Minister Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore recently hailed new virtual bank licences as the next chapter in Singapore's banking liberalisation journey. Virtual banking seems to represent a new chapter in Singapore’s journey as a world-class financial hub, it is also an important milestone in the city-state’s ambitions to be a leading artificial intelligence (AI) hub. AI is playing an increasingly important role in global banking operations across areas such as with Know Your Customer (KYC), anti-fraud, and credit scoring solutions.
Jefferson Chen, CEO of ADVANCE.AI, and also a Partner at GSR Ventures, a leading venture capital firm in China who was the first investor in “unicorn” internet companies explains more. 

<p>Minister Tharman Shanmugaratnam, chairman of the Monetary Authority of Singapore recently hailed new virtual bank licences as the next chapter in Singapore's banking liberalisation journey. Virtual banking seems to represent a new chapter in Singapore&rsquo;s journey as a world-class financial hub, it is also an important milestone in the city-state&rsquo;s ambitions to be a leading artificial intelligence (AI) hub. AI is playing an increasingly important role in global banking operations across areas such as with Know Your Customer (KYC), anti-fraud, and credit scoring solutions.<br>Jefferson Chen, CEO of ADVANCE.AI, and also a Partner at GSR Ventures, a leading venture capital firm in China who was the first investor in &ldquo;unicorn&rdquo; internet companies explains more.&nbsp;</p>

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