29 July 2019
Singapore's Virtual Banks Offer Chance for Homegrown AI to Shine
Minister Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore recently hailed new virtual bank licences as the next chapter in Singapore's banking liberalisation journey. Virtual banking seems to represent a new chapter in Singapore’s journey as a world-class financial hub, it is also an important milestone in the city-state’s ambitions to be a leading artificial intelligence (AI) hub. AI is playing an increasingly important role in global banking operations across areas such as with Know Your Customer (KYC), anti-fraud, and credit scoring solutions.
Jefferson Chen, CEO of ADVANCE.AI, and also a Partner at GSR Ventures, a leading venture capital firm in China who was the first investor in “unicorn” internet companies explains more.

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