Trustformer, the esteemed subsidiary of global blockchain solutions provider ChainUp, a frontrunner in global crypto asset security and compliance solutions, has embarked on a collaborative venture with Nanyang Technological University (NTU) to harness AI in the realm of anti-money laundering (AML). This initiative, bolstered by the support and funding from the Cyber Security Agency of Singapore (CSA), underscores Trustformer’s commitment to utilizing cutting-edge AI algorithms and AML methodologies to offer data and computational expertise to both NTU and the CSA.
Amidst the rapid evolution of digital finance and the cryptocurrency market, safeguarding against risks like money laundering and terrorist financing is paramount. With Trustformer’s robust crypto risk management and compliance solutions, Singapore government is poised to proactively monitor and mitigate suspicious crypto transactions, enhancing the overall safety and integrity of the digital asset sphere. Trustformer’s compliance technology solution aids regulators and researchers in scrutinizing suspicious stablecoin and cryptocurrency transactions, setting the benchmark for efficient and intelligent crypto financial regulation. The firm’s ongoing innovations in AML, crime investigation, ransomware, and suspicious transaction analytics further consolidate its position as a leader in applying AI to Singapore’s crypto regulatory landscape.
As an innovator in global regulatory tech, Trustformer’s Know Your Transaction (KYT) platform offers users a comprehensive suite for crypto transaction risk monitoring. The KYT solution enables risk warnings before transactions, risk scans of target addresses, and post-transaction analysis. This empowers users to proactively detect potential vulnerabilities and ensures compliance with global financial regulations. Furthermore, it aids regulatory bodies in effectively pinpointing risks associated with money laundering, criminal activities, illegalities, fraud, and other financial crimes.
Additionally, Trustformer’s KYT platform boasts advanced risk management and analytical capabilities, providing users with macro and micro insights into crypto asset and entity risk profiles, facilitating timely risk strategy adjustments.
In partnership with NTU, the government’s vanguard for cyber and information security that guides Singapore’s cyber fortifications, Trustformer is dedicated to advancing blockchain security standards and practices. Both entities are committed to fostering a safer and more reliable trading environment for the global crypto asset community, marking a significant stride towards enhancing the safety and compliance of digital assets.
Invested and incubated by ChainUp, Trustformer leads in integrating compliance technology with real-time risk monitoring. Harnessing AI language models, Trustformer’s solutions adeptly combine Web2 content semantics with Web3 transaction data, offering unparalleled real-time risk identification. This allows for real-time identification and alerting of risks associated with entities, wallets, and transactions. Adhering to the FATF Travel Rule, Trustformer blends global cross-border financial regulations with localized financial and cryptocurrency licensing policies. This ensures real-time risk identification, transaction analysis, and alerts. Through graphical node reasoning, the platform provides in-depth analysis of transaction addresses and fund flows, in addition to offering risk compliance investigation and financial security audit services.
Vechain and SingularityNet Combine Blockchain + AI To Drive Sustainability and Build Advanced Enterprise-Grade Tools
Vechain and SingularityNET, industry leaders in blockchain and artificial intelligence (AI) respectively, have announced their strategic collaboration. This partnering of technical giants unites powerful emerging technologies with the potential to radically change how the global economy operates, offering powerful enterprise-grade tools to tackle challenges in the field of sustainability and traditional businesses.
In particular, the alliance holds great promise for vechain’s ambitions with Boston Consulting Group, partners, collaborating on building ‘ecosystems’ wherein individuals and businesses are incentivised to act sustainably. SingularityNet’s AI capabilities offer immense potential to enhance and improve these ecosystems, utilising AI technology to pore over data, and improve their efficacy.
Vechain and SingularityNET intend to launch joint research initiatives to fortify the efficacy of each respective platform and ingrain the pair at the heart of future digital development. The combination of these technologies can equip businesses with intelligent tools, signalling the onset of a new phase in the era of digitisation.
Dr. Ben Goertzel, the visionary CEO of SingularityNET, expressed his excitement for the massive potential of this partnership:
“The last few years have taught the world that when the right AI algorithms meet the right data on sufficient processing power, magic can happen.
What’s even better is when the algorithms, data and processing are decentralized in deployment, ownership and control — which is exactly the sort of magic that’s going to happen putting the SingularityNET ecosystem’s AI algorithms together with vechain’s deep and diverse enterprise data, on the joint, secure distributed processing power of the two networks.
This combined power will be applicable to sustainability as one of our initial focus areas, but in the end extends across essentially all vertical markets. It’s hard to overestimate the potential here.”
Vechain’s CTO Antonio Senatore commented:
“We’re excited to be collaborating with leading Web3 AI platform, SingularityNET, combining our rich streams of enterprise data with SingularityNET’s powerful and versatile platform.”
“Blockchain and AI offer game-changing capabilities for industries and enterprises and are opening new avenues of operation. We look forward to working closely with the SingularityNET team to build out new services and continue to advance the fore of possibility in web3 and sustainability.”
Vechain and SingularityNET are enabling a new, more interconnected and automated world, driving new capabilities in the fields of industry and in particular, for action around sustainability.
Acentrik wins Singapore Business Review Technology Excellence Award 2023 for Best Blockchain Product
Mercedes-Benz Singapore has been awarded the Singapore Business Review Technology Excellence Award in the Blockchain – Automotive Services category for its innovative enterprise product, Acentrik. Now in its fifth year, this awards programme lauds companies that ride the digital disruption wave with technological innovations that have successfully transformed industries and business models.
Acentrik is an enterprise-grade data exchange solution developed for the purpose of enabling greater data sharing in enterprises, across industries. As one horizontal technology applied across multiple industries, Acentrik can be used as a ready-to-use data marketplace for enterprises to exchange data globally; or as a turnkey solution for enterprises to have their own dedicated whitelabel solution to control and define their own ecosystem of participants and data products.
Acentrik’s main feature is Compute-to-Data, with edge computing capabilities – enabling enterprises to align greater data sharing with data privacy.
Compute-to-Data – new potential for data sharing
With Compute-to-Data, which is bringing algorithm to where the data is – allows for privacy- preserving compute jobs for both data provider and consumer. Data providers make confidential data available and monetize from it; while consumers’ algorithms get smarter without being exposed to the raw data. This unlocks greater value in private and confidential data across industries. Acentrik has no access to enterprises’ data, acting as an orchestrator and connecting data sources, ensuring data sovereignty.
By showcasing how a Blockchain solution like Acentrik is revolutionizing the data landscape for enterprises, the journey of this strategic product of Mercedes-Benz has since also led to their recent award.
“It is an astounding win for us, further validating our ambitious work towards driving an innovative product like Acentrik. We are confident to reach further ambitions and with the traction that we’re receiving, we are excited of what’s to come,” Srikanth Kaja, General Manager – Centre of Excellence Web3 of Mercedes-Benz Singapore.
Acentrik, a strategic product by Mercedes-Benz, is an enterprise solution for decentralized data exchanges. It is built for organizations with focus to create value out of data, ensuring privacy and sovereignty. Acentrik’s vision is to revolutionize the world of data exchanges and contribute to the greater ecosystem of enterprises, explicitly geared to the needs of organizations, enabling greater data sharing in a private and sovereign manner.
Malaysia and China to collaborate on AI Research for Transborder Blockchain Applications
KUALA LUMPUR, Malaysia, June 14, 2023 — Malaysia’s public blockchain platform developer Zetrix and the country’s premier research university Universiti Malaya (UM) will be collaborating with China Academy of Information and Communications Technology (CAICT) to develop cutting-edge Artificial Intelligence (AI) technology as part of their ongoing intergovernmental research collaboration.
The project entitled “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications” was selected as part of the intergovernmental collaboration between Malaysia and the People’s Republic of China in the field of Science, Technology and Innovation.
Spearheaded by the Chinese government’s government-to-government (G2G) program and initiated by the Ministry of Science and Technology (MOST) of China, this collaboration is designed to foster research partnerships between the Chinese government and overseas governments.
Malaysia is one of the 14 countries that is participating in this prestigious program. It is setting its research initiative on leveraging AI to further streamline and optimise the cross-border trade processes, with the ultimate goal of reducing inefficiencies and improving the overall ease and speed of cross-border transactions.
TS Wong, Group Managing Director of MYEG Services Bhd (MYEG 0138), which owns and develops Zetrix, expressed his enthusiasm for the expanded research focus. “AI and Web 3 are the 2 key complementary technologies that will disrupt the whole spectrum of digital services. Web3 provides the architecture that supports the deployment of AI functionalities on authenticated digital assets ,” Wong said. “Our partnership with UM and CAICT continues to be instrumental in our journey towards leveraging 4th Industrial Revolution (4IR) technologies to transform cross border trade and settlement.”
The lead researcher at UM, Dr Saaidal Razalli Azzuhri, also highlighted the potential benefits of the expanded research initiative. “The incorporation of AI into our ongoing research work opens up a whole new realm of possibilities,” Dr Azzuhri said. “We expect that the synergistic combination of AI and blockchain technology will lead to breakthroughs that greatly enhance the efficiency and security of cross-border trade.”
The addition of AI to the scope of this tri-partite collaboration is timely and comes even as Zetrix continues to lead the way in the deployment of services that are at the intersection of blockchain and AI. Last month, Zetrix successfully deployed its Digital Identity Service, a W3C-compliant pioneering decentralised identity service that enables online engagements with real humans to be verified and distinguished from those with AI agents.
This collaboration between Zetrix, UM and CAICT marks yet another significant stride towards international cooperation in AI research. It also recognises the importance of international cooperation and knowledge-sharing in realising the full potential of AI in advancing cross-border trade, which helps forge a path towards a more connected, efficient, and prosperous world economy.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy.
Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China Blockchain enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About MY E.G. Services Bhd (“MYEG”)
MYEG is Malaysia’s premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MYEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others.
Committed to staying firmly at the forefront of the region’s digital revolution, MYEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets. MYEG has operations in key regional markets such as the Philippines and Indonesia.
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