China Takes the Lead in Embracing Generative AI
China is taking the lead in embracing generative AI, with a whopping 83% of respondents using the technology, far outpacing the US and global averages. This rapid adoption reflects a strategic national push, with Chinese tech giants and startups quickly developing their own solutions.
“China’s enthusiasm for generative AI is setting global benchmarks, particularly with key players like ByteDance and emerging startups such as Zhipu leading the charge.” - Finimize Newsroom
The expected surge in enterprise adoption, spurred by a price war lowering costs for large language model (LLM) services, could cement China’s role as a trendsetter in the AI market. This spells opportunity for investors tuned into the AI space, especially those looking for cutting-edge advancements and large-scale implementations.
China’s Dominance in AI Patents
China’s dominance is also evident in intellectual property, with over 38,000 GenAI patents filed between 2014 and 2023, dwarfing the 6,276 filed by the US. China holds a strong position in the number of AI patents and the installation of industrial robots. In 2022, China accounted for 61.1 percent of the global AI patents, surpassing the 20.9 percent held by the US.
“China’s advancements in generative AI and continuous automated monitoring (CAM) align closely with its broader strategy to dominate global artificial intelligence and surveillance technology.” - China Daily
However, these innovations come with privacy concerns, highlighted by extensive deployments of CAM. As China continues to integrate AI into its national framework, the rest of the world watches closely, balancing technological zeal with ethical considerations about privacy and control.
The Rise of LLMs in Sri Lanka
In Sri Lanka, LOLC Technologies has launched an AI-driven chatbot powered by a Large Language Model (LLM). This innovative development marks the first use of such cutting-edge technology in the local financial sector, setting a new benchmark for customer service and engagement.
“We are proud to be the pioneers in Sri Lanka’s services sector to introduce a Large Language Model-based Chatbot. This cutting-edge technology enables us to provide highly personalized and efficient services, significantly improving customer engagement and satisfaction.” - Conrad Dias, Chairman of LOLC Technologies
The LLM-powered chatbot offers a variety of services to end-users, including natural language queries, making interactions more intuitive and efficient. Beyond basic queries, this chatbot assists with more complex banking and financial inquiries, guiding customers through various services offered.
As digital transformation reshapes the banking and financial landscape, LOLC Technologies is poised to lead the charge with ongoing investments in AI and other emerging technologies. The introduction of the LLM-based chatbot is just the beginning of a series of innovations aimed at enhancing the overall banking experience for customers.
