By The Nation
RISE.AI uses the company’s global network and expertise to create an outcome-driven innovative platform that bridges the gap between innovative concepts and applicable practices in accelerating the development of AI technology.
The program aims to gather best-in-class AI startups who specialise in artificial intelligence technology with initial market traction to jointly develop pilot projects with leading corporates in various sectors such as finance and banking, insurance, energy and clean technology, etc. Leading corporates in Thailand who have joined the program include PTT Exploration and Production Pcl, AI & Robotics Ventures Co Ltd, Bank of Ayudhya Pcl and the Digital Economy Promotion Agency. The program will take place in Bangkok from April to September 2019.
Nattapat Thanesvorakul, Head of Ventures at Rise, said artificial intelligence technology will be a major driver in boosting overall GDP growth of Thailand and Southeast Asia region. An establishment of a data-driven culture in a business organisation will enable regional corporates to optimise key business decisions and enhance core products and services leading to sustainable economic growth, he added.
“The AI industry is now growing and creating profound effects on both business and society. The rise of artificial intelligence creates substantial improvement across industries, transforming the way companies do their business and changing the competitive landscape in the global economy. Therefore, it is necessary for businesses to adopt new technology in order to cope with rapid technological changes and create new business opportunities that strengthen competitiveness and maximise revenue,” he said.
According to the research by McKinsey, the adoption of AI will result in substantial increase in profitability of businesses in all sectors by 2035, particularly in education, accommodation and food service and construction, which is expected to rise more than 70 per cent.
Additionally, the utilisation of AI in wholesale and retail, agriculture, forestry, fishing and healthcare sectors are expected to increase profitability for more than 50 per cent. “However, the adoption of AI is time-consuming and costly. Most corporates in Southeast Asia region have insufficient resources to develop AI technology within the organisation, and also have no access to global AI developers. This is why RISE.AI is designed to link corporates and qualified global AI developers in creating potential synergies that will allow them to survive and remain competitive in the changing global economy,” said Nattapat.