Business Startups

Singapore Speculated to Become Asia’s AI Hub

AI_HUB

Singapore’s status as a multi-cultural society and its newfangled perception of being a nation has instilled a promise in its citizens that it can be Asia’s biggest hub for Artificial Intelligence in the years to come.

Since 2010, Singapore has improved on the isolated factors that contribute towards business expansion and technological integrations in the country. For instance, World Bank’s 2016 report placed the island-city at the first position in terms of ‘Ease of Doing Business’. Similarly, multiple reports state that, with respect to AI, Singapore makes it among the top five countries, which are cited in research papers. Combine that with the efforts made in the educational sector, it indicates the global acknowledgment and qualitative approach of Singapore.

Singapore’s main competitors in the Asian market are Japan and China – two nations known for their close economic relations. Other hotbeds of AI innovation in the Asia-Pacific region are countries like South Korea, Japan, and Taiwan.

However, Singapore’s progress in the field of artificial intelligence has been multi-faceted. Various AI startups have set up shop including success stories like:-

• Active.ai

This startup streamlines the process between banks and customers by introducing chat bots. Triniti, their Natural Language Processing (NLP)-based platform focuses on the ease of transaction study along with important bank functions. By minimizing the human involvement with bots, a customer can acquire information about the regular facets and aspects in real time.

• Cash Shield

Touted as the world’s first completely automated solution, it employs a combination of bio metrics, pattern recognition, and high-end algorithms. This helps to minimize the risks of payment frauds and fake accounts in a company.

• Sentient.io

Sentient.io is Singapore’s first AI platform whose objective is to bridge the gap between daily technological use and individuals. The software has the ability to simplify processes for end users by creating business solutions that target the entire industry.

Furthermore, investments from across the globe have played a key role in motivating seed startups to dedicate their focus towards futuristic technologies. For instance, AI-based facial recognition startups like XR Vision and Trax Image Recognition have received heavy funding from Rajat Khare founded Boundary Holding and China’s Boyu Capital respectively. In addition, startups centered on finance like TenX, KyberNetwork, Wanchain, etc. have individually bagged more than $30 million in the last two years.

Singapore-based startups have picked up traction due to the progressive approach of their education sector. Building leadership skills, imbibing technologies in daily life, and government support, helped National University of Singapore secured the first position amidst Asian universities in 2017.

Singapore’s consistent progress in the past decade has set a high bar for its Asian competitors. If the island-city continues at its current pace, it will not be an understatement to say that Singapore will become a global AI hub.

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