Chinese Insurance Giant Ping An Partners With Decentralized AI Startup SingularityNET

Chinese Insurance Giant Ping An Partners With Decentralized AI Startup SingularityNET

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Chinese insurance giant Ping An has partnered with Ethereum (ETH)-based decentralized artificial intelligence (AI) startup SingularityNET. The latter company announced the collaboration in a press release published on Medium on March 14.

Per the release, the collaboration will at first focus on Optical Character Recognition (OCR), Computer Vision (CV) and model training. SingularityNET notes that the scope of the partnership is expected to expand to multiple industries and initiatives in the future.

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

Ping An is reportedly the world’s most valuable insurance company, it serves 170 million customers, and ranked tenth in the Forbes Global 2000 list of world’s largest public companies. As Cointelegraph reported in November last year, Ping An and the Sanya municipal government also signed a strategic cooperation agreement for “Smart City” construction involving blockchain.

The press release notes that Ping An’s “One Minute Clinics” for medical consultations, which are unstaffed and use AI, are already in use in eight Chinese cities.

During the same month, Cointelegraph also reported that Ping An’s banking subsidiary Ping An Bank will launch a boutique bank using blockchain, cloud services and Internet of Things (IoT) tech.