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Google Says Singapore’s Potential To Become a Global Center For AI is “Very High”



Google Says Singapore's Potential To Become a Global Center For AI is Very High

A Google Cloud executive told CNBC that Singapore has “very high” potential as a worldwide hub for artificial intelligence, in part because of its innovative culture.

Managing director of worldwide AI business and applied engineering at Google Cloud Caroline Yap told CNBC that “you need really good public and private partnerships in order for AI to really deliver on its potential.”

Yap gave a speech on the fringes of the January Explore AI summit, which was organized by Google Cloud and the Singaporean government to honor the best generative AI solutions from businesses that participated in the “AI Trailblazers” program.

The Smart Nation and Digital Government Office, Digital Industry Singapore, Google Cloud, and the Ministry of Communications and Information in Singapore first announced the program in July.

″… when you do have good public and private partnerships, you can really start to not just improve the public sector use cases like citizen services, but you can also foster an environment for innovation,” said Yap.

One of the first nations to have an AI strategy was Singapore, which unveiled the National AI Strategy 2.0 in December, an updated version of its goals to increase the usage of AI.

Two sandboxes were established as part of the AI Trailblazers project to give up to 100 enterprises in the city-state access to the high-performance graphics processing units, low-code developer tools, Vertex AI platform, and pre-trained generative AI models offered by Google Cloud. This makes it possible for them to create and test their own generative AI solutions in a specialized, cloud-based environment.

Forty-three government and private sector entities successfully developed their own generative AI solutions using Google’s AI stack thanks to the cooperative relationship.

Additionally, Yap stated that it benefits all Singaporeans, “either as consumers of these technologies or being in the economy as it grows for these types of innovation.”

Yap said to CNBC that while some countries are open and cooperative like Singapore’s, others aren’t. She didn’t go into detail about the nations they were.

According to senior policy researcher Kendrick Chan of the Tony Blair Institute for Global Change, “Singapore already has many of the foundations needed to flourish as a global AI hub.”

“The government has launched various AI initiatives, supported local research on AI and engages private sector tech companies in consultative dialogues in its policymaking process.”

According to the Center for Security and Emerging Technologies, Singapore’s stature as an AI hub “continues to rise,” offering substantial prospects for cross-border cooperation. The center is a think tank housed within the Walsh School of Foreign Service at Georgetown University.

“Initiatives such as fast-tracking patent approval, incentivizing private investment, and addressing talent shortfalls are making the country a rapidly growing global AI hub,” CSET said in a March report.

“There is also thinking at the national level about the ethics and governance issues of AI. All of this helps position Singapore as a key player in the global AI landscape,” said Chan.

He went on to say that Singapore faces “some challenges ahead,” like intense competition from other cities for the best AI talent.

AI Craze

When OpenAI’s chatbot ChatGPT, which can produce responses that resemble those of a human being in response to user requests, became viral in November 2022, interest in AI skyrocketed.

Partnerships are “yet another important aspect of good governance,” according to Singapore’s Minister of Communications and Information, who made this statement at the Explore AI event on January 29.

“We partner for inclusion. Inclusion means making sure that people not only have access to the tools, but they are provided with opportunities to grow the skills that will enable them to use these tools well,” said Josephine Teo.

Singapore has been working to encourage the ethical application of AI.

The nation released AI Verify in May 2022, which is the first software toolkit and framework for AI governance testing for businesses worldwide. It allows customers to record process checks and do technical tests on their AI models.

Businesses including Microsoft, Google, Meta, and Singapore Airlines have already tried out the AI Verify tool and given their opinions.


Verituity Secures $18.8 Million for Expansion of AI-Driven Verified Payout Platform



In order to finance the expansion of its verified payout platform for businesses and consumers, Verituity has raised $18.8 million.

According to a press release from Verituity on Friday, June 21, the company plans to use the additional funds to expand into new markets like mortgage servicing and energy, enhance its growth in the banking and insurance sectors, and continue developing the machine learning (ML) and artificial intelligence (AI) models that underpin the platform.

According to the press release, Ben Turner, CEO of Verituity, “orchestrates billions of dollars in verified B2B and B2C payouts by empowering businesses and banks to deliver trusted and intelligent payments on-time to known individuals and businesses.” “As we continue on our journey to ultimately do away with checks and integrate intelligent, verified payouts into the very fabric of business disbursements, I look forward to working with our investors.”

According to the statement, the company’s technology adds intelligence to each disbursement and knows and validates every payer, payee, account, and transaction.

According to the release, doing so reduces risks, maximizes payout economics, and guarantees that digital payments are made on schedule, to the correct payee and payment account, and from the correct funding account.

Sandbox Industries and Forgepoint Capital spearheaded the company’s most recent round of funding.

According to a press statement from Sandbox Industries, Chris Zock, managing partner and co-CEO, Verituity’s “unique approach to embedding verification into payouts and handling the complexity of connecting legacy treasury systems to digital payments is transformative for the industry—“

Verituity, according to Don Dixon, co-founder and managing director of Forgepoint Capital, is “well positioned to take full advantage of the rapid transformation underway in disbursements” because it combines intelligent payments, trust, and verification.

Verituity and Mastercard partnered in April to allow commercial banks and payers to make payments almost instantly.

Mastercard’s suite of local and international money transfer options, Mastercard Move, is integrated into Verituity’s white-labeled payments platform as part of that partnership. The Verituity platform will be able to provide consumers with fast payee and transaction verification as well as a shorter time to market thanks to this connection.

In a press statement announcing the collaboration, Turner stated, “We’re excited to work with Mastercard to include more banks in the safe disbursement and remittance ecosystem.”

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Anthropic, an OpenAI Rival, Revealed its Most Potent AI to Date



Anthropic, an OpenAI rival, unveiled Claude 3.5 Sonnet, their most potent AI model to date, on Thursday.

Claude is one of the chatbots that has become quite popular in the last year, along with Google’s Gemini and OpenAI’s ChatGPT. Google, Salesforce, and Amazon are among the supporters of Anthropic, which was created by former OpenAI research executives. It has closed five financing arrangements worth a combined $7.3 billion in the last year.

The announcement comes after OpenAI’s GPT-4o in May and Anthropic’s Claude 3 family of models, which debuted in March. Claude 3.5 Sonnet, the first model in Anthropic’s new Claude 3.5 family, is faster than the business’s previous top model, Claude 3 Opus, according to the company.

The company’s website and the Claude iPhone app offer Claude 3.5 Sonnet for free. Higher rate limit models are available to subscribers of Claude Pro and Team.

In addition to creating excellent content in a conversational, natural tone, the system “shows marked improvement in grasping nuance, humor, and complex instructions,” according to a blog post from the business. Code can be written, edited, and run by it as well.

Anthropic also unveiled “Artifacts,” a feature that enables users to instruct its chatbot, Claude, to execute tasks like creating code or text documents, and then view the outcome in a separate window. Code development, business report authoring, and other tasks are anticipated to benefit from Artifacts, according to the company. “This creates a dynamic workspace where they can see, edit, and build upon Claude’s creations in real-time,” the statement continued.

As generative AI startups like Anthropic and OpenAI gain traction, they are competing with tech behemoths like Google, Amazon, Microsoft, and Meta in an arms race to incorporate AI technology and stay ahead of a market that is expected to generate $1 trillion in revenue over the course of the next ten years.

Anthropic debuted its first-ever enterprise product in May, and news of its new model followed.

Anthropic co-founder Daniela Amodei told CNBC last month that the plan for businesses, called Team, had been in development for the past few quarters and involved beta-testing with between 30 and 50 customers in industries like technology, financial services, legal services, and health care. According to Amodei, many of those same customers requested a specific corporate solution, which served as inspiration for the service’s concept.

At the time, Amodei remarked, “So much of what we were hearing from enterprise businesses was that people are kind of using Claude at the office already.”

Mike Krieger, co-founder of Instagram, joined Anthropic as chief product officer last month, not long after the business unveiled its new product. According to a release, Krieger, the former chief technological officer of Meta-owned Instagram, expanded the platform’s user base to 1 billion and boosted the number of engineers on staff to over 450. Jan Leike, a previous leader in safety at OpenAI, also joined the business in May.

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Materia Unveils GenAI Platform for Public Accounting Firms After Exiting Stealth



With more than $6.3 million in funding, Materia has emerged from stealth to introduce a generative artificial intelligence (AI) platform designed especially for public accounting companies.

According to a press release released by the company on Thursday, June 20, the platform’s goal is to give these businesses intelligent technology that will free up time they now spend on numerous low-value, tiresome, daily tasks.

The CEO and co-founder of Materia, Kevin Merlini, stated in the press release that the company was formed to meet this pressing demand for time-saving solutions that would also assist in handling the laborious and heavy lifting associated with daily workflows while maintaining a high standard of accuracy and security.

The press announcement states that the company’s technology compiles internal knowledge from businesses into a safe Knowledge Hub. Thus, it establishes a silo-bridging, structured corporate search layer.

According to the announcement, this hub is then used by the Materia AI Assistant and Document Analysis Workspace, which use the data to give trustworthy data based on proprietary knowledge and recognized accounting standards.

According to the announcement, the platform is made to be adopted in a matter of days, provides responsible AI that is supported by meticulous accuracy testing conducted by CPA subject matter experts, and provides a approach for organizations that require specific customisation or interfaces.

Natalie Sandman, a general partner at Spark Capital, which led the funding, stated in the statement that the company already works with prestigious national firms and that the feedback from these clients has been “overwhelmingly positive.”

According to Sandman, “We think Materia’s AI solution will revolutionize the accounting industry by expediting routine tasks for accounting professionals and enabling them to deliver higher-quality services to their clients more effectively.”

According to PYMNTS Intelligence, chief financial officers (CFOs) are using AI to increase a variety of organizational efficiencies. The requirement for lower-skill personnel has decreased, according to 63% of CFOs, and they now require more individuals with analytical skills, according to 58% of them.

This past March, AI company Fieldguide reported raising $30 million for their accounting sector product, marking another recent fundraising event in this space. CPAs can have more time to work on high-value tasks by using Fieldguide’s AI solution, which can automate workflows and streamline operations.

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