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Joint AI lab founded by Jiao Tong University and Xinyan

Shanghai Jiao Tong University and Shanghai Xinyan AI technology announced today that they will establish a joint lab covering AI research and applications for the finance industry.

Shanghai Jiao Tong University and Shanghai Xinyan AI technology announced today that they will establish a joint lab covering AI research and applications for the finance industry.

The new lab will cover academic research and industrial applications of AI.

Jiao Tong University has advanced machine learning technology to “predict” future risks, while Shanghai Xinyan has a huge volume of data resources. The lab will become a leading credit evaluation center nationwide, both sides said.

AI and other technologies are key to the online finance sector, which is facing “tough times” because of fraud cases and more strict regulation. AI is a key tool for risk control, said Huang Xiangqian, CEO of Xinyan.

The local firm now offers credit evaluation and rating services for more than 2,000 online finance firms, covering “hundreds of millions” of pieces of data, Huang added.

The academy-enterprise alliance will boost AI development in Shanghai, which is going to be a global tech and information center in the future, Wang Qiang, secretary general of the Shanghai Information Security Trade Association said.

Shanghai has set AI as a strategic growth engine to contribute 100 billion yuan (US$14.5 billion) annually within two or three years, compared with 70 billion yuan in 2017.

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