Tencent Announces Plans for AI-Powered Services

Tencent, one of China’s leading internet companies, has announced its intention to release a proprietary artificial intelligence (AI) model later this year.

The company believes that this model, named Hunyuan, will position Tencent as a strong competitor in the AI field alongside industry leaders such as Baidu and SenseTime Group, Bloomberg reported Wednesday (Aug. 16).

Tencent executives said Wednesday during an earnings call that the development of Hunyuan, a large language model designed to power generative AI and other applications, has been making significant progress. The model has undergone testing in various services, including cloud computing and search.

Martin Lau, the president of Tencent, expressed confidence in Hunyuan, stating that it is “among the top leading foundation models produced in China,” per the report. The company plans to continue refining the model in preparation for its launch later this year.

Tencent’s exploration of AI extends beyond chatbots and Q&A experiences, according to the report. The company is actively testing AI applications internally in gaming, cloud computing, financial technology, and advertising and marketing.

Lau emphasized that Tencent sees AI as a growth multiplier for its business, recognizing the vast opportunities and potential of the technology, the report said.

In addition to its AI development, Tencent is also preparing a marketplace for business clients to access generative AI-powered services on its cloud platform. This strategic move is expected to generate high-margin profits for the company.

The AI project is the latest in a series of products and partnerships announced by Tencent.

In July, the firm said that users of its WeChat app can now link their cards issued by Visa, Mastercard, JCB or Discover to make payments at tens of millions of merchants in China. This development will improve the mobile payment experience for overseas users at a time when the number of incoming overseas tourists continues to rise, Tencent said at the time.

About eight months earlier, in November, Tencent Financial Technology teamed up with payment infrastructure network Thunes to allow members of the Thunes network to send payments to users on WeChat.