China’s leading e-commerce company, Alibaba Group Holding Ltd., is set to launch a US$15 billion drive to construct overseas research centers as the uber-rich firm tries to match up with the global leaders in the field of logistics, cloud technology, and e-commerce.
The ‘Damo’ academy of Alibaba would introduce eight research hubs in countries such as the United States, Israel, China, Singapore, and Russia. The company was on a stroll of hiring 100 researchers to work on AI (artificial intelligence), fintech, and quantum computing. The company issued a statement on Wednesday, October 11, 2017, disclosing this information.
The chief technology officer of Alibaba expressed his excitement over the development by saying the Alibaba DAMO academy will be in the leading light for developing next-gen technology that will augment the development of Alibaba and its partners.
The Chinese e-commerce giants and its partners have gone under a swift expansion in the last year, which matched the company into a direct rivalry with the U.S. e-commerce giant Amazon.com Inc., as well as other cloud, logistics, and global payment firms.
Since the past year, Alibaba has shelled out nearly US$2 billion to take over a large share in Lazada.com – a Singapore based retailer. This has created a network of e-commerce centers across the region of Southeast Asia in association with its payment partner Ant Financial.
The company also actively pursued a US$1.2 billion bid for Moneygram – a U.S. money transfer service – in a deal yet to be completed as it has come under intense scrutiny from the industry critics citing a thread to national security of the U.S.