Alibaba Is Setting Aside $15 Billion For R&D Spend Across The World

Alibaba Group Holding Ltd BABA desires to transform itself from a Chinese e-commerce giant into a global e-commerce giant may have been made more apparent after announcing plans to spend $15 billion across the world.

Alibaba said Wednesday it will spend billions of dollars over the next three years alone on research and development projects across the world, CNBC reported. The company dubbed its initiative "DAMO Academy" and stands for Discovery, Adventure, Momentum and Outlook.

Research labs will be created in the Chinese cities of Beijing and Hangzhou, and San Mateo and Bellevue in the U.S. Other cities that will house Alibaba's new facilities include Moscow, Russia, Tel Aviv, Israel, and Singapore, Malaysia. All of the facilities will be overseen by an advisory board consisting of some of the best researchers and professors at leading universities, including MIT.

The new offices will be tasked with exploring and developing technologies related to data intelligence, Internet of Things, financial technology, quantum computing and human-machine interaction including machine learning and language processing, CNBC added.

Alibaba's objective is to create new and disruptive technologies to "benefit small businesses and narrow the technology gap to make our world a more inclusive place," chief technology officer Jeff Zhang said in prepared statements.

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