JUNEASIA BUSINESS OUTLOOK9Amazon is making a significant investment in artificial intelligence startups by allocating $230 million in Amazon Web Services (AWS) credits. This initiative aims to attract early-stage generative AI startups by offering them free access to AWS's computing power, AI models, and infrastructure, provided they develop their companies on AWS.This new investment is part of Amazon's broader strategy to support startups, adding to the $1 billion in cloud credits it already offers annually. The focus on generative AI startups is intended to help these companies quickly iterate and scale their operations, according to Matt Wood, Vice President of AI Products at AWS.Additionally, part of the credits will support 80 early-stage companies globally through the AWS Generative AI Accelerator program. Each startup in the accelerator could receive up to $1 million in AWS credits, enabling them to innovate and grow rapidly.The demand for AI has driven up the usage of cloud services, contributing to the growth of cloud providers like AWS. In the first quarter of this year, AWS's revenue rose by 17 percent to $9.42 billion, surpassing analyst expectations. However, the investments by tech giants in AI startups have also attracted regulatory scrutiny over antitrust concerns.In related news, Howard Wright, who managed startup relationships as the global head of Startups at AWS, recently left the company. Amazon has not commented on his departure. WRISE Prestige, a subsidiary of WRISE Group, has revealed its strategic partnership with Kingkey Privilege Wealth Management (Kingkey), a prominent financial institution. This collaboration aims to strengthen cooperation and provide a wide range of services, including life insurance, over-the-counter (OTC) securities, and funds. This initiative underscores WRISE's commitment to building an integrated wealth ecosystem that caters comprehensively to its clients.Launched in February 2024, WRISE Prestige aims to expand WRISE's reach to the mass affluent market and cater to the next generation of affluent individuals in the region. By 2030, Asia's middle class is expected to grow by over 3.5 billion people, with Southeast Asia's mass-affluent individuals forecasted to reach 136 million, driving a significant rise in demand for wealth management services for this segment.Through their newly forged collaboration, WRISE Prestige and Kingkey will mutually leverage their networks and expertise. By combining their resources, they aim to enhance their product and service offerings significantly and expand their presence across diverse client segments in the region. "This partnership underscores our mutual commitment to providing accessibility of solutions that were previously reserved for ultra-high-net-worth (UHNW) individuals to the mass-affluent market," said Derrick Tan, Group Executive Chairman of WRISE Group. "By collaborating with Kingkey, we can offer a comprehensive 360-degree wealth ecosystem that combines wealth management, wealth planning and technology innovation offerings to serve a broader client base". AMAZON FUNNELS $230 MILLION IN AWS CREDITS FOR AI STARTUPSWRISE & KINGKEY TO JOINTLY EXPAND THEIR FOOTPRINT IN ASIAN MARKETSNEWSROOM
< Page 8 | Page 10 >