This trend does not appear to be slowing anytime soon, with firms, startups, and the Singapore government all taking considerable steps to reinvent themselves as leaders in the AI sector.
AI Singapore announced two new initiatives in partnership with the Infocomm Media Development Authority in 2018, and AI Singapore was established with the express instructions “to catalyze, synergize, and boost Singapore’s AI capabilities to power, future digital economy” the year before. AI has also been highlighted by the government as one of the four basic technologies required for the country to become “digitally ready.” Slowing growth, declining capital investment, sluggish labor growth, and decelerating productivity are some of the country’s present economic concerns. Embracing technology could assist the country overcome these issues. In Singapore, the healthcare industry is already experiencing the benefits of AI. AI is also being used in airport operations, particularly with the use of facial recognition to move passengers from the terminal to the airplane in less time. In Singapore, AI is becoming more prevalent in the banking and commercial sectors.
Singapore has always aimed to be a global leader in artificial intelligence, and those who work with the technology will appreciate this Model Framework. It expands on issues discussed in 2018, paying special emphasis to deployments including internal governance, risk management, operations management, and customer relationship management. It also has the full support of the Singaporean Advisory Council on the Ethical Use of AI and Data, which is made up of international AI leaders, consumer advocates, and business leaders who help to engage stakeholders on issues related to the development of AI governance capabilities and frameworks.