VCI Global Wins Its First AI Contract Worth US$16 Million
KUALA LUMPUR, Malaysia, Oct. 29, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (“VCI Global” or the “Company”) is pleased to announce that its subsidiary, V Gallant Sdn Bhd (“V-Gallant”), has been awarded a groundbreaking US$16 million contract to develop an advanced AI digital human-enabled live streaming platform for a Malaysian e-commerce player.
This innovative live-streaming platform integrates a comprehensive development strategy that leverages AI servers powered by NVIDIA H200 Tensor Core GPUs and V-Gallant’s AI software. Engineered to deliver high-quality live streaming enhanced by AI digital human solutions, it provides interactive experiences aligned with industry standards and optimized UX. These solutions are designed for seamless integration within its own ecosystem and compatibility with major platforms like Tencent Holdings Ltd., Meta Platforms, Inc., TikTok, and Instagram. Additionally, they automate critical functions such as content moderation, personalization, audience engagement, and production processes, significantly enhancing the user experience and fostering deeper connections between content creators and audiences.
The Malaysian e-commerce player offers a robust platform designed to facilitate a wide range of e-commerce activities, providing both consumers and merchants with instant rebates and affiliate cashback programs. This innovative platform features a seamless e-payment solution that caters to both online and physical retail environments, enhancing the shopping experience for all users. As of September 25, 2024, the platform boasts a solid network of nearly 3 million registered users and over 2,000 registered merchants, reflecting its expanding reach and influence in the e-commerce market.
According to Statista, the Southeast Asia e-commerce market is projected to reach approximately US$120 billion in revenue by 2029, with a robust annual growth rate (CAGR) of 10.42% from 2024 to 2029. The number of users is expected to exceed 260 million by 2029, resulting in a user penetration rate of 39.8%. Additionally, the average revenue per user (ARPU) is forecasted to be around US$680, underscoring the significant growth potential in this dynamic market.
“This contract represents a tremendous boost for our AI division,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global. “As competition in the AI space intensifies, we are well-positioned to secure additional projects within the e-commerce industry, particularly as we approach 2025. Our commitment to innovation aligns with the growing demand for sophisticated digital marketing tools in one of the largest digital markets globally.”
About VCI Global Limited
VCI Global is a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity. In Capital Market Consultancy, we provide IPO solutions, investor relations (IR) and public relations (PR) consultancy, and M&A consultancy. Our Fintech arm offers a proprietary financing platform. In Real Estate, we offer specialized real estate consultancy services. The AI business delivers GPU servers, GPU cloud computing services, AI and large language model (LLM) solutions, while the Robotics segment focuses on post-harvest robotics systems. Our Cybersecurity segment provides comprehensive cybersecurity consultancy services and solutions. Committed to fostering innovation and delivering exceptional value, VCI Global has established a strong presence across the Asia-Pacific region, the United States, Europe, and the Middle East, driving growth and transformation on a global scale.
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This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (“SEC”). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
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