SINGAPORE (Oct 16): Private investment firm Marvelstone Group announced Monday that it is planning to launch the world’s largest artificial intelligence (AI) hub in Singapore’s central business district in 2018.

This comes close to a year after the launched Singapore-based fintech hub Lattice80 in November 2016.

See: 'World’s largest fintech hub' Lattice80 launched at 80 Robinson Road

Marvelstone says the upcoming AI hub is aligned with the government’s Smart Nation vision, and will position Singapore as a global leader in AI technologies, which is expected to be a key growth engine of the future economy.

The group aims to incubate 100 AI start-ups each year to turn research-focused AI ideas into commercially viable products that can be used for future deployment by government and corporates.

In addition, it plans to generate intellectual property (IP), draw investments to help grow the ideas, and educate some 1,000 people per year in the field of AI through the hub.

“Our goal will be to build 100 AI startups per year and attract global AI talent to come to Singapore to incubate their own applications and collaborate with our local teams,” says Marvelstone president Joel Ko Hyun Sik. “Considering the high interest and demand for AI globally, there are still relatively few places to test these new technologies.”

The world’s largest AI hub in Singapore will be followed by sister hubs in Japan, Scotland, and Canada to form a global AI hub network.

“There is a clear need for a big playground for start-ups, entrepreneurs, and even corporates in the field of AI,” says Ko. “We’re extremely excited about this vision and believe AI will represent an unparalleled theatre of growth of the future.”