Friday, 17 November 2017, 16:00 HKT/SGT

Source: YITU

Singapore will be the gateway for YITU to expand to the rest of the world

SHANGHAI, Nov 17, 2017 - (ACN Newswire) - 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. 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.

Discussion with Singapore officials at YITU's Shanghai headquarters

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.

YITU has won the 1st Place in Identification Accuracy in Face Recognition Prize Challenge 2017 hosted by IAPRA. This technology has the potential to provide the foundation needed to leverage advanced AI technology, enhancing Singaporeans' living standards.

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 (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 Technology
YITU Technology (YITU) is a pioneer in practical artificial intelligence (AI) research and innovation that provides 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.

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

Han Yang
media@yitu-inc.com
+86-21-6151 7311

Topic: Press release summary
Source: YITU
Sectors: Cloud & Enterprise, CyberSecurity, Wireless, Apps, Daily News, PE, VC & Alternatives, Digitalization, ASEAN
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