A group of Indonesian investment banks is seeking to create an artificial intelligence company based on artificial intelligence and the Internet of Things (IoT).
The group of investment banks including the State Bank of Indonesia (SBI), NAB Investment and Bantan Capital are set to meet on December 10 to propose a framework for a new AI company, according to the Financial Times.
The Indonesian investment bankers are expected to make a presentation on December 11 to the Finance Ministry and the Department of Commerce and Industry (DCEI).
They are also expected to submit a proposal for the government to approve.
The bank is seeking investment in AI-related projects that are not yet commercially available.
The proposal includes AI companies that are already operational and will offer an “augmented reality” experience for the public, according the FT.
The project aims to develop a AI company to provide the public with the ability to interact with financial services through “virtual reality,” a term coined by the bank.
The AI company will then provide financial services in the same way as a real person would do so, with a higher level of accuracy and speed, according a statement by the SBI.
The SBI is an umbrella institution for the Bank of Barisan Nasional Indonesia (BNP), the country’s largest financial institution, and is the largest lender in Indonesia.
The SBI, which has been operating since 2006, is Indonesia’s largest bank by assets and is considered the main regulator for financial services.
The AI company would be run by the investment bank, which is expected to take over the management of the company from SBI when it completes its IPO.