Asean Digest: YITU’s Singapore R&D centre; Yoma, Oracle, Phandeeyar hackathon

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YITU Technology, an AI research firm, has launched a research and development centre in Singapore while, in Myanmar,  Yoma Bank, Oracle, and Phandeeyar have teamed up to hold a financial literacy hackathon in March.

Sequoia-backed AI research firm YITU launches Singapore R&D centre

Singapore-based AI research firm YITU Technology (YITU), backed by private equity firm Hillhouse Capital Group and Sequoia Capital has announced the launch of the YITU Singapore Research & Development (R&D) Centre, according to an announcement.

The R&D Centre is YITU’s first in Southeast Asia and plays an important role in supporting YITU’s growth in Singapore and the region.

Zhang Zhenjie, R&D director, YITU Singapore, said, the centre reflects their ongoing commitment to Singapore’s AI community.

“The R&D Centre will provide a platform for local AI talent from both academia and industry to translate cutting-edge research into innovative AI technologies and solutions that create a better quality of life for citizens, from smarter healthcare to improved infrastructure,” said Zhang Zhenjie, R&D director of YITU Singapore.

YITU Singapore R&D Centre will be developing AI solutions for smart buildings, enhancing natural language and speech processing technologies for commercial applications, and optimising computer vision methods for medical diagnostics.

In May 2017, YITU raised a $55 million Series C from Hillhouse Capital Group and other investors. Prior to that, its Series A and B rounds were raised from investors such as Yunfeng Capital, Banyan Capital, Sequoia Capital and Zhen Fund.

Yoma Bank, Oracle, and Phandeeyar to host FinLit Hackathon in Myanmar

Yoma Bank, Oracle, and Phandeeyar are teaming up to organise a financial literacy hackathon competition, FinLit Hackathon, in Myanmar.

The three-day hackathon, which will start on March 8 in Yangon, will allow participants to hack and develop tangible tech solutions to aid  financial literacy.

The outcome is aimed to be used for the Myanmar public in making informed and effective decisions when managing their personal finances.

“Improving financial literacy at scale is key to accelerating the development of Myanmar’s economy,” said Hal Bosher, chief executive officer, Yoma Bank.

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