Press Release

Chinese Insurance Giant Partners with Decentralized AI Start-up SingularityNET

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Chinese insurance giant Ping An has reportedly tied up with SingularityNET, which is an Ethereum (ETH)-based decentralized artificial intelligence (AI) start-up. This news has been released by SingularityNET on March 14.

As per the press release, the tie-up initially would focus on Optical Character Recognition (OCR), Computer Vision (CV) and model training. The company also notes that the partnership is expected to expand to many other industries and initiatives in the future.

The announcement has been made just after SingularityNET launched the beta version of its Ethereum-based decentralized marketplace on Thursday, Feb. 28. Last year January, the company also had announced a partnership with agriculture-focused blockchain startup Hara in the World Web Forum.

It should be noted that Ping An is the most valuable company in the insurance sector. It serves 170 million customers, and it is ranked tenth in the Forbes Global 2000 list of world’s largest public companies. As per some reports, Ping An and the Sanya municipal government had also tied up for a strategic cooperation agreement for “Smart City” construction with blockchain technology.

As per the press release, Ping An’s “One Minute Clinics” for medical consultations are currently being used in eight Chinese cities. They are being operated with no staff and Artificial Intelligence. Some media houses also reported that Ping An’s banking subsidiary Ping An Bank would be launching a boutique bank using blockchain, cloud services and the Internet of Things (IoT) tech.

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