In 2019, Singapore was one of the first countries in the world to have published an AI plan. In December 2023, it officially launched its National AI Strategy 2.0. This is an updated version of its AI ambitions that outlines strategies for getting the economy ready to use AI to empower firms and workers.
Singapore is going to witness a slew of investments worth more than $740 million in artificial intelligence over the next five years. Tech enthusiasts think this will catapult Singapore to the position of a worldwide commercial and innovation powerhouse.
Deputy Prime Minister Lawrence Wong stated that Singapore would willingly invest more than 1 billion Singapore dollars over the course of the next five years. This will enhance the country’s AI capacity and help boost its status as a worldwide commercial and innovation hub.
Investing in AI Talent and Infrastructure
Nitin Chandra, Managing Partner, Southeast Asia at Kearney, a global management consulting organisation, stated that almost three-quarters of corporate executives worldwide feel that time, resources, and personnel restrict their ability to prepare for the AI revolution. He also mentioned that this step will make it possible for companies to take advantage of new opportunities and profit from those presented by technology breakthroughs.
According to Wong, Singapore would make an effort as part of the investment to guarantee access to the cutting-edge processors crucial to AI development and deployment. He also added that Singapore would work with various companies within the country and around the world to establish centres of excellence for AI to promote innovation.
Jonathan Dixon, vice president and managing director of APAC for the international cloud services company Cloudflare, commented that this will push companies to adopt and use AI solutions. It will also give importance to AI skills to maintain workforce competitiveness and also foster industry-wide knowledge-sharing and strategic alliances, all of which will promote innovation in general.
Singapore’s Workforce Embraces AI
LinkedIn’s Future of Work report from August states that workers in Singapore are already embracing AI skills at the fastest rate globally.
Mao Gen Foo, Head of Southeast Asia at an American-based management firm, Qualtrics, commented that it’s also exciting and crucial for Singapore to maintain its status as a centre for business and innovation that more attention is paid to AI skills, talent, and industry development.
In 2019, Singapore was one of the first countries in the world to have published an AI plan. In December 2023, Singapore officially launched its National AI Strategy 2.0. This is an updated version of its AI ambitions that outlines strategies for getting the economy ready to use AI to empower firms and workers.
Pannie Sia, General Manager of ASEAN at Workday, an American-based financial and human resource software vendor, stated that paying more attention to AI and machine learning will guarantee Singapore’s leadership in technological developments, improving its appeal as a hub for talent and businesses in a world growing more digitally connected.
Singapore’s New AI Policy
In May 2022, Singapore launched AI Verify, the world’s first software toolset and framework for AI governance testing for businesses. The main goal was to promote AI to be used responsibly. The tool allows users to record process checks and run technical tests on their AI models. Tech giants like Meta, Google and Microsoft have already used this tool.
Sujith Abraham, Senior Vice President and general manager at Salesforce ASEAN, mentioned that the government had committed SG$1 billion to AI. This consists of the safe execution of the National AI Strategy 2.0. It also demonstrates the government’s dedication towards building a trustworthy and accountable AI ecosystem. He has also stated that as the adoption of AI technology continues to grow, consumers should be made aware that their data is safe and is being utilised judiciously.