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Deputy Prime Minister Lawrence Wong announced that Singapore is set to invest more than 1 billion Singapore dollars (equivalent to about $743 million) in enhancing AI capabilities over the next five years during his Budget speech on Friday.
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Sujith Abraham, the senior vice president and general manager of ASEAN at Salesforce, emphasized that the SG$1 billion allocation for AI, which encompasses the secure implementation of the National AI Strategy 2.0, underscores the government’s dedication to nurturing a reliable and ethical AI environment.
Tech executives believe that Singapore’s initiative to inject over $743 million into artificial intelligence development over the upcoming five-year period could elevate its status as a prominent global business and innovation center.
Deputy Prime Minister Lawrence Wong’s announcement in the Budget speech highlighted Singapore’s commitment to further augmenting the country’s AI capabilities through this substantial investment.
Nithin Chandra, the managing partner of Southeast Asia at Kearney, a global management consulting firm, pointed out that a significant portion of global business leaders are inadequately prepared for AI transformation due to constraints in time, resources, and expertise.
Chandra expressed optimism that this substantial investment will enable businesses to leverage technological advancements effectively, seizing new opportunities in the process.
The investment plan also includes efforts to secure access to advanced chips crucial for AI development and deployment, as mentioned by Wong.
Additionally, Singapore aims to collaborate with prominent local and international companies to establish AI centers of excellence, fostering innovation in the field.
Jonathon Dixon, the vice president and managing director of APAC at Cloudflare, highlighted that this initiative will incentivize companies to integrate AI solutions, prioritize AI skills development to maintain workforce competitiveness, and promote strategic partnerships and knowledge exchange within the industry to drive overall innovation.
According to a report by LinkedIn on the Future of Work, Singaporean workers lead the global pace in adopting AI skills, showcasing the nation’s readiness for technological advancements.
Mao Gen Foo, the head of Southeast Asia at Qualtrics, emphasized the significance of the increased focus and investment in AI capabilities, talent development, and industry growth for Singapore’s positioning as a key business and innovation hub.
Singapore’s proactive approach towards AI development was evident when it became one of the first countries to unveil an AI plan back in 2019. The recent launch of the National AI Strategy 2.0 further solidifies its commitment to leveraging AI to empower the economy, workers, and businesses.
Pannie Sia, the general manager of ASEAN at Workday, a U.S.-based finance and HR software vendor, stressed that maintaining a steadfast focus on AI and machine learning will enhance Singapore’s prominence in technological advancements, reinforcing its appeal as a hub for businesses and talent in the digitalized global landscape.
Google Cloud executive Caroline Yap praised Singapore’s conducive environment for innovation, highlighting its immense potential as a global AI hub.
AI Governance
In a bid to promote responsible AI usage, Singapore introduced AI Verify in May 2022, marking the world’s first AI governance testing framework and software toolkit for companies. This tool enables users to conduct technical assessments on their AI models and document procedural checks.
Leading tech giants such as Google, Meta, and Microsoft have already engaged with the AI Verify tool, underscoring the industry’s commitment to ensuring ethical AI practices.
Sujith Abraham of Salesforce reiterated the importance of building consumer trust as AI adoption proliferates, emphasizing the need for data security and ethical technology utilization in the evolving digital landscape.
