GIC, SGInnovate and SMU partners with Canadian firm Element AI to expand AI ecosystem

The parties will develop products in the financial sector as well as enhance local AI talent and scale.

GIC, SGInnovate and Singapore Management University (MUS) have inked deals with Canadian artificial intelligence (AI) software firm Element AI in a bid to expand Singapore and Asia’s AI ecosystem, an announcement revealed.

The partnership between Element AI and SGInnovate will prioritise the expansion of Singapore’s deep tech talent pool and development of the fast-growing technology startup ecosystem in ASEAN, Element AI said.

The firm added that its collaboration with GIC will focus on the application of advanced machine learning techniques to challenging problems encountered by large asset managers.

“The Singapore industrial ecosystem consists of renowned institutions with deep expertise in building global enterprises,” Element AI CEO Jean-François Gagné said. “We’re very excited about what is possible as we focus on augmenting collective intelligence and transforming industry as we know it with the help of role-centric AI products.”

The announcement also noted that the parties would focus on the potential of AI-related startups in an effort to help corporations and governments address a variety of challenges.

“Both parties will co-host a series of events and work alongside technical founders to create opportunities for startups to deploy, improve and further scale AI solutions,” Element AI added.

Meanwhile, SMU’s School of Law will be embarking on research collaborations with Elements AI on the governance of AI, the announcement revealed.

“Specifically, SMU will be responsible for carrying out the Singaporean and ASEAN aspects of research whilst Element AI will focus on the North American aspects,” the firm noted.