Insurance colossus AIG has entered into a collaboration agreement with IBM to develop a 'smart' insurance policy that will use blockchain technology to manage complex international coverage. The companies issued a joint-press release in which they disclosed that they had successfully completed a pilot of what they have termed a 'smart contract' which is a multi-national policy for Standard Chartered Bank PLC.

Chinese firm YITU Technology (YITU) which is a leader in Artificial Intelligence (AI) research and innovation has officially launched a new office in Singapore. The new facility will serve as the company’s regional hub in order to help YITU accelerate its award-winning and renowned AI and facial recognition solutions to whole series of new customers, partners and markets in regions such as Southeast Asia, Hong Kong, Macau and Oceania.

Financial analysts are predicting that Switzerland is set to become the global epicenter for the forthcoming cryptocurrency and blockchain technology that it is built on. Reports have emerged that investors are flocking to the affluent Alpine nation in an effort to get in on the virtual action.