Chinese AI entrepreneur moves to Singapore for growth amid Beijing’s crypto curbs

David Li’s GreaterHeat is among a wave of Chinese AI-focused companies that are attracted to Singapore’s aim to grow the industry

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GreaterHeat CEO David Li at his office in Marina Bay, Singapore. Photo: Jean Iau

Published: 2:00pm, 20 Jul 2024Updated: 4:46am, 21 Jul 2024

David Li, chief executive of GreaterHeat, a Singapore-based tech company specialising in artificial intelligence (AI) and Web3 infrastructure solutions, turned on a small kettle at his office desk overlooking Marina Bay and prepared a porcelain tea set for his guests in a room.

As the 34-year-old Chinese national opened a packet of Fujian red tea leaves and carried out an elaborate tea-pouring ritual, he mused about the origin of the drink: “I always prefer Chinese tea, after all, tea-drinking started in China.”

But he was less glowing about his company’s prospects had he remained in his country.

“Our ambition wasn’t to be a small business which would make just enough money to feed ourselves in China. Our vision was to be an internationally successful enterprise, so we had to move abroad. Big whales have to swim in the sea,” Li told This Week in Asia.

Originally based in Hangzhou, GreaterHeat’s previous incarnation, Digicode, saw its business grow multifold for several years up to 2020.

However, with the Chinese government taking a tough stance on cryptocurrency from 2021, Li sought his fortunes elsewhere as crypto-mining was one of GreaterHeat’s core services.