YITU Technology (YITU) opens its first international office in Singapore. The Shanghai based Artificial Intelligence (AI) research company will be using the Singapore office as a regional hub to bring its AI and facial recognition solutions to customers and partners in Southeast Asia, Hong Kong, Macau and Oceania markets.
“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.”
YITU specialises in using AI in facial recognition. Since inception in 2012, the company is now 300 strong and growing, with its solutions implemented and deployed in various verticals including financial, retail and security. The company’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, its intelligent security platform has enabled organisations to implement surveillance that allows for identification and tracking, to enhance public safety for safer working environments.
Focusing on ground-up AI research and innovation for businesses, YITU develops algorithms that provides high accuracy in its AI solutions for targeted industry offerings, especially in the financial services and public sectors. The opening of its Singapore office was officiated by Ang Chin Tah, Director of Infocommunications and Media from the Singapore Economic Development Board (EDB).
“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.
Headed by Lance Wang, the General Manager of Southeast Asia, Hong Kong & Macau at YITU Technology, 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.”
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 hosted by the Intelligence Advanced Research Projects Activity (IARPA) under the U.S. Office of the Director of National Intelligence.
