Blog: Huawei Bets on Singapore’s Artificial Intelligence with New AI Innovation Lab – Fintech News Singapore
Huawei held its Cloud Summit 2019, in which the company announced the launch of its Cloud & AI Innovation Lab in Singapore.
The lab aims to cultivate local AI talents and bridge Singapore with state-of-the-art AI technologies globally, and accelerate innovations in the field.
Backed by a wide range of AI solutions offered by Huawei Cloud, the lab will provide powerful AI services and resources, including AI R&D robots, Traffic Intelligent Twins, and AI development kits.
AI developers and companies in Singapore and the Asia-Pacific region will have the opportunity to join more research projects and cultivate more innovations on AI training and learning.
An Attempt to Strike While the Iron is Hot
Huawei joins a Singaporean ecosystem that’s already bullish on artificial intelligence. In fact, financial regulator the Monetary Authority of Singapore (MAS) already introduced principles to promote ethical use of AI and analytics.
Artificial intelligence is predicted to nearly double the rate of innovation in Singapore by 2021. The same study also identified 6% of organisatins that are AI leaders, and nearly doubled their business benefits at the time of the study.
Especially in fintech realms, artificial intelligence is already incorporated into a variety of services: robo-life-planning advice in finance in BetterTradeOff, a variety of robo-advisory firms, assisting banks with digitising banking tasks via AI using Silot, behavioural change analytics via AIDA, and other creative varieties of methods to integrate machine learning.
In fact, a study by Refinitiv shows that 3 out of 4 banks in Asia will invest into machine learning before 2019 ends.
Huawei is also no stranger to fintech innovations, including in banking.
Almost exactly one year ago, Huawei established the Huawei FusionInsight LibrA, a converged data warehouse in China which aims to provide a unified, scalable, and high-performance data analysis platform to enhance the real-time data processing capability of financial institutions.