Singapore doubles down on AI research with extra $130m in funding

singapore AI
Image by melis | Bigstockphoto

Singapore will invest an additional S$180 million ($130 million) beyond the S$500 million ($370 million) pledged for artificial intelligence (AI) research.

Deputy Prime Minister Heng Swee Keat announced the AI funding boost at the Singapore Fintech Festival x Singapore Week of Innovation and Technology 2021.

A report by The Business Times reveals that the funding commitment will go to fundamental and translational AI research. Fundamental AI research refers to developing new applications for AI, whereas translational AI study is the use of AI in interpreting data into insights or knowledge.

The government will also bolster the research with two new programs: the National AI Programme in Finance and the National AI Programme in Government. All of these form part of Singapore’s National Artificial Intelligence Strategy, which aims for the country to become a world leader in AI technology in key industries by 2030.

“One of the aims of our National AI Strategy is to increase our productivity and create good jobs. The National AI Programme in Finance will create good jobs for citizens and commercial opportunities for businesses,” said Ng Chee Khern, permanent secretary of the Smart Nation and Digital Government Office.

In July, Singapore’s official AI program, AI Singapore (AISG), inked a partnership with Google Cloud to help accelerate the adoption of AI and machine learning (ML) across the country’s various industries.

According to Anton Ruddenklau, partner and global co-leader, KPMG International, firms that do not embrace AI in the next five years are in danger of losing talent and market share.

“Those organizations that are investing now in AI, developing their products, those are the ones that are going to retain their relevance and be market leaders. So the reality is the next five years is very much a battleground for the corporates,” he added.

Foreign and local AI companies are also using Singapore as a stepping stone for future expansions.

Last week, Guardforce AI, an integrated security solutions provider in Asia, announced Singapore as its new corporate headquarters as part of a merger with Guardforce AI Singapore Pte. Ltd.

Meanwhile, Temasek’s Aicadium and California-based SambaNova announced a partnership to bring SambaNova’s advanced AI hardware to Singapore. Aicadium is an AI center of excellence established this year to help businesses improve their results by deploying and delivering AI technologies and solutions.

Be the first to comment

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.