Chinese AI Pioneer YITU announces plans to establish R&D Hub in Singapore
 
JCN Newswire
Nov 14, 2017
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Singapore will become the gateway for YITU to expand in the rest of the world

SHANGHAI - YITU Technology, a Chinese pioneer in artificial intelligence (AI), announced 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 plans were discussed at a visit to YITU's Shanghai headquarters by officials from the Ministry of Home Affairs (MHA) and Singapore's Economic Development Board (EDB), where they witnessed YITU's award-winning facial recognition technologies.

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 a strategic place to start for YITU as compared to other countries in the region. The AI vision of 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 it's footsteps.

"Hence our focus is to set up R&D Hub in Singapore rather than elsewhere as this is a strategic choice to be in 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 a 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, Singapore Ministry of Home Affairs, said.

"We believe that these strengths will provide foundations 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 advanced facial recognition technology has 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.

About YITU-
YITU Technology (YITU) is a pioneer in practical artificial intelligence (AI) research and innovation, providing advanced AI-based business solutions to build a safer, better and healthier world. YITU boasts a world-class R&D team that drives industrial development to find comprehensive solutions in the areas of machine vision, speech and language understanding.www.yitu-inc.com.

Pls Contact-
Eva Chen
zhengying.chen@yitu-inc.com
+86-21-6151-7311

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