World’s 10th Largest Public Company, Ping An Insurance, Partners with SingularityNET

Major Chinese insurance firm Ping An is partnering with AI-focused blockchain startup SingularityNET, with goals that include Optical Character Recognition (OCR), Computer Vision (CV) and model training.

SingularityNET made the announcement via a blog post on March 13, and the 2 companies are happy to be collaborating with and utilizing each other’s strengths for the successful execution of AI applications.

Ping An runs unstaffed clinics called “One Minute Clinics” in 8 cities in China. The firm runs several other initiatives that use AI at its core, and their partnership with SingularityNET provides an excellent path towards market dominance in several different industries.

Ping An is the world’s most valuable insurance brand, and was the world’s third largest financial services firm in 2018. The firm has a tech sub-division called Ping An Technology, which has led to successful applications in different fields, including peer-to-peer lending and medicine.

CEO and founder of SingularityNET Ben Goertzel said of the collaboration with Ping An:

The scale of Ping An provides considerable opportunities to showcase the benefits of AI application. We are currently discussing how to integrate SingularityNET infrastructure with Ping An’s IT infrastructure in order to analyze the different types of data available. Generally speaking, successful AI applications require at least four ingredients — AI algorithms, data, computer power, and human understanding of the problem domain. Between SingularityNET and Ping An we have all four of these in abundance, and so I am confident we will be able to do great things together.

Last year, SingularityNET attracted some attention for raising an incredible $36 million in just one minute during its ICO.

The project aims to decentralize AI algorithms and applications, among other things, via its AI marketplace. The company launched a beta version of the AI marketplace last month, and has ambitious plans for the future.