Singapore government launched two new programs to drive the adoption of artificial intelligence (AI) in the government and financial sectors. AI has become the new technology adoption tool governments of various countries and companies are taking up.
The two new AI initiatives, the National AI Program in Government, and the National AI Program in Finance is part of Singapore’s national AI strategy with the government program aimed at advancing the sector’s digital transformation. The National AI Program in Government aims to further advance the Singapore government’s digital transformation efforts. Meanwhile, The National AI Program in Finance aims to develop Singapore into a global hub for financial institutions to research, develop and deploy AI solutions.
Singapore has put in an initial investment of $133.31 million in the national research plan to trace the technology in key areas such as healthcare and education. The government has also put aside a fund of $500 million for the Research, Innovation, and Enterprise (RIE) 2025 Plan for AI-related activities, as told by the Smart Nation and Digital Government Office (SNDGO).
These investments are to support various research in areas that address challenges of AI adoption, such as privacy-preserving, to strengthen policymaking using AI in the sectors of healthcare, finance, and education. The funds will also facilitate research collaborations with the industry to drive the adoption of AI.
The Urban Redevelopment Authority(URA) is in the process of developing an AI-based application for urban planning and design. GovTech is developing an AI platform to help in the recruitment sector and supply job seekers with personalized jobs and skills recommendations.
The National AI Program also has in the pipeline a plan to develop an AI platform known as NovA. It is to assist financial institutions to assess companies’ environmental impact and identify emerging environmental risks. It should also capture the burgeoning green investment opportunity.
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