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Singapore River and Merlion Park at evening
Photography by Bobby | moment open getty images
SINGAPORE – Singapore’s plan to invest more than $743 million in artificial intelligence over the next five years could cement its position as a global business and innovation hub, tech executives said.
In his budget speech on Friday, Deputy Prime Minister Lawrence Wong said Singapore will invest more than S$1 billion over the next five years to further boost the country’s AI capabilities.
“Surprisingly, nearly three-quarters of business leaders globally are not ready for AI transformation,” said Nitin Chandra, managing partner for Southeast Asia at global management consulting firm Kearney, adding that they believe their preparation lacks time, people and Limited by money.” ,
“This initiative will help ensure that businesses can take advantage of the opportunities arising from technological advancements and take advantage of new opportunities,” Chandra said.
As part of the investment, Singapore will work to ensure it can secure access to advanced chips “which are very important for AI development and deployment,” Wong said.
He said Singapore will also work with leading companies here and around the world to set up AI centers of excellence to boost innovation.
“It will encourage companies to adopt AI solutions, prioritize AI skills to keep their workforce competitive, and encourage strategic partnerships and knowledge sharing across the industry,” said Jonathan Dixon, vice president and managing director, APAC. Which will promote overall innovation.” cloud flareA global cloud service provider.
Singapore workers are already among the fastest in the world to adopt AI skills, according to LinkedIn’s Future of Work report released in August.
“The increased focus and investment in AI capabilities, talent and industry development will also help Singapore strengthen its position as a business and innovation hub,” said Mao Zhen Fu, head of Southeast Asia at US experience management company Qualtrics. “Exciting and important.”

Singapore was one of the first countries to publish an AI plan in 2019. In December, the Southeast Asian nation launched National AI Strategy 2.0 – an updated version of its AI initiative, outlining ways to prepare the economy to harness and use AI to empower workers. And business.
“Continued focus on AI and [machine learning] “This will ensure Singapore’s prominence in technological advancements, strengthening its position as an attractive hub for businesses and talent in an increasingly digital global landscape,” said Penny Sia, ASEAN General Manager, ASEAN. working dayAn American finance and human resources software vendor.
Singapore has “enormous” potential as a global AI hub due to its environment that fosters innovation, Google cloud executive Caroline Yap previously told CNBC in an interview.
AI governance
To promote the responsible use of AI, Singapore launched AI Verify in May 2022 – the world’s first AI governance testing framework and software toolkit for companies. This tool allows users to perform technical testing on their AI models and check the record process.
GoogleMeta and Microsoft are among the companies that have already tested the AI Verification tool or provided feedback.
As AI adoption grows, consumers need to be assured that their data is secure, and the technology is being used for good.
Sujit Abraham
ASEAN, Senior Vice President and GM of Salesforce
“The allocation of SG$1 billion for AI, which also includes the safe implementation of the National AI Strategy 2.0, reflects the government’s commitment to fostering a trusted and responsible AI ecosystem,” said ASEAN Senior Vice President and General Manager Sujit Abraham. ” sales force,
“As AI adoption grows, consumers need to be confident that their data is secure, and the technology is being used for good,” Abraham said.