CapitaLand and Microsoft Sign MoU to Harness AI and Advanced Technologies for Businesses
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In a major move, CapitaLand Group has announced the signing of a memorandum of understanding (MoU) with Microsoft, a technology giant. The MoU aims at leveraging artificial intelligence (AI) and advanced technologies for the benefit of CapitaLand’s businesses.
Under the MoU, CapitaLand will enter Microsoft Singapore’s AI Pinnacle Program, which will enable CapitaLand to utilize Microsoft’s platforms, services and solutions to enhance customer engagement and improve operational efficiency across its business units such as funds, investments, retail, lodging and development. Through this partnership, CapitaLand will identify potential collaboration areas on infrastructure development, making use of Microsoft’s Azure cloud computing platform to design and develop data centers for CapitaLand Investment and integrating AI, data analytics and machine learning to boost digital and business transformation efforts.
Quah Ley Hoon, Group Chief Corporate Officer of CapitaLand Investment, said, “Our collaboration with Microsoft is a significant milestone in CapitaLand’s digital transformation journey. AI will play a critical role in shaping our future, with the potential to drive operational efficiencies and create value for our stakeholders.”
Additionally, CapitaLand Investment (CLI), the real asset management arm of CapitaLand, has also signed an MoU with the Singapore Business Federation (SBF). The MoU aims to establish a framework for digitalization and integration of AI across CLI’s retail ecosystem. This collaboration seeks to facilitate the adoption and proof of concept for AI, data analytics, and cybersecurity solutions to enhance business efficiency and competitiveness. It also aims to develop AI-focused competency and skills among retail tenants.
The MoU comes amid CLI’s acquisition of three properties in Singapore and Thailand, and a significant decline in its Patmi (profit after tax and minority interest). However, the cashflow is expected to remain stable.
Earlier this year, CapitaLand Investment made headlines with the sale of the penthouse in One Pearl Bank, reaching a milestone of 100% sale for the development. The partnership with Microsoft and SBF looks very promising for the future of CapitaLand Group and its digital transformation journey.