbase has opened up instant purchases for cryptocurrency. Whether you're a...

Social commerce startup Meesho gets $3.4M Series A to build a reseller network in India
  • Fri, 13 Oct 2017 22:43

 While most of the attention paid to India’s e-commerce boom focuses on big players like Flipkart, there’s another fast-growing secto...

Nevada State Bank Hosting Food Drive to Benefit Las Vegas Rescue Mission; Non-Perishable Items Collected Through Nov. 17
  • Fri, 13 Oct 2017 22:39

Nevada State Bank is hosting a food drive to benefit the Las Vegas Rescue Mission beginning Monday, Oct. 16, until Friday, Nov. 17. Non-perishable foo...

Uber embarks on legal battle to retain London license
  • Fri, 13 Oct 2017 21:56

LONDON (Reuters) - Uber [UBER.UL] lodged a court appeal on Friday to overturn a decision by London's transport regulator that stripped the taxi app of...

Carrie Lam changes plan for HK$10 billion waterfront authority
  • Fri, 13 Oct 2017 20:47

Hong Kong’s leader revealed a change of position on developing the city’s waterfront, now departing from a highly anticipated plan for a H...


News Categories
Latest Stories