Chinese firm YITU Technology (YITU) which is a leader in Artificial Intelligence (AI) research and innovation has officially launched a new office in Singapore. The new facility will serve as the company’s regional hub in order to help YITU accelerate its award-winning and renowned AI and facial recognition solutions to whole series of new customers, partners and markets in regions such as Southeast Asia, Hong Kong, Macau and Oceania.
In addition to this, it has also been disclosed that the innovative Chinese company plan to position itself as a platform that both private and public organizations in the aforementioned regions can work with in order to deploy its range of intelligent solutions for the new digital age.
Co-Founder of YITU, Lin Chenxi who was a former senior expert at e-commerce colossus Alibaba Cloud expressed his delight at its move into the Singapore market and believes the region represents a great opportunity for AI development and enhanced innovation.
He said, “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. The market sees a thriving deep tech ecosystem, and we recognize 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 officially opening ceremony was presided over by the special Guest-of-Honor, Ang Chin Tah who is the Director of Infocommunications and Media at the Singapore Economic Development Board (EDB). Those in attendance were given an introduction to the AI solutions being showcased by YITU which provided them with an intimate insight on how the AI solutions will be applied to both the financial 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.
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 organizations to implement state-of-art surveillance to enhance public safety and effect safer working environments.