August 21, 2024
Tech News
PolicyStreet, a local insurtech company, is offering a free road tax promotion from 28 to 30 August for the first 500 customers who renew their car insurance through its online platform. The promotion covers the full cost of the road tax, with no price cap. Customers need to select the Road Tax Renewal option at checkout, and physical road tax cards can be delivered for a handling fee of RM15. PolicyStreet is currently using MyEG for road tax delivery due to pending approval from the Ministry of Transport.
AI technology is being developed to distinguish the soundscapes of healthy and degraded coral reefs, which can help in evaluating restoration efforts and determining the need for commercial fishing bans. The AI tool, SurfPerch, is being trained by Google DeepMind using underwater recordings to identify various marine sounds, including those from blast fishing. This technology aims to accelerate nature conservation by providing faster and more extensive data analysis compared to human efforts.
Bank Negara Malaysia (BNM) has launched the National Fraud Portal (NFP) to enhance the tracking and recovery of funds in financial scams. The portal, developed in collaboration with Payment Network Malaysia Sdn. Bhd. (PayNet) and financial institutions, aims to automate fund tracing and improve data sharing among banks. The NFP will also help in identifying and monitoring mule accounts, thereby strengthening the overall response to financial fraud.
The National University of Singapore (NUS) is partnering with IBM to establish an AI research and innovation centre at the NUS School of Computing by 2025. The centre will feature IBM’s first full-stack AI infrastructure system on a university campus in Asia-Pacific. The collaboration aims to advance AI research, focusing on sustainability and AI safety, and will support local startups and SMEs through the NUS Graduate Research Innovation Programme (GRIP).
Tech Explained
Insurtech – Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.
AI – Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems.
Blockchain – Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
IoT – The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Cloud Computing – Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user.
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