Singapore (Photo: RastoS/Shutterstock.com)Clifford Chance Selects First Company For Global Innovation Lab
Taiger will work with Clifford Chance to lower costs by making resource-intensive legal processes more efficient.
May 09, 2019 at 03:42 AM
3 minute read
A Singapore-based artificial intelligence company is the first to be selected for Clifford Chance's Singapore-based global innovation lab, Create+65.
Taiger Singapore Pte. Ltd. provides AI solutions that automatically read, understand and extract information. Clients of Taiger, which was founded a decade ago by former tech project manager Sinuhe Arroyo, have mostly been in the financial services sector, such as Bank of America Merrill Lynch, AIA and Manulife, according to the company.
A judging panel that included Clifford Chance global head of innovation and Amsterdam co-managing partner Bas Boris Visser and Singapore managing partner Kai-Niklas Schneider, picked Taiger to be the first company in Create+65 because its technology "aligns with Clifford Chance's innovation priorities". These include adopting new technologies to improve document drafting, management and analytics, as well as using machine learning and natural language processing to increase efficiencies.
For the next 12 weeks, Taiger and Clifford Chance will work together to identify cost- and resource-intensive legal processes that Taiger's technology can help significantly reduce. The company will be able to access the firm's resources, including Clifford Chance's lawyers and clients, to gain anonymised sample data and mentoring.
Create+65 was launched in December and is supported by the Singapore Economic Development Board. It operates in collaboration with the Singapore Academy of Law's Future Law Innovation Programme – a two-year pilot programme launched last year to encourage legaltech in Singapore.
The Singapore Government has been actively promoting legaltech in the city-state. Just last week, the Singaporean Ministry of Law, Law Society of Singapore, government agency Enterprise Singapore and technology regulator Infocomm Media Development Authority, launched a $2.7 million scheme, called Tech-celerate for Law, to encourage small and medium-sized Singaporean law firms to adopt legal technology.
The Tech-celerate for Law scheme will reimburse up to 70% of the first-year costs of "advanced" technology solutions, such as software powered by AI; as well as for "baseline" technology solutions, such as for document management and online legal research. The reimbursement for advanced technology solutions is capped at about $73,000, while baseline technology solutions are capped at $22,000.
Only local law firms operating with a Singapore Law Practice licence and that have annual revenues of $73 million or less, or employ a total of 200 staff or less, are eligible for the scheme.
|Related Stories:
Clifford Chance Launches Legal Tech Innovation Lab in Singapore
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