Marvelstone Group, the private investment firm behind Singapore-based fintech hub LATTICE80, has revealed plans to launch its first artificial intelligence (AI) hub in Singapore’s central business district in 2018.
This is in a bid to position Singapore as a global leader in AI technologies, which is anticipated to be a main growth engine of the future economy. Marvelstone’s AI hub is also aligned with the government’s Smart Nation vision. According to the press statement, in Singapore, many ideas in the area of AI are still research focused. Hence, there is a need for an incubator such as Marvelstone to bridge the gap to commercialise them for future use by companies and the government.
In a statement to Marketing, Joel Ko Hyun Sik, president of Marvelstone, said as AI technology matures, he predicts it will play a role in Singapore’s bid to become an advanced manufacturing hub. In terms of competitiveness, capabilities, and connectedness, Singapore is without doubt one of the best places in the world, Ko added.
“My own experience at our fintech hub LATTICE80 has shown me that Singapore has huge potential to become a world leading technology and startup hub,” Ko said.
He added that Marvelstone will boost awareness of its upcoming AI hub through traditional media across print and digital, as well as social media, newsletters and group chats on messaging apps. Sister hubs will be launched subsequently in Japan, Scotland and Canada. The company declined to comment on the planned investment amounts or project valuations of the AI hub.
In addition to incubating 100 AI startups every year, the business model of the hub also includes intellectual property (IP) generation, aiming to educating 1,000 annually, investments to grow ideas and events. MNCs and institutions that collaborate with the AI hub will gain access to innovative AI startups, in turn creating demand for the projects, the press statement read. Startups will be able to commercialise their products in a more systematic and organised manner. The new AI hub will also co-build products alongside startups and assist them in commercialising products and identifying market fit.
“There is a clear need for a big playground for startups, entrepreneurs, and even corporates in the field of AI. Considering the high interest and demand for AI globally, there are still relatively few places to test these new technologies. Our goal will be to build 100 AI startups per year and attract global AI talent to come to Singapore to incubate their own applications and collaborate with our local teams. We’re extremely excited about this vision and believe AI will represent an unparalleled theatre of growth of the future,” Ko said.
Headquartered in Singapore, Marvelstone is a private investment group that develops specialised investment strategies and invests in businesses with high potential. It also has diversified investments in areas such as technology, media, real estate and hospitality. LATTICE80 was launched in 2016, with the objective of accelerating the growth of the fintech ecosystem in Singapore and drawing overseas opportunities to showcase the country as a fintech success story.