China’s Yitu to establish R&D Hub in Singapore
By Digital News Asia November 16, 2017
- Yitu's R&D hub in Singapore will be their first outside China
- Hub will accelerate AI development in the island nation and Asian market
YITU Technology, a Chinese pioneer in artificial intelligence (AI), announced its plans to set up a Research & Development (R&D) hub in Singapore, bolstering Singapore's AI applications in the area of security and finance.
Discussions were recently during a visit to Yitu's Shanghai headquarters, by Singapore officials from the Ministry of Home Affairs and Economic Development Board, where.
AI is one of the key frontier technologies that the Singapore government aims to harness and build capabilities in, positioning the Smart Nation as a regional focal point for the fast-growing industry. Yitu's R&D hub in Singapore will be their first outside China.
"Singapore is an international hub and is a good place to start off for Yitu as compared to other countries in the region. The AI vision for Singapore is that once it has started its AI development, there will be a ripple effect across other countries and regions as Singapore has a good reputation, and other companies will possibly follow in the country's footsteps.
“Hence our focus is to set up a R&D hub in Singapore rather than other countries as this is a strategic location 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."
At the visit, the delegation also learnt about the extensive business applications of Yitu's technology in sectors such as security, finance, transportation and healthcare.
"We are impressed that Yitu has won 1st Place in Identification Accuracy in the Face Recognition Prize Challenge 2017 hosted by IAPRA," Jo Choo, director Ops - Technology Group, Ministry of Home Affairs said.
"We believe that these strengths could provide the foundation that we need to leverage on advanced AI technology to enhance Singaporeans' living standards. We realise that video analytics are up and coming in China, and would like to work with Chinese companies to find an integrated solution."
Yitu's advanced facial recognition technology has already been adopted by China Merchants Bank at over 1,500 outlets nationwide, enabling face-authenticated cash withdrawals at ATMs. Shanghai Pudong Development Bank has also adopted Yitu's technologies in its Video Teller Machines and for online banking.
Yitu's technologies have also been used in sectors such as public safety, financial services, healthcare, customs and ports, and integrated marketing. Yitu has formed partnerships with companies in these fields to provide integrated solutions.