Latest news with #PeterLim
Straits Times
19-07-2025
- Business
- Straits Times
Grab calls for voice samples from users to fine-tune app feature for the visually impaired
Find out what's new on ST website and app. Peter Lim, who is visually impaired, uses the AI voice assistant to book a Grab ride from his home to a nearby mall on July 18. SINGAPORE – Getting a ride to his destination became easier for Mr Peter Lim in June, after Grab rolled out a voice assistant powered by artificial intelligence (AI) on its app. Mr Lim, who is visually impaired, welcomed this development, since it meant he could book a ride simply by using his voice. However, the 59-year-old call centre operator said that booking a ride to some places, such as Kalidasa Avenue and Lim Ah Pin Road, still poses a challenge. The voice assistant has trouble at times understanding Singaporean speech patterns, so Mr Lim sometimes gives just the postal code of his destination. Recognising this, Grab launched an open call in late June for voice samples from its users to fine-tune its AI model. Built on OpenAI's GPT-4.1 large language model and fine-tuned with 80,000 voice samples provided by Grab employees, the model's accuracy in understanding Singaporean accents and names of places is already 89 per cent. But further work needs to be done to account for the numerous ways in which locations across Singapore can be pronounced. For instance, Hougang can be articulated with or without the letter 'h', while Clementi can be pronounced as 'Kle-man-tee' or 'Klair-men-tee'. While there is no target set on how many voice samples Grab wants to collect by Dec 31, it aims to bring the accuracy up to 95 per cent, a Grab spokesperson told The Sunday Times. 'This involves having a greater variety and volume of voice samples that vocalise places of interest in different pitches, tones, accents and styles,' said the spokesperson. The top 85 per cent most commonly selected locations in Singapore were chosen for the invited voice samples from users. 'Participants will be shown a randomised selection of places of interest from this list for them to vocalise the names accordingly,' said the spokesperson. The company has already received nearly 10,000 voice recordings from users. The voice assistant has been helpful, especially when combined with the app's ability to suggest possible locations that the user might want to go to at different times of the day, said Mr Lim. ST PHOTO: GAVIN FOO Wallich Manor, 80 Dunbar Walk, and 31 Jalan Mutiara Latitude were among locations that this ST reporter was asked to record herself saying to improve speech pattern recognition on the app. The voice assistant has been helpful, especially when combined with the app's ability to suggest possible locations that the user might want to go to at different times of the day, said Mr Lim. 'It will ask me if I want to go home, or if I want to go to church on Sunday mornings. If I say no, I can tell it where I want to go instead,' he added. 'It is around 90 per cent accurate in understanding me so far.' The AI voice assistant is available to users with the talkback feature enabled on their phones. Members of the Singapore Association of the Visually Handicapped (SAVH) participated in focus group discussions and were involved in testing the feature before it was rolled out. Ms Lyn Loh, who heads SAVH's accessibility services department, said the voice assistant was initially not very responsive when given voice commands during the testing phase. It took a few tries for it to understand what she was saying. 'But now, it is much better,' said Ms Loh. The feature will be very useful if it can be used to order food delivery via the app as well, said Ms Loh, who added that she has given feedback to Grab about this. During the Covid-19 pandemic, she had to learn how to order food, as she could not see the markings pasted on floors and seats that dictated where people could queue and sit. 'We never know when the next pandemic will happen,' said Ms Loh. The voice assistant has trouble at times understanding Singaporean speech patterns. ST PHOTO: GAVIN FOO Grab also tested the feature's performance during the developmental phase by benchmarking it against Meralion – an AI model that can understand at least eight regional languages , and Singlish – developed by the A*Star Institute for Infocomm Research. 'While both models are designed for Singlish-speaking users, Meralion focuses on natural language understanding, while Grab's voice assistant is tailored specifically to help users identify locations and points of interest in Singapore,' said Grab's spokesperson. Recordings collected are encrypted and stored for a year in a secure server, and are not linked to any personal identifiers such as the user's name or mobile number, said the spokesperson. Mr Lim and Ms Loh expressed hope that this voice assistant will help not only the visually impaired, but also the elderly and people with physical disabilities. 'If it is improved, it can help many other people that just want to talk and not type,' said Mr Lim.
Malay Mail
27-06-2025
- Business
- Malay Mail
Singapore tycoon Peter Lim and son Kiat drive Valencia's €322m stadium push with 2027 opening set
SINGAPORE, June 27 — Singapore tycoon Peter Lim is not stepping away from Valencia CF, as the Spanish football club announced it has secured €322 million (RM1.6 billion) in financing to complete its long-delayed new stadium, the Nou Mestalla. Scheduled to open in 2027, the 70,044-seat stadium will be Spain's fourth largest, behind the redeveloped Nou Camp, Santiago Bernabeu, and Metropolitano Stadium, according to a report in The Straits Times today. Valencia president Kiat Lim, Peter Lim's son, hailed the financing as a 'historic milestone', saying it would enable the club to deliver a 'world-class stadium' and reflects growing global investor confidence in the club. The financing includes a €237 million note issuance with a 28-year maturity and an €85 million five-year loan, which will be repaid using proceeds from the sale of the current Mestalla site. 'This new stadium is a game-changer — in revenue potential and fan experience,' said Kiat, who took over as president in March. Valencia president Kiat Lim, Peter Lim's son, hailed the financing as a 'historic milestone', saying it would enable the club to deliver a 'world-class stadium' and reflects growing global investor confidence in the club. — Picture from social media Valencia have played at the ageing Mestalla since 1923; construction of the new stadium began in 2007 but was halted in 2009 due to financial troubles, years before Peter Lim rescued the club from bankruptcy in 2014. Despite recent on-pitch struggles, Valencia still drew strong home crowds, averaging over 43,000 fans per game last season, with season ticket holders filling 90 per cent of seats. The Nou Mestalla will offer 6,500 hospitality seats, compared to fewer than 500 at the current ground, and is expected to more than triple the club's revenue through expanded hospitality, naming rights, and year-round events. The club also envisions the stadium becoming a multifunctional venue hosting entertainment, business, and leisure activities, helping transform it into a regional hub. Kiat said the venue will operate '365 days a year' and match the club's long-term vision, describing the project as more than just a stadium, but the 'future of Valencia CF'. Peter Lim's Meriton Holdings has committed over €200 million to the club, the most by a single investor in La Liga history, keeping Valencia financially stable and able to fund major projects like this. The stadium financing follows a corporate refinancing completed in November 2024, in which the club consolidated €186 million of debt, further strengthening its financial position.
New York Times
26-06-2025
- Business
- New York Times
Valencia secure €322m funding to finally complete Nou Mestalla stadium
Valencia have announced the securing of €322million in funding organised through Goldman Sachs which the La Liga club say will allow them to finally complete the long-delayed new Nou Mestalla stadium. The 70,000-capacity stadium is now due to be ready in 2027, with Valencia's announcement saying a €237m loan would be paid back over 28 years, while €85 million of the financing would be prepaid from selling the land on which its current Mestalla ground sits. Advertisement 'This marks a historic milestone for Valencia CF,' Valencia president Kiat Lim said in the statement. 'Securing this landmark financing gives us the green light to deliver Nou Mestalla — a world-class stadium that will power the club's growth for generations. It is the clearest expression of our long-term commitment to Valencia, and a reflection of the trust and confidence the club now commands in global financial markets. 'With this agreement, we are building more than a stadium — we are building the future of Valencia CF.' Valencia's new stadium was first announced in November 2006, and work started the following August. Work was halted in February 2009, when the club's then owners ran out of money, after around €100m had already been spent constructing a concrete bowl base. Current club owner Peter Lim (Kiat's father) was then involved in a long-running dispute with the local authorities over permits required for construction, which were finally resolved ahead of work restarting at the site in January 2025. €80m from La Liga's deal with private equity fund CVC has already been committed to paying for the new stadium, with over €30m also raised through the sale of over 40,000 square metres of space beside the new ground for the construction of two residential and commercial towers. Among the club's legacy financial problems inherited by Lim was an €89m loan with local lender Caixabank, for which the old stadium was collateral. Last November, Valencia announced a debt restructuring which included a long-term corporate facility of €121m and a short-term bridging loan facility of €65m, provided by Goldman Sachs. Nou Mestalla will also feature around 7,000 VIP seats and facilities for non-football events, so the stadium can provide a boost to club revenues, help pay back the costs of construction, and their other existing liabilities. Valencia fans might receive the news of the new financing agreement with mixed feelings. The Lim family are very unpopular in the city, with regular protests against their ownership, so this apparent reaffirmation of their long-term commitment makes a sale of the club in the short or medium-term seems less likely. Advertisement There is also a deep emotional connection to the Mestalla ground, currently the oldest in La Liga, where Valencia have played since 1923. The 2027 completion date also puts the new stadium back in the running for games when Spain co-hosts the 2030 World Cup, after it was left out of the initial Spanish federation plan for the tournament. (Jeroen Meuwsen/Soccrates/Getty Images)
CNA
26-06-2025
- Business
- CNA
Valencia CF secures US$377 million financing for Nou Mestalla stadium
SINGAPORE: Valencia CF has secured financing totalling €322 million (US$377 million) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday (Jun 26). The financing, comprising €237 million of notes and €85 million of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement. "Securing this landmark financing gives us the green light to deliver Nou Mestalla - a world-class stadium that will power the club's growth for generations," Kiat Lim, Valencia CF President, said in the statement. Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner. The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at its old Mestalla facility, Valencia CF said. "Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said. Valencia CF was advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs, with Spain's La Liga providing support to the club in the process, according to the statement.
Reuters
26-06-2025
- Business
- Reuters
Valencia CF secures $377 million financing for Nou Mestalla stadium
SINGAPORE, June 26 (Reuters) - Valencia CF has secured financing totaling 322 million euros ($377 million) for the development of the Nou Mestalla stadium, the Spanish football club said on Thursday. The financing, comprising 237 million euros of notes and 85 million euros of a short-term loan, is one of the biggest transactions ever completed by a professional football club in Spain and across Europe, Valencia said in a statement. "Securing this landmark financing gives us the green light to deliver Nou Mestalla - a world-class stadium that will power the club's growth for generations," Kiat Lim, Valencia CF President, said in the statement. Lim is the son of Singaporean billionaire Peter Lim, who is the club's majority owner. The stadium, which is located in the city of Valencia and will have over 70,000 seats, is scheduled to open in 2027. It is expected to multiply the revenue currently generated at its old Mestalla facility, Valencia CF said. "Given the expanded hospitality, greater capacity, and multi-purpose event hosting, early estimates suggest that we will be more than tripling the current revenue," Kiat Lim said. Valencia CF was advised by Bibium Capital, Addleshaw Goddard, Beka Titulizacion and Goldman Sachs (GS.N), opens new tab, with Spain's La Liga providing support to the club in the process, according to the statement. ($1 = 0.8547 euros)
