Singapore river and merlion park in the evening
Photo by Bobi | Opening Moment | Getty Images
SINGAPORE — Singapore could strengthen its position as a global business and innovation hub with plans to invest more than $743 million in artificial intelligence over the next five years, tech executives said.
Deputy Prime Minister Lawrence Wong said in his budget speech on Friday that Singapore will invest more than S$1 billion over the next five years to further increase its AI capabilities.
Nithin Chandra, managing partner for Southeast Asia at global management consulting firm Kearney, said, “Surprisingly, almost three-quarters of the world’s business leaders are not ready for AI transformation. “We believe that preparedness is limited by time, human resources and funding.” .
“This initiative will help ensure that businesses can capitalize on the opportunities presented by technological advances and capture new opportunities,” Chandra said.
Mr Wong said that as part of the investment, Singapore will work to ensure it has access to advanced chips that are “crucial for the development and deployment of AI”.
Singapore also plans to establish an AI center of excellence in collaboration with leading domestic and international companies to foster innovation, he added.
Jonathan Dixon, Cloudflare’s vice president and managing director for APAC, said: “This will enable enterprises to adopt AI solutions, prioritize AI skills to keep their workforce competitive, and improve strategies across industries. “This will foster global partnerships and knowledge sharing, and foster innovation across the board.” A global cloud service provider.
Singapore’s workforce is already the fastest in the world in adopting AI skills, according to LinkedIn’s Future of Work report released in August.
Mao Zhen Hu, head of Southeast Asia at US experience management company Qualtrics, said: “Increased focus and investment in AI capabilities, talent and industrial development is also exciting for Singapore as a business and innovation hub. This is important in strengthening the position of the country.”
Singapore was one of the first countries to announce an AI plan in 2019. The Southeast Asian country announced his National AI Strategy 2.0 in December. This is an update to our AI journey, outlining how we can leverage AI to prepare our economy to empower workers. And business.
“AI and [machine learning] This will ensure Singapore’s excellence in technology advancement and strengthen its position as an attractive location for business and talent in an increasingly digital global landscape.” said Panny Shea, general manager for ASEAN at software vendor Workday.
Google Cloud executive Caroline Yap told CNBC in a previous interview that Singapore has “very high potential” as a global AI hub because of its environment that fosters innovation.
To promote the responsible use of AI, Singapore launched AI Verify, the world’s first enterprise AI governance testing framework and software toolkit, in May 2022. This tool allows users to perform technical tests on AI models and record checks on processes.
Google, Meta, and Microsoft are among the companies that are already testing the AI Verify tool and providing feedback.
As AI adoption increases, consumers need to be reassured that their data is safe and that the technology is being used for good purposes.
Sujeeth Abraham
Senior Vice President and General Manager of ASEAN, Salesforce
“The S$1 billion allocation for AI, which also includes the secure implementation of the National AI Strategy 2.0, demonstrates the government’s commitment to fostering a trustworthy and responsible AI ecosystem,” said Salesforce’s Senior Vice President and CEO. said Sujith Abraham, General Manager, ASEAN.
“As AI adoption increases, consumers need reassurance that their data is safe and that the technology is being used for good purposes,” Abraham said.