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Rikkeisoft, a leading Vietnamese IT and software enterprise has formalised a strategic partnership with Oraichain, the world’s first AI Data Oracle Blockchain company.

In early November, Rikkeisoft invested an undisclosed amount in Oraichain Pte Ltd in exchange for 10% of the company’s shares. The percentage corresponds to the portion allocated for the team members at Oraichain and will follow the same vesting schedule.

As a showcase of their long-term commitment, Rikkeisoft Chairman, Ta Son Tung, will join the Board of Oraichain Pte Ltd. He will advise on sales strategy and help Oraichain leverage AI and Blockchain partnerships in Japan and the United States of America. Also joining the Oraichain board is Rikkeisoft CEO, Phan The Dung, who will be overseeing finance and finding strategic partners.

The partnership allows Oraichain to utilise the best talents from Rikkeisoft’s Human Resources pool to assist in the development of Oraichain and its suite of complementary services. Oraichain will start leveraging Rikkeisoft’s resources at present for some of the core company projects:

• Mainnet, Oraichain’s central platform
• yAI.finance: Oraichain’s first subproduct focusing on Decentralized Finance
• Oraichain’s AI Marketplace
• Development of AI APIs

Oraichain will add 13 new developers before the end of the year to work on the projects. Ten additional developers are expected to join Oraichain to further accelerate the development process going into 2021, which is expected to be a pivotal year for Oraichain.

Rikkeisoft’s AI division will develop AI APIs on Oraichain’s AI Marketplace. Some examples are: speech-to-text, text-to-speech, OCR, etc. Rikkei AI will also host AI competitions for developers to boost Oraichain’s AI Marketplace and help establish a genuinely competitive AI API ecosystem. Rikkeisoft’s offices in Japan will help Oraichain explore partnerships with AI and Blockchain companies throughout the country.

The global blockchain market size is expected to grow at a compound aggregate growth rate (CAGR) of 29% to USD 8071.49 million by 2024 whilst the demand for AI services is expected to reach $312.4 billion by 2027 according to Reportlinker.  Oraichain aims to develop products and services to unlock the full potential of AI and Blockchain.

“Rikkeisoft is a leading IT company in Vietnam and a trusted partner for many large enterprises in the Japanese Market. Rikkei AI, a subsidiary of Rikkeisoft, will provide high-quality AI APIs to Oraichain. Working together, we hope to enhance the value of Rikkei’s products, expand their presence across the globe through our blockchain platform, and accelerate their vision of becoming the #1 IT corporation in Vietnam. We must work with the right strategic partners, and we are glad to have found support from Rikkei at this early stage in our development”,

said Dr. Chung Dao, CEO at Oraichain Pte. Ltd.

“At Rikkei, we have been tracking the developments of Oraichain right from the start. We found it unique as it merges the untapped potential of AI and Blockchain technologies. Through this strategic partnership, we are honored to help Dr. Chung and his team build Oraichain. We plan to support Oraichain by helping them develop the network, build AI APIs for the marketplace and support them in finding partners who will bring significant value to the organisation. We hope that the partnership will enhance the development of both parties in the future”, said Mr. Phan The Dung, CEO and Co-founder at Rikkeisoft.

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