We are still in the very early innings of the artificial intelligence (AI) revolution. The global Artificial Intelligence (AI) industry is a dynamic and rapidly evolving sector, poised at the forefront of technological innovation. As the fusion of machine learning, deep learning, and neural networks continues to redefine the boundaries of what machines can achieve, AI has permeated various industries, from healthcare and finance to entertainment and transportation. Its transformative potential is evident in its ability to automate tasks, provide insights from vast data sets, and even enhance human capabilities.
According to a recent report by Fortune Business Insights, the global artificial intelligence market size was valued at USD 428.00 billion in 2022 and is projected to grow from $515.31 billion in 2023 to a staggering $2 trillion by 2030, exhibiting a CAGR of 21.6% during this forecast period. This growth is driven by increasing investments in AI research and development, the proliferation of data, the rising demand for intelligent solutions across various sectors, and significant advancements like the rapid adoption of AI tools such as OpenAI’s ChatGPT.
One such company that is actively leveraging its AI expertise with major players in the industry is VCI Global Limited (NASDAQ: VCIG).
VCI Global Announces Advanced AI Collaborations With Microsoft and AdScale
VCI Global Limited, a prominent name in the tech landscape, has recently unveiled a groundbreaking partnership with Microsoft Azure OpenAI (NASDAQ: MSFT). This collaboration, facilitated through its subsidiary V Galactech Sdn Bhd, is set to redefine the future of business solutions. By synergizing the AI prowess of both entities, they aim to cater to the surging demand for cutting-edge tech solutions. As businesses globally are making strides towards seamless and swift operations, this alliance promises to be a beacon of innovation.
The essence of this partnership is not just limited to reshaping business solutions. VCI Global is poised to harness the vast capabilities of Microsoft Azure OpenAI to spearhead a series of innovative ventures. Among these are the integration of tools like the Generative Pre-trained Transformer 4 (GPT-4) and Microsoft’s Bing Chat Enterprise. Furthermore, VCI Global is set to incorporate Microsoft Azure OpenAI’s avant-garde AI technology into its diverse project lineup, a notable mention being the robosale software. Expressing his fervor for this collaboration, Dato’ Victor Hoo, the Group Executive Chairman and CEO of VCI Global, emphasized the transformative potential of the partnership. He believes that this alliance will not only revolutionize business operations but also catalyze VCI Global’s ascendancy in the AI domain.
In another strategic move, VCI Global has secured its position as the exclusive licensee for a selection of AdScale Ltd’s products. This entails the promotion of these innovative products across nine pivotal regions, including Hong Kong, Indonesia, Malaysia, and Singapore, to name a few. This initiative is a testament to VCI Global’s ambition to bolster its AI product and service portfolio across these regions, which collectively house a staggering 800 million individuals. The implications of this partnership are profound, with projections indicating a significant revenue influx for VCI Global by 2024.
The world of AI is vast, encompassing a myriad of technologies that are revolutionizing industries. Among these, data models and algorithms stand out, empowering marketers with invaluable insights. These tools are pivotal in streamlining costs, curating personalized content, and enhancing user experiences. AdScale’s platform epitomizes this revolution. As a cloud-based, AI-driven performance platform, it automates marketing campaigns across a plethora of channels. With over 5,000 brands under its belt, including the likes of Speedo, AdScale’s platform is a game-changer. Reflecting on this collaboration, Dato’ Victor Hoo reiterated VCI Global’s unwavering commitment to AI expansion, drawing attention to the company’s acquisition of LOCUS-T, a significant player serving over 1,000 clients in the region.
VCI Global Partners with Treasure Global to Revolutionize Travel
VCI Global Limited (NASDAQ: VCIG), a prominent figure in the technology sector, has recently announced a strategic collaboration with Treasure Global Inc (NASDAQ: TGL). Their combined aim? To deliver an AI-powered travel platform that promises to redefine the travel experience for tourists in Malaysia.
AI: The Next Frontier in Travel
With AI taking center stage in many industries, VCI Global and Treasure Global are setting their sights on capitalizing on this innovative technology for the travel sector. Their proposed platform isn’t just another travel app; it’s a high-tech portable concierge designed to provide travelers with real-time recommendations. Whether it’s exploring new places, finding the best dining spots, or making seamless bookings for flights, hotels, and car rentals, this platform has it covered. A significant feature to note is the built-in translation function, intended to break down language barriers and make travel in Malaysia more accessible to international tourists.
The collaboration brings together the strengths of both companies. VCI Global brings its profound expertise in AI and data analytics, while Treasure Global, a leading Malaysian e-commerce platform, contributes its vast user base of 2.4 million and partnerships with over 2,000 merchants. Financially, both parties have decided on an equitable profit-sharing agreement, with profits from the venture being split on a 50:50 basis.
Why Now?
Recent research from giants like Google, Temasek, and Bain & Company unveiled the staggering potential of Southeast Asia’s digital economy, which could skyrocket to $1 trillion by 2030. Malaysia’s share of this digital economy? An impressive $34 billion by 2025, with $8 billion solely from online travel-related activities. Considering these numbers, it’s evident why this partnership between VCI Global and Treasure Global is perfectly timed as economies transition to the post-Covid era. The surge in tourist arrivals in Malaysia – from 61,000 in the fourth quarter of 2021 to 4.5 million in the fourth quarter of 2022 – further underscores the sector’s potential.
Dato’ Victor Hoo, the Group Executive Chairman and CEO of VCI Global, expressed his confidence in the platform, emphasizing its potential to catalyze growth in Malaysia’s tourism industry. On the other hand, Sam Teo, CEO of Treasure Global, highlighted the ‘revenge travel’ phenomenon post-pandemic and the win-win situation their collaboration would foster.
VCI Approval For Dual Listing on Upstream
On August 24, 2023, VCI Global announced it had received approval to dual list its shares on Upstream, an innovative trading app centered around digital securities and non-fungible tokens (NFTs) and powered by Horizon Fintex and MERJ Exchange Limited. The dual listing on Upstream will officially be available starting September 19, 2023 at 10am ET and will remain under the ticker symbol “VCIG.”
The Upstream listing provides an opportunity for VCI to expand its investor base outside of the U.S. by providing international investors with the ability to invest in its Nasdaq-listed stock using USD, USDC stablecoin, debt & credit and Paypal payments.
“We are undoubtedly delighted to have secured the approval to be listed on Upstream. The approval basically paths our way onto our next phase of growth, entrenching our position in the AI field. We at VCI Global have maintained that AI is the way of the future and being approved to list on Upstream’s next generation market aligns with our forward-thinking plans,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.
VCI’s Subsidiary Appointed as IPO Consultant for Mojo Meta
In another significant development, V Capital Consulting Limited (VCCL), a wholly-owned subsidiary of VCI Global, has been selected as the IPO consultant for Mojo Meta International Sdn Bhd (MMI). This appointment comes ahead of MMI’s anticipated listing on the NASDAQ stock market. As part of this agreement, the IPO advisory mandate will involve a $2 million advisory fee and an additional success fee, which equates to 5% of Listco’s fully diluted shares on the expanded market capitalization.
MMI’s Role in the Digital Age
MMI isn’t just any company; it’s a dynamic solutions provider that caters to the media and advertising needs of the digital era. With a robust system that provides a spectrum of services through advanced digital multi-content platforms, MMI stands out in its niche. They’ve adopted AI technology to improve their service offerings, creating dynamic digital content for the media and advertising sectors. MMI’s diverse client portfolio boasts big names like Petronas, Mastercard, Nestle, and Sony.
VCCL’s responsibility as the IPO consultant encompasses a range of tasks, from reviewing and assisting with the capital structure of Listco to collaborating with external professionals and establishing effective capital market strategies.
Dato’ Victor Hoo of VCI Global reiterated the importance of AI across all industries and expressed his pleasure in supporting MMI through VCI’s technological and consultancy prowess. Phoo Keng Hui, the Group CEO of MMI, highlighted the crucial role VCI Global will play in positioning MMI for success in the constantly evolving digital era.
Conclusion
In the burgeoning realm of artificial intelligence (AI), the world stands on the precipice of a transformative era. The AI industry, with its rapid evolution, is not only redefining technological boundaries but also permeating diverse sectors, from healthcare to transportation. The staggering projected growth of the AI market, set to surpass USD 2 trillion by 2030, underscores its monumental potential. Companies like VCI Global are emblematic of this shift, forging strategic alliances with tech giants like Microsoft and innovative platforms like AdScale to harness AI’s vast capabilities. Their ventures span from reshaping business solutions to revolutionizing the travel experience in Malaysia, capitalizing on the booming digital economy of Southeast Asia. Furthermore, VCI Global’s subsidiary’s recent appointment as the IPO consultant for Mojo Meta International signifies their expanding influence in the digital and media sectors. As we reflect on these developments, it’s evident that AI’s potential is boundless, with companies like VCI Global leading the charge in shaping a future where technology and human ingenuity converge seamlessly.
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