Instead, it will focus on strengthening its facial recognition verification services.
Corporate accretion services provider Accrelist will no longer proceed with the full launch of its artificial intelligence (AI) retail technology solutions store WE9GO, a filing with the Singapore Exchange (SGX) revealed.
Instead, the firm will continue to focus on strengthening its AI solutions and facial recognition verification services.
“The company intends to move beyond smart retail technology solutions,” Terence Tea Yeok Kian, Accrelist’s executive chairman and managing director, said in the filing. “The company aims to offer a wider range of smart and secure cloud-based solutions as a systems integrator through its collaboration with technology companies to broaden the group’s revenue stream.”
Accrelist first announced the soft launch of WE9GO, said to be Singapore’s first unmanned store equipped with AI retail technology solutions, in September 2018. WE9GO was only opened on an invitation-only basis to demonstrate its features to other potential retailers.
The store features a combination of AI to track inventory, facial recognition to collect data on shopper preferences and facilitate payment processes, as well as radio frequency identification to recognise product movements. The 24/7 store would have an AI-powered robot that greets shoppers and assists with queries that shoppers may have, such as product information and availability when fully launched.
In a response to SGX queries, Accrelist explained in October 2018 that the WE9GO retail business is owned by potential customer China Commodity Shopping Centre and not related to its own subsidiary WE9 Pay.
In a separate filing with the local bourse, Accrelist revealed that it had extended the deadline for a non-binding memorandum of understanding (MOU) for the proposed acquisition of Liaoning Mealplus Technology, a developer of software and machinery for the food and beverage (F&B) industry.
The parties had signed a third letter of extension of the MOU on 7 March to extend the deadline to execute the subscription agreement for a further six months to 13 July.
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