The world of technology has evolved at a breakneck pace over the course of the last half a decade or so, and some of the technologies that have evolved have the potential of upending entire industries. One of those new technologies is artificial intelligence or AI, and over the past couple of years, it has been successfully used across a wide range of industries. The finance industry has always been quick to adopt the latest technologies, and it has paid rich dividends throughout the industry's history. In the same vein, the finance industry has also embraced AI. At the end of the day, all the firms in the industry are looking for that edge that can give them a distinct advantage and hence, it is not a surprise that AI is now such an integral part of the industry.

Over the course of the past few decades, Singapore has grown into one of Asia's most vibrant economies, and much of the credit for the stupendous growth is down to the fact that the government does not indulge in bureaucratic delay when it comes to business deals. That has seen billion of dollars in investment flowing into the country over the course of the past decades, and it will continue in the same vein as long as the same principles are maintained. In a new development, it has emerged that the Chinese e-commerce and tech giant Alibaba has been granted an Artificial Intelligence (AI) by the concerned authorities in Singapore within a record time of 3 months. As it has now become well known, Alibaba is now no longer only an e-commerce company and has expanded into a range of business, including payments and tech in a big way. The patent was granted by the Intellectual Property Office of Singapore (IPOS) under the provisions of its Accelerated Initiative for Artificial Intelligence (AI2) initiative.