Know more about the latest AI news in Singapore for the entire month of February 2023 only here at SGBusinessTalk.
Masan Group awarded an investment registration certificate to invest USD105 million in Trust IQ in Singapore
The Vietnamese government has awarded Vietnam-based Masan Group an investment registration certificate to invest $105m in Trust IQ, a Singapore-based technology company focused on digital transformation in the healthcare industry. Trust IQ offers an artificial intelligence-powered platform for healthcare providers to manage patient data and improve patient outcomes. The investment will allow Masan Group to expand its presence in the Southeast Asian healthcare market and provide the company access to Trust IQ’s technology and expertise.
ChatGPT failed miserably in Singapore’s 6th-grade tests, averaging 16% for math and 21% for science. Days later, it was getting answers right.
OpenAI’s ChatGPT, a large language model, humorously claimed it failed the Singaporean Primary School Leaving Examination (PSLE) in a tweet. The PSLE is a standardized test that students in Singapore take at the end of their sixth-grade year, and their scores determine which secondary schools they can attend. ChatGPT’s tweet garnered attention on social media and sparked discussions about the merits of standardized testing and the use of AI in education. However, it should be noted that ChatGPT is an AI language model and did not take the PSLE.
How cancer detection and treatment have advanced in Singapore: From using AI to cheaper tests
Singapore-based biotech company Accuronix Therapeutics uses artificial intelligence (AI) to develop cancer detection and treatment solutions. The company’s AI algorithms can detect cancer cells with up to 99.99% accuracy, allowing for cheaper and more effective testing. Accuronix Therapeutics is also developing an AI-powered leukemia drug that could improve patient treatment outcomes. The company recently raised S$30 million (US$22 million) in a funding round led by investment firm Vickers Venture Partners to develop its technology further and expand its operations.
Singtel partners Ericsson to achieve industry breakthrough in mobile network energy savings
Singapore Telecommunications (Singtel) and Ericsson have announced a partnership to develop a new energy management solution for mobile networks that aims to reduce carbon emissions and energy consumption by up to 70%. The answer will leverage artificial intelligence (AI) and machine learning to monitor energy usage and optimize the performance of mobile networks. It will be piloted in Singapore before being rolled out to other markets and is expected to be a breakthrough in energy savings for the telecommunications industry.
CrediLinq.Ai Raises Seed Extension Round to Fuel Growth
Singapore-based credit risk management startup Credilinq.AI has raised an undisclosed amount in a seed extension funding round led by Singapore’s Vertex Ventures Southeast Asia & India, with participation from Credit Saison’s fintech venture capital unit, SBI Investment Korea, and returning investor Stellaris Venture Partners. The company plans to use the funding to expand its team and build its platform, which provides a cloud-based API for assessing credit risk using AI and machine learning models, to a broader range of industries in Southeast Asia and beyond.
MSIG Singapore to Deploy Fermion’s AI Tool to Combat Motor Insurance Fraud
Japanese insurer MSIG Singapore will deploy Fermion’s artificial intelligence tool to detect motor insurance fraud. Fermion’s tool uses machine learning algorithms to detect potential fraud in motor insurance claims. The device will analyze various data points to identify fraud patterns and provide real-time alerts to MSIG’s claims team, enabling them to take immediate action to prevent fraudulent claims. The move is part of MSIG’s efforts to enhance its fraud detection capabilities and provide better customer service.
Singapore-headquartered AI FinTech finbots.ai to transform Baiduri Bank’s – Brunei’s leading bank’s – credit risk management capabilities
Singapore-based AI fintech company Finbots announced that it had raised $9.5 million in a recent funding round led by Murex founder Salim Edde to expand its product offerings and strengthen its global presence. The company provides AI-driven solutions to financial institutions, including risk assessment and portfolio management tools. The new funding will enable Finbots to expand its product portfolio, build partnerships with global financial institutions, and recruit new talent.
EU and Singapore launch Digital Partnership
The European Commission has launched the ‘AI for Public Services Lab’ intending to advance the development and implementation of Artificial Intelligence (AI) solutions in the public sector. The lab will support EU member states in adopting AI for public services by providing technical expertise, best practices, and access to data and tools. The lab will focus on AI applications in healthcare, justice, and environmental protection. The lab will also encourage sharing knowledge and collaboration between EU member states to promote the ethical and responsible use of AI in public services.
ChatGPT in schools: Tools to detect cheating in place, says Chan Chun Sing
Singapore’s Minister for Education, Chan Chun Sing, has said that the government is looking at using AI tools to detect cheating in schools. He cited OpenAI’s ChatGPT as an example of an AI tool that could be used for this purpose. However, he also acknowledged challenges in implementing such devices, such as ensuring they do not infringe on students’ privacy. He added that the government was developing such tools with the private sector and academia.
Singapore researchers develop an AI tool that detects high myopia risk in children
Singapore-based company Plano has developed a new tool called Plano EyeCheck, which uses artificial intelligence (AI) and machine learning to detect the risk of myopia or short-sightedness in children. The tool measures eye length and performs eye tests to determine the risk level of developing the condition. Parents can use the app to monitor their children’s eye health and access personalized eye care advice, and optometrists can use the data to provide more targeted treatment. The app is free to download and is available in several countries, including Singapore, Malaysia, and Australia.