Chinese e-commerce giant Alibaba has led the founding of a research institution gathering top scholars around the world from various fields including sociology, economics and psychology, with the aim of finding out how to help society adapt to rapid technological advancement, Sina Finance reported.

The newly set up Luohan Tang, which literally means Arhat Hall, has brought together 15 top scholars, including many Nobel laureates and the management of Alibaba and Ant Financial.

They have carried out a two-day closed-door discussion since Monday and published a declaration. It said the society is not prepared to deal with a whole new world created by big data, machine learning, artificial intelligence, robots and other digital technologies.

Social scientists have the responsibility to collaborate better and help the human society adapt to this digital revolution, they added.

Ant Financial, the fin-tech arm of Alibaba, will support the research of these scholars.

Earlier in October last year, Alibaba set up the Damo Academy and announced plans to invest 100 billion yuan in the exploration of frontier technology over the next three years.