Singapore forges ahead with AI
It's great to see OCBC Bank has launched its own artificial intelligence (AI) unit
Named AI Lab@TOV, the new unit will sit within the bank’s fintech and innovation group, The Open Vault at OCBC (TOV).
The new unit will receive an investment of $10m over three years. The bank intends to leverage the unit to drive the adoption of AI across banking services such as wealth advisory and loans financing.
Headed by the Singaporean Ken Wong, the team of three data scientists will focus on developing targeted and tailored products and services driven by machine learning.
Besides serving as ‘test bed’ for all the AI technologies prior to their implementation , the new facility will serve as a hub to train and further enhance the data science skills of technologists within the bank.
The facility will use OCBC Bank’s data sandbox and application programme interfaces (APIs) to experiment with real-life anonymous customer data in a secure environment. It will generate proofs-of-concept that can be quickly tested.
Singapore’s private banks, wealth managers and insurers have been quick to embrace the possibilities of AI and FinTech. This will allow them to stay remain competitive in the years to come.