Singapore’s ambition to become a global leader in artificial intelligence (AI) received a significant boost with a $743 million investment plan over the next five years, according to tech executives. This strategic move, announced by Deputy Prime Minister Lawrence Wong during his Budget speech, aims to enhance Singapore’s AI goals with an investment exceeding 1 billion Singapore dollars. Nithin Chandra, Managing Partner for Southeast Asia at Kearney, a global management consultancy, highlighted the global shortfall in AI readiness among business leaders, attributing it to constraints in time, resources, and finances. This initiative is poised to enable businesses to leverage technological advancements and explore new opportunities.
To facilitate AI development and application, Singapore is committed to securing access to advanced semiconductor chips and fostering collaborations with leading companies globally to establish AI centers of excellence. These efforts, as Jonathon Dixon, VP and Managing Director of APAC at Cloudflare, noted, will encourage the adoption of AI solutions, prioritize AI skills development, and promote strategic partnerships and knowledge sharing, thereby accelerating innovation.
Singapore’s workforce is leading in AI goals and skill adoption, as reported by LinkedIn’s Future of Work survey. Mao Gen Foo, Head of Southeast Asia at Qualtrics, emphasized the significance of this investment in AI for Singapore’s ambition to solidify its status as a hub for business and innovation. The country’s proactive approach to AI, demonstrated by the launch of the National AI Strategy 2.0, aims to empower workers and businesses by harnessing AI, according to Pannie Sia, General Manager of ASEAN at Workday.
The potential of Singapore as a global AI hub is highly regarded, supported by an innovative ecosystem, as noted by Google Cloud executive Caroline Yap. In alignment with its AI ambitions, Singapore introduced AI Verify in May 2022, the world’s first AI governance testing framework and toolkit, enabling companies to test their AI models and ensure responsible AI use. This initiative, part of the comprehensive investment in AI, underscores Singapore’s dedication to fostering a trusted and responsible AI ecosystem, as highlighted by Sujith Abraham, Senior Vice President and General Manager of ASEAN at Salesforce, emphasizing the importance of data security and ethical technology use as AI adoption escalates.
