China Central Bank Partners AI Start-up SenseTime
(29 April 2020 – Beijing) The Digital Currency Research Institute, a unit of the People’s Bank of China (PBoC), entered into a cooperation agreement with SenseTime to pool their research and accelerate the innovation and implementation of artificial intelligence (AI) technology in the country’s financial sector.
SenseTime, allegedly the world’s highest-valued AI start-up with over US$7.5 billion valuation, will work with the PBoC to strengthen risk control and operational capabilities across financial institutions.
Founded in 2014, the Hong Kong-based start-up specialises in systems that analyse faces and images on a large scale. The company is backed by Alibaba, Temasek Holdings, Qualcomm Ventures and SoftBank Vision Fund, among others.
China’s official digital currency, known as Digital Currency Electronic Payment or DC/EP, came into the public spotlight earlier this month when a screenshot of a test version of an app developed by the Agricultural Bank of China circulated online.
"The two parties will jointly establish a research and innovation body, take application scenarios as guidance, jointly develop applications of AI technology in financial scenarios, and accelerate the advancement of AI innovation research in the financial field,” said SenseTime.
Subscribe