SINGAPORE–Jan. 23, 2018–PRNewswire/InfoQuest
– Leading pioneer in Artificial Intelligence research and innovation to bring its award-winning facial recognition and intelligent business solutions to the region
– Singapore office will serve as a regional hub for customers and partners in Southeast Asia, Hong Kong and Macau
YITU Technology (YITU), a leading pioneer in Artificial Intelligence (AI) research and innovation, officially launched its first international office in Singapore today. The new office will serve as a regional hub for YITU to bring its award-winning AI and facial recognition solutions to customers and partners in Southeast Asia, Hong Kong, Macau and Oceania markets, as well as serve as a platform for the company to work with private and public organisations in the region looking to deploy intelligent solutions for the digital age.
“We see immense potential in Singapore as a market for AI development and innovation, and a springboard to introduce our cutting-edge solutions to the region,” said Lin Chenxi, Co-Founder of YITU. “The market sees a thriving deep tech ecosystem, and we recognise the opportunity for us to contribute to the growth of the ecosystem with our in-depth capabilities in AI, as well as showcase the limitless possibilities our technologies can bring to build a smarter, better future in Asia and beyond.”
The opening was officiated by Guest-of-Honour, Ang Chin Tah, Director of Infocommunications and Media from the Singapore Economic Development Board (EDB). The Guest-of-Honour and guests were also introduced to YITU’s breadth of AI solutions, which gave them a first-hand look at how YITU’s solutions are being applied across the financial services and public sectors.
“We are delighted by YITU’s decision to establish its RHQ and R&D centre in Singapore. YITU’s strong capabilities in AI and computer vision make it a valuable addition to Singapore’s growing AI ecosystem. YITU will develop new solutions across different domains such as security, finance, healthcare, and transportation, in the process creating exciting new jobs in the AI sector,” said Ang.
Building a smarter, better future for Asia with Artificial Intelligence
Headed by Lance Wang, the General Manager of Southeast Asia, Hong Kong & Macau at YITU Technology, who previously worked at YITU’s headquarters in Shanghai, the Singapore office will serve as a sales, marketing and operations centre, with plans to establish a Research and Development (R&D) hub by end 2018. The office will also focus on delivering AI solutions to the financial services and public sectors, with plans for expansion into other key verticals, including healthcare and transportation sectors in the region.
“Singapore is a key financial hub in Asia, and the Government’s ambition in building a Smart Nation presents an opportunity for us to partner with both private and public organisations to deliver differentiated offerings that will contribute to the transformation of the city-state,” said Wang. “We also see potential in introducing our AI solutions to other markets in Asia, where digital transformation is happening at an accelerated pace. These are largely mobile-first markets, with extensive volume of data where AI can be deployed to enable faster, agile and more effective business decisions.”
Recognised Artificial Intelligence pioneer
Founded in 2012, YITU focuses on ground-up AI research and innovation for business use case scenarios. The company is focused on developing algorithms to ensure high accuracy in its AI solutions for targeted industry offerings, especially in the financial services and public sectors.
YITU’s facial recognition technology for ATMs has been deployed by China Merchants Bank and the Agricultural Bank of China, which enable face-authenticated cash withdrawals at ATMs without the use of a bank card. In addition, the company’s intelligent security platform has enabled organisations to implement state-of-art surveillance to enhance public safety and effect safer working environments.
YITU’s facial recognition technologies have also been recognised by key industry bodies. In 2017, YITU was awarded first place in four categories at the Face Recognition Vendor Test (FRVT) organised by National Institute of Standards and Technology (NIST). YITU also won first place in a face identification accuracy contest at the first Face Recognition Prize Challenge (FRPC or “the Challenge”) hosted by the Intelligence Advanced Research Projects Activity (IARPA) under the U.S. Office of the Director of National Intelligence.
For more information on YITU Technology, please visit www.yitutech.sg
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.