PICC FS Signs Landmark Strategic Partnership with Global AI Leader Singularity Studio
Aug 14, 2019

Beijing – PICC Finance Services and Singularity Studio signed a Strategic Cooperation Memorandum to formally establish a long-term strategic global partnership between the two parties. Both groups will make full use of respective advantages and resources to establish a deep cooperation in the developing areas of AI and blockchain-based fintech solutions. The Strategic Cooperation was signed between PICC Financial Services Co. Ltd. (PICC FS), the wholly-owned fintech arm of People’s Insurance Company of China Holding Co. Ltd. (PICC), and Singularity Studio B.V. (Studio), the commerical AI solutions spin-off of the SingularityNET Foundation (SNET).

“Technical innovation is deeply affecting the transformation and development of the insurance industry,” remarks Gu Wei, CEO of PICC Financial Services Co. Ltd. “Currently we deploy AI and blockchain solutions across a range of product lines and services. This Strategic Partnership accelerates our AI development plans and provides a platform for global expansion.”

“PICC aims to move forward rapidly into this revolutionary era of fintech on a global basis. The Studio sees the enormous opportunity of PICC FS’s AI commitment and we have the international network to fully support this bold initiative.” comments Dr. Ben Goertzel, Chairman of Singularity Studio and Founder of SingularityNET.
Comprehensive Agreement

The Strategic Cooperation between PICC FS and Singularity Studio provides for a detailed action plan for the deployment of AI products and services as well as a comprehensive strategy to support the internationalization of the PICC fintech operation.

The Studio and SNET will work with PICC FS to apply AI and blockchain technology across the product line and throughout the service provision process in an ecosystem where AI experts provide innovative solutions and applications. The initial focus is on applications such as AI-enabled marketing, linguistic and voice recognition, smart evaluation and settlement of claims, and the use of the blockchain to manage the supply chain and identify fraud.

Under the Strategic Cooperation, SNET supports the PICC FS partnership with the world renowned Plug & Play tech center to open an accelerator in Beijing to develop research initiatives, stage training programs and hold events and seminars. In addition, PICC FS will work with SNET’s affiliated AGI Society to promote the development of Artificial General Intelligence (AGI) education and research in China.

“This sector is moving at lightning speed,” states Wang Jun, Vice President of PICC Financial Services Co. Ltd. “We understand the need to move quickly if we want to capture our place in this emerging market opportunity. By working with SNET and Singularity Studio it is possible to provide the world with cutting edge fintech solutions.”

“China is a recognized world leader in AI and is renowned for its ongoing support of developers and AI enterprises,” concludes Leon Qiu Yuanliang, Managing Director of Singularity Studio responsible for China operations. “The Studio is honored to be a part of an initiative that will have a global impact.

For more information please contact:
Marcello Mari
Head of Communication, SingularityNET Foundation
Email: Marcello.mari@singularitynet.io

About PICC Finance Services
PICC Finance Services was founded in October 2016 as the wholly owned fintech arm of People’s Insurance Company (Group) of China Ltd. (PICC). PICC FS adheres to the strategy of "Insurance + Technology + Ecology" to serve the core insurance business with refined fintech solutions through the introduction of new technologies, formats and models that provides verification applications and empowers the insurance industry.

As the key fintech platform for PICC, PICC FS is focused on the application and innovation of financial technology, exploration and creation of innovative incubators and the activation of all manner of online and offline resources to connect various business sectors of PICC, promote the integration and sharing of system resources and information, and to execute cross-border operation and industry chain consolidation.

About Singularity Studio
Singularity Studio B.V. is a Netherlands-formed corporation that provides enterprise and government AI applications to the sectors of finance, medical and Internet of Things (IoT). The Studio is the for-profit spin-off of SingularityNET, a non-profit Netherlands foundation and the first large-scale decentralized blockchain AI platform. SNET boasts one of the world’s most experienced independent AI development teams, with technology hubs in Hong Kong, USA, Russia, Brazil, Ethiopia and India. SNET is co-founded by Dr. Ben Goertzel, Father of Artificial General Intelligence (AGI) and renowned for his work in AI development and humanoid robotics.