Daily Briefing: Orchard Road is world's 16th priciest retail street; AML startup Silent Eight bags $8.45m in series A funding

And fingerprints and facial immigration clearance will soon greet travellers in Singapore airports by 2025.

From iCompareLoan:

Orchard Road has been hailed the 16th most expensive retail street in the world as its average rent stood at $425.25 (US$312) psf a year, according to Cushman & Wakefield study. It came a spot higher as compared to last year.

The street trailed behind Via Montenapoleone in Milan, Avenue des Champs Elysees in Paris, New Bond Street in London and Upper 5th Avenue in New York. Causeway Bay in Hong Kong nabbed first spot, with an average rent of $3741.41 (US$2,745) psf a year.

The biggest rental rise in the top 10 saw Sydney’s Pitt Street Mall increase rents by a colossal 17.9% over the past 12 months to reach $1466.58 (US$1,076) psf/yr. Five of the top 10 global streets were in Europe, with four in Asia and just one in the US.

Read more here.

From e27:

Singapore-based AI-powered, AML and counter-terrorism financing startup Silent Eight, raised an oversubscribed series A round worth $8.45m (US$6.2m) round. This comes in as banks and financial institutions face increased scrutiny from regulators.

The round was led by existing investor Wavemaker Partners. They are an early-stage venture capital firm focused on enterprise and deep tech startups. Other participating investors include SC Ventures, Standard Chartered ’s innovation, fintech investment, and venture arm, and OTB Ventures, as well as existing investors.

The fresh capital from this round will be used to hire new employees to support a strong pipeline of customers comprising large banks and insurance companies.

Read more here.

From TTG Asia:

Travellers visiting Singapore will have to clear security at automated border checkpoints with their fingerprints, and facial and iris scans.

Border security is one of the five key national artificial intelligence (AI) projects that was announced by deputy prime minister Heng Swee Keat on November 13, and is part of Singapore’s greater strategy to harness AI to deliver social and economic benefits.

With the help of AI, travellers will be able to clear immigration checks quicker and more seamlessly at Singapore borders, whilst the process will also reduce human error and allow immigration officers to focus on other visitors who may require another look.

A fully automated system – which uses a facial recognition system – currently in place at Changi Airport, was said to achieve manpower and efficiency savings of up to 20 per cent, stated the Straits Times report.

Apart from border security, the other AI four projects are in logistics, healthcare, education and estate management, said the Smart Nation and Digital Government Office.

Read more here.