Alibaba launches $15 billion overseas R&D drive

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They will be led out of a new initiative dubbed by Alibaba as the DAMO Academy - with the acronym standing for Discovery, Adventure, Momentum and Outlook.

The planned investment compares to the $6.4 billion the company spent on R&D over the past three fiscal years. On top of this, it is also now recruiting 100 more researchers from across the world.

Over the next three years the group intends to fund projects in data intelligence, Internet of Things, financial technology (or fintech) and quantum computing.

The DAMO Academy aims to attract world-class talent in such areas as quantum computing, machine learning, basic algorithms and network security.

One of China's top e-commerce firms is now gearing up to introduce its $15 billion program that would open overseas research hubs across the globe to assist in its efforts to stand at par with current leaders in e-commerce, logistics and cloud technology.

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In a bid to propel itself into the league of global technology heavyweights, Chinese e-commerce giant Alibaba has announced the launch of a multibillion-dollar global research programme.

As reported by Bloomberg, the company shared its plans in an emailed statement, shortly after Chief Technical Officer Jeff Zhang made the announcement at the company's Computing Conference 2017 in Hangzhou, China.

Alibaba now has an overseas data science research lab in California, however, it has continously opened several data centers in Europe, America, Middle East, Australia, India, Indonesia and Japan a year ago as a way to expand its cloud business. With our global expansion, we have grown and refined our technology manifold.

"We are now looking for talented researchers to join us in the quest for new disruptive technologies that would advance out everyday lives".

Apart from Alibaba, other renowned technical giants in China such as Tencent and Baidu have also established R&D labs across the globe to introduce advanced technologies.

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