Ping An Insurance Giant Partners With ETH-Based AI Startup SingularityNET

Ping An, the insurance giant of China, has officially partnered with Ethereum (ETH)-based decentralized artificial intelligence (AI) startup called SingularityNET according to a press release published on Medium which we are reading more about in our latest cryptocurrency news.

According to the press release, the partnership between the insurance company and the startup will mainly focus on Optical Character Recognition (OCR), model training and Computer vision (CV). SinglularityNET explains that the main goal of the partnership is to continue with the expansion and to have branches in multiple industries and start new initiatives in the future.

The announcement was made quickly after SingularityNET launched a beta version of the decentralized marketplace that is also ethereum-based back on February 28 this year.
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Last year, on the other hand, the company announced another partnership but this time with an agriculture-focused blockchain startup named Hara at the world web forum.

Per the announcement:

‘’As more and more entities adopt SingularityNET either by offering their services on the platform, utilizing the services that already exist, or backing the creation of new services — the first mover advantage of SingularityNET will seal its place as the global mind cloud that is governed democratically and not controlled by any single entity.’’

Ping An is one of the world’s most important insurance companies since it serves about 170 million customers and was ranked on the 10^th place in Forbes Global 200 list of largest public companies in the world. As previously reported, Ping An and the Sanya municipal government also made a partnership or more like a strategic agreement for building a ‘’Smart City’’ with the help of the blockchain technology.

‘’Ping An Technology and SingularityNET have reached the intention to collaborate in the field of Artificial Intelligence, possible future directions for collaboration include (but are not limited to) OCR and model training.’’- Said Mr. Bai Meng, the AI lead for Ping An.

The press release also points out that the ‘’One Minute Clinics’’ that is initially built by Ping An, use artificial intelligence and they are currently expanding in China after being accepted by the community in more exactly eight Chinese cities.

Ping An’s banking branch, Ping An Bank also made headlines after announcing that they will launch a boutique bank with the help of blockchain technology, the Internet of Things (IoT) tech and cloud services.