We speak to AI Accountant Chai Chung Hoong. With 10 years of hard work and commitment in Singapore’s accounting and auditing sector, Chai Chung Hoong is one of the most knowledgeable team members of AI Accountant. Chai Chung Hoong imagines a future where a fully online, artificial intelligence dominated accounting system is not an impossible dream, but a daunting challenge that can be overcome.
Q: AI Accountant started out providing nominee director services for shell companies. Why diversify into advanced tech?
Chai Chung Hoong: When I first started out in the accounting field, I helped many business owners incorporate a Singapore offshore company. This is because of Singapore’s reputation as a financial centre, and not a tax haven. An offshore shelf company incorporated in Singapore provides credibility and stature as a legal entity.
Shelf companies are business entities typically without business operations or significant assets. Shelf companies usually have a low paid up capital. With the shelf company setup, the business will have more credibility when working with employees, bankers and other business partners.
As any company incorporated in Singapore requires minimum of one local resident director, AI Accountant will refer our partner to provide nominee director services for these companies. When technology become more advanced, I saw value in using advanced technology in accounting.
Q: Why call yourself AI Accountant?
Chai Chung Hoong: We call ourselves AI Accountant as we believe that an AI-dominated accounting system is the next step of the technological revolution that is happening in Singapore, and we want to be a part of that future.
Q: What are your future plans for AI Accountant?
Chai Chung Hoong: Just recently SkillsFuture Singapore and IBM Singapore announced plans to give workers training in artificial intelligence (AI) to help them apply AI in areas such as human resource, supply chain management and media. This is a clear indication that SkillsFuture and IBM see value in AI and technology.
We are working with overseas partners and researching the use of artificial intelligence so that we can, in the near future, create an online, artificial intelligence dominated accounting system to serve the clients of AI Accountant. Do follow us for more updates.