Source: Media Outreach
Headline: Chinese AI Pioneer YITU announces plan to establish R&D Hub in Singapore to accelerate AI development in the nation and Asia market
Singapore will be thegateway for YITU to expand to the rest of the world
SHANGHAI, CHINA – Media OutReach – 14 Nov 2017 – YITU Technology, aChinese pioneer in artificial intelligence (AI), announced its plans to set upa Research & Development (R&D) Hub in Singapore, bolstering Singapore’sAI applications in the area of security and finance. The discussion was held ata visit to YITU’s Shanghai headquarters recently, represented by Singaporeofficials from the Ministry of Home Affairs (MHA) and Singapore’s Economic DevelopmentBoard (EDB), where they witnessed its award-winning facial recognitiontechnologies.
Discussion with Singapore officials at YITU’s Shanghai headquarters
Withmuch potential waiting to be harvested, AI is one of the key frontiertechnologies that the Singapore Government will harness and build capabilitiesin, positioning the Smart Nation as a regional focal point for the fast growingindustry. When YITU’s R&D Hub is established in Singapore, it will be theirfirst R&D Hub outside of China.
“Singaporeis an international hub and is a good place to start off for YITU as comparedto other countries in the region. The AI vision for Singapore is that once ithas started its AI development, there will be a ripple effect across othercountries and regions as Singapore has a good reputation, and other companieswill possibly follow in the country’s footsteps. Hence our focus is to set upR&D Hub in Singapore rather than other countries as this is a strategiclocation to be the next AI Hub.” said Leo Zhu, CEO and Founder of YITU.“Through YITU’s products, we can help Singapore to evolve its society.Singapore is the strategic location for us to begin our overseas venture.”
Atthe visit, the delegation also learnt about the extensive business applicationsof YITU’s technology in sectors such as security, finance, transportation andhealthcare.
“Weare impressed that YITU has won the 1st Place in IdentificationAccuracy in Face Recognition Prize Challenge 2017 hosted by IAPRA,” Jo Choo, Director Ops– Technology Group, Ministry of Home Affairs said. “We believe that thesestrengths could provide the foundation that we need to leverage advanced AItechnology to enhance Singaporeans’ living standards. We realized videoanalytics are up and coming in China, and would like to work with Chinesecompanies to find an integrated solution.”
YITU’sadvanced facial recognition technology has already been adopted by ChinaMerchants Bank at over 1,500 outlets nationwide, enabling face-authenticatedcash withdrawals at ATMs. Shanghai Pudong Development Bank has also adopted YITU’stechnologies in its Video Teller Machines (VTM) and for online banking.
YITU’stechnologies have also been used in sectors such as public safety, financialservices, healthcare, customs and ports, and integrated marketing. YITU hasformed partnerships with leading companies in these fields to provideintegrated solutions.
About YITU Technology
YITUTechnology (YITU) is a pioneer in practical artificial intelligence (AI)research and innovation that provides advanced AI-based business solutions tobuild a safer, better and healthier world. YITU boasts a world-class R&Dteam that drives industrial development to find comprehensive solutions in theareas of machine vision, speech and language understanding.
Published and distributed with permission of Media-Outreach.com.