Hong-Kong based artificial intelligence (AI) startup SenseTime has partnered with the People’s Bank of China’s (PBoC) Digital Currency Research Institute to provide its AI expertise.
On April 17. South China Morning Post reported that the government taps another tech partnership to continue the development of China’s digital yuan amid the reported trials of the central bank’s digital currency (CBDC).
National AI champion SenseTime enters pact with China’s central bank amid digital currency trials https://t.co/GSON73cNEs — SCMP News (@SCMPNews) April 27, 2020
Reportedly, SenseTime, is the world’s highest-valued AI startup with an over $7.5 billion valuation that will work with the central bank to improve risk control and operational capabilities across financial institutions.
SenseTime is backed by global e-commerce giant Alibaba that led SenseTime’s $600 million funding in 2018.
According to an April 27 statement by SenseTime:
“The two parties will jointly establish a research and innovation body, take application scenarios, jointly develop AI applications in finance, and accelerate the advancement of AI innovation research in the financial field.”
Source: Cointelegraph | Image: Pexels