Alibaba to launch global research academy

Alibaba Group Holding Ltd announced on Wednesday the launch of a global research academy that it hopes will join the ranks of, and potentially outrival, Bell Labs and Microsoft Research.

The investment of 100 billion yuan ($15.2 billion) over three years in the Alibaba DAMO Academy takes the internet giant one step closer to fulfilling its ambition to serve 2 billion people in two decades, said chairman Jack Ma.

During the company's annual computing conference in Hangzhou, Zhejiang province, Ma said the investment will help it get a head start in the internet of things, quantum computing, fintech and human-machine interaction.