Standard Chartered and A*STAR set up an AI for Banking Innovation Lab

The three-year partnership is expected to accelerate AI research.

Standard Chartered and the Agency for Science, Technology and Research (A*STAR) have announced a three-year partnership to accelerate artificial intelligence (AI) research.

Under this, the bank and A*STAR will commit a total of S$15m to establish an AI for Banking Innovation Lab. The lab will comprise technology scientists and researchers from the two organisations.

Teams from A*STAR IHPC and Standard Chartered will explore a range of themes including portfolio optimisation, fraud detection and natural language processing.

One project already underway is developing a natural-language interface for querying structured databases. This is expected to help relationship managers access insights without writing code, thus speeding up analysis and boosting productivity.

The lab is also explopring new data-driven approaches to strengthen asset valuation and forecasting.

(US$1 = THB32.16)