Singularity Studio, the for-profit spinoff of the SingularityNET project, a decentralized AI services marketplace, has signed a “Strategic Cooperation Memorandum” with PICC Financial Services, a Fintech-focused subsidiary of the state-owned People’s Insurance Company of China.
The partnership was signed to develop AI and blockchain-based fintech solutions, with PICC FS delineating a detailed plan for the deployment of AI services, part of a comprehensive strategy of internationalization of PICC’s fintech operation.
Singularity will also provide support to the partnership between PICC Financial Services and the Plug & Play Tech center in China, in order to open a Beijing-based accelerator that will develop research initiatives, stage training programs and hold events.
PICC FS is also expected to work with the SingularityNET-affiliated AGI Society to promote the development of Artificial General Intelligence (AGI) education and research in China.
Gu Wei, CEO of PICC Financial Services, stated that the insurance industry is already acquainted with AI and blockchain tech. “Currently we deploy AI and blockchain solutions across a range of product lines and services,” noted Wei. “This Strategic Partnership accelerates our AI development plans and provides a platform for global expansion.”
Specifically, the partnership will focus on AI uses inherent to the insurance industry, such as AI-enabled marketing, linguistic and voice recognition, smart evaluation and settlement of claims, and the use of the blockchain to manage the supply chain and identify fraud.
SingularityNET is a Netherlands-based project that aims to further AI development and implementation, offering a decentralized marketplace for AI services and training data, powered by the proprietary AGI token. It has secured several high-profile partnerships, such as Domino’s Pizza and China’s Ping An insurance company.