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Mongolia probably doesn’t strike you as an artificial intelligence hotspot, but one major company is planning on building a new artificial intelligence (AI) development center in Ulaanbaatar.
The company, Data Artist, is a subsidiary of Dentsu, a major Japanese advertisement agency. The goal is to promote synergies between AI and marketing. Data Artist is a Tokyo company and a global leader in AI applications in advertisement.
The company choose Mongolia due to the attractive employment market, including large numbers of mathematically strong technical experts. This is credited at least partially to years of effort by the Mongolian government to promote talent in mathematics. Such skills are considered essential for development of AI, and Data Artist is confident of being able to fill these roles in Mongolia.
Maybe other AI companies will follow suit?
Mongolia’s Financial Regulatory Commission has confirmed that the Mongolia stock market has reached a high of 2.4 trillion MNT which is the highest level in the last 27 years.
The growth is credited to mergers, bonds, more IPOs and the success of various private exchanges. More broadly, the growth reflects a stronger Mongolian economy, and hopefully portends future economic growth. One of the largest sectors for growth has been traditional finance and newer “Fintech” companies.