YITU Technology 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. The discussion was held at a visit to YITU's Shanghai headquarters recently, represented by Singapore officials from the Ministry of Home Affairs (MHA) and Singapore's Economic Development Board (EDB), where they witnessed its award-winning facial recognition technologies.
With much potential waiting to be harvested, AI is one of the key frontier technologies that the Singapore Government will harness and build capabilities in, positioning the Smart Nation as a regional focal point for the fast growing industry. When YITU's R&D Hub is established in Singapore, it will be their first R&D Hub outside of 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 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 the 1st Place in Identification Accuracy in 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 advanced AI technology to enhance Singaporeans' living standards. We realized video analytics are up and coming in China, and would like to work with Chinese companies to find an integrated solution."
YITU's 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 (VTM) 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 leading companies in these fields to provide integrated solutions.
