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.