$700 Million Invested into Singapore’s AI Technology

(VitalNews.org) – Singapore has a plan to invest over $700 million into their AI technology over the next 5 years. According to Singapore, they are looking to invest heavily in their AI technology in order to strengthen their position globally in the technology market.

Deputy Prime Minister Lawrence Wong, said in a budget plan speech recently that they’d be investing almost a million dollars into their AI technology to boost the country’s AI capabilities.

“This initiative will help ensure that businesses can capitalize on the opportunities afforded by technological advancements and capture new opportunities,” said Nithin Chandra, the Managing Partner of Southeast Asia at Kearney

Wong said that the country is working on securing AI chips, which is a huge part of AI development and changing technology. He said that the AI chips ”are so crucial to AI development and deployment.”

Singapore has a good chance of getting the AI technology advancements that they are looking forward to. According to LinkedIn’s Future of Work report from August, Singapore workers are the world’s fastest when it comes to developing or adopting AI skills. In fact, Singapore was among the first countries to publish an AI plan in 2019.

Singapore also came out with an AI governance testing framework called the AI Verify and they released this in May of 2022. The tool itself lets people conduct technical tests on AI models while also recording process checks as well. Large tech companies such as Meta and Google have tested AI Verify to give feedback on it.

Singapore is pushing forward with AI advancements, and experts think that Singapore also has a high chance of being an AI hub due to the environment that pushes for innovation.

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