Chinese tech giant Tencent is launching its artificial intelligence model “Hunyuan” for business use at an annual summit on Thursday, Dowson Tong, CEO of the cloud and smart industries group at Tencent, told CNBC in an exclusive interview ahead of the event.

The news comes days after Baidu revealed a slew of AI-powered applications on Tuesday in the wake of more supportive regulation.

Tencent has said it was internally testing its Hunyuan AI model on advertising and fintech. The gaming and social media giant is also set to release an AI chatbot on Thursday, the company said in an online post.

Tencent is integrating Hunyuan’s capabilities with its existing products for video conferencing and social media, Tong told CNBC.

The company operates WeChat, a widely used messaging and payments app in China, and video conference platform Tencent Meeting.