Tech professionals stated that Singapore might become a more well-known center for international commerce and innovation if it follows through on its commitment to invest over $743 million in AI in five successive years.
On Friday, Deputy PM Lawrence Wong announced in his funding statement that Over the next five years, Singapore plans to invest more than SGD 1 billion to enhance the country’s AI capabilities.
Nithin Chandra, an operating member of Southeast Asia at Kearney, a multinational administration consulting company, revealed that shockingly, almost three-quarters of corporate executives worldwide need to prepare for AI modification, thinking their practices are restricted by period, individuals, and capital.
According to Chandra, this initiative will ensure companies can take advantage of new opportunities and those presented by technology improvements.
Wong stated that Singapore will try to guarantee that it has access to the cutting-edge processors “crucial to AI development and deployment” as part of the investment.
He continued by saying that Singapore will also collaborate with top domestic and international businesses to establish AI centers of excellence to encourage innovation.
According to Jonathon Dixon, VP and managing director of APAC at Cloudflare, a multinational provider of cloud assistance, in addition to motivating companies to embrace AI solutions and give AI skills top priority to maintain workforce competitiveness, this will also promote industry-wide knowledge sharing and strategic alliances, which will spark innovation in general.
According to LinkedIn’s August Future Work report, Singaporean workers are already acquiring AI capabilities at the quickest rate globally.
Mao Gen Foo, director of Southeast Asia at American knowledge administration firm Qualtrics, stated that more focus on AI talent, skills, and industry development is exciting and essential for Singapore to keep its position as a hub for business and innovation.
Singapore was one of the first countries to publish an AI plan in 2019.
Southeast Asia revealed its National AI Strategy 2.0 in December. It is a revised interpretation of its artificial intelligence efforts, including steps to get the economy ready to use artificial intelligence to license businesses and workers.
Pannie Sia, GM of Workday’s ASEAN region, a US-based supplier of HR and finance software, says that keeping an emphasis on AI and machine learning will guarantee Singapore’s leadership in technological developments and bolster its standing as a desirable hub for talent and businesses in an increasingly digitalized global economy.
Google Cloud executive Caroline Yap thinks Singapore has an “extremely elevated” prospect as a worldwide hub for artificial intelligence due to its innovative atmosphere. She previously told CNBC this in an interview.
Governance of AI
In May 2022, Singapore launched AI Verify. It is the world’s first software toolset and framework for AI governance testing for businesses to encourage the responsible use of AI. Users can record process checks with this tool and run technical tests on their AI models.
Microsoft, Google, and Meta are a few of the businesses that have already used the AI Verify tool and offered comments.
Sujith Abraham, senior vice chairman and director of operations of Salesforce’s ASEAN geography, says the SG$1 billion allotted to AI, including the secure execution of the National Artificial Intelligence Plan 2.0, demonstrates the government’s dedication to fostering a trustworthy and responsible AI ecosystem.
Abraham added that consumers must be satisfied that AI is being utilized for good and that their information is secure as its use grows.
