Alibaba invests US$15B in overseas research hubs for AI, fintech

Alibaba Group Holding Ltd is investing US$15 billion to establish overseas research hubs to work on artificial intelligence (AI), quantum computing and fintech, according to a report by BNN. The Alibaba ‘Damo’ academy will comprise of eight research bases in China, Israel, the United States, Russia and Singapore, for which the company will hire 100 researchers. “The Alibaba DAMO Academy will be at the forefront of developing next-generation technology that will spur the growth of Alibaba and our partners,” Jeff

Alibaba businesses testing face recognition to unlock delivery drop boxes

Chinese internet giant Alibaba Group announced that two of its units are testing facial recognition technology which will allow users to unlock delivery drop boxes, according to a report by Asia One. Cainiao Network Technology Co Ltd, an Alibaba-backed courier aggregator, is piloting a facial recognition-based application with its partner delivery firms and parcel pickup facility providers in Shanghai. Alibaba’s fintech subsidiary, Ant Financial Services Group, has installed kiosks across five locations at Shanghai’s financial district of Lujiazui, whereby cameras

Biometrics industry stocks this week

As the biometrics industry continues to grow Biometric Update is bringing a new focus to the stories around the stocks in the sector. Check in with this space each week for a rundown of the financial news and interesting ideas from the week that was. -Technology stocks have been the big story in North American markets this year. The so-called FANG stocks (Facebook, Applie, Netflix and Google) have gained solidly over the year. But the tech shares that have really

Alibaba demonstrates face recognition system at cashier-less concept café

Alibaba Group demonstrated a facial recognition-powered, cashier-less coffee shop earlier this month at its second Taobao Maker Festival, according to a report by Technode. Using Alibaba’s AI and data technologies, Tao Café invited customers to shop at the offline store without having to wait in queues to pay for drinks or food. The café had a few employees on hand to prepare the food and drinks, however, no cashiers were required as all transactions were done digitally. A customer could

This week in biometrics industry stocks

As the biometrics industry continues to grow, BiometricUpdate is bringing a new focus to the stories around the stocks in the sector. Check in with this space each Friday for a rundown of the financial news and interesting ideas from the week that was. – It was another volatile week in the markets. Just two weeks ago tech stocks plunged before making a recovery. And so it was this week. The Nasdaq 100 Index shed 2.3 percent over just two

Alibaba to establish independent R&D teams to ramp up technologies

Alibaba plans to establish independent research and development teams to ramp up core technologies that support its goal of serving two billion people in the future. The company unveiled the plan last week at its inaugural tech summit, “New Technology, New Future”, held at its Hangzhou, China headquarters. “Alibaba’s success in commerce has outshone its light of technology over the past 18 years,” said Jeff Zhang, chief technology officer at Alibaba Group. Over the past several years, Alibaba has rolled

Remark Media to provide AI technologies to Alibaba Cloud’s developer network

Remark Media has been chosen by Alibaba Cloud, the cloud computing arm of Alibaba Group, to provide its artificial intelligence (AI) technologies to Alibaba Cloud’s developer network. As part of the partnership, Remark Media will provide its advanced facial recognition and image classification services, leveraging its proprietary KanKan Data Intelligence Platform, to Alibaba Cloud’s “AI-based Robotic Vision Ecosystem Union.” “We are excited to expand our relationship with Alibaba Group by becoming a close technology partner with Alibaba Cloud,” commented Kai-Shing

Chinese face recognition startup Megvii raises at least $100M

Megvii Inc., the Beijing-based developer of Face++ facial recognition software, has raised at least $100 million from several investors led by Foxconn Technology Group and CCB International Holdings Ltd., according to a Bloomberg News report that cites people with direct knowledge of the matter. The startup is currently in discussions with other investors to raise more funding, according to the sources who requested not to be named due to the matter being private. Though Megvii confirmed it is raising funds,

EyeVerify CEO says biometric banking breakthrough has already begun

The tipping point for biometric authentication for mobile banking may have already arrived, EyeVerify CEO and founder Toby Rush says. Further, that position is not one of optimism, he says, but observation of financial institutions currently achieving their user experience and security goals with biometric implementations. When it was acquired by Ant Financial in September, EyeVerify already had dozens of clients in production, and was moving more through the procoess. The company announced last week that Poland-based Comarch will use

Alibaba and Gemalto working to secure China’s IoT market

Gemalto is providing connectivity and security for the Alibaba Group-developed YunOS, a cloud-based, data and services oriented Internet of Things (IoT) operating system. YunOS’s IoT OS is widely integrated into IoT devices, as well as chips and sensors across industries. Gemalto is providing its Allynis Trusted Service Hub which allows easy provisioning of security sensitive applications throughout the identity lifecycle management. A high level of security provides peace of mind for YunOS customers, such as drivers of connected cars, and