Singapore welcomes competition for AI leadership; not a zero-sum game: Gan Kim Yong

[SINGAPORE] The city-state is happy to work with any other country who wants to compete for artificial intelligence leadership, “to make progress together”, Singapore Deputy Prime Minister Gan Kim Yong said on Wednesday (May 20).

AI leadership is not a zero-sum game, and healthy competition will make both the country and its competitors better, he said during a dialogue session with DBS CEO Tan Su Shan.

Singapore will also need to be able to access global AI talent from other countries, added DPM Gan. In addition to having a small population, the city-state’s small size means that it would also not be able to house the global talent it taps.

AI and technology allows opportunities for cross-border collaborations, he said.

Noting that Asean is already negotiating the Digital Economy Framework Agreement, DPM Gan said: “The next step is to think about… how we can develop AI systems jointly, to help each other, to leverage each other’s strength to level up AI capability.”

Highlighting the government’s promotion of AI adoption nationally, Tan asked about the back-up plan for manual processing in the event of a system failure.

DPM Gan said that this is a question that has been asked about electricity and data disruptions before, or during the pandemic, and is not unique to AI.

Every institution, company or enterprise with critical systems must think about continuity and have a back-up plan, whether that is “going back to paper” or a back-up system, he said.

Tan also noted that DBS has “alternative pathways” for crucial customer journeys, such as payments, in case one fails.

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But DPM Gan also acknowledged that a balance must be struck for “sufficient resilience” that allows continued operations while being cost efficient.

Tan and DPM Gan also spoke about workers in an age of AI. DPM Gan acknowledged a sense of anxiety within the workforce, which he said is “not unhealthy”, as it means that employees are aware of the shifting market.

They will need to change how they prepare for employment, he said, adding that the government is working with institutes of higher learning and employers to introduce more internship and traineeship opportunities.

Other topics addressed during the dialogue include the urgency of AI adoption and Singapore’s appeal as an AI leader, due to its investment in the workforce, flexibility and trust premium built over decades.

Next steps

In her welcome speech, Tan also recognised Singapore’s role as a trusted hub for ideas, researchers, R&D and tech. But she also believes that it can become “a safe place to make mistakes”, where businesses can test new products.

Earlier on Wednesday, DBS group research unveiled the Global AI Financial Hub Index, which benchmarks financial centres based on five pillars: integration; trust and governance infrastructure; digital financial infrastructure; talent and innovation; and AI-driven market outcomes.

This was part of a report, which noted that financial hubs that can combine AI adoption with trusted governance, digital infrastructure and institutional credibility will have the advantage in the age of AI.

The inaugural index examined 15 major financial hubs globally, and identified New York, San Francisco and Singapore as the top three leaders overall.

It said regulatory coherence, digital identity infrastructure, institutional AI adoption, and international trust were Singapore’s strengths, adding that the findings support the Economic Strategy Review’s AI strategy.

In his keynote address, DPM Gan said Singapore’s ranking is a strong vote of confidence, but also a call to action.

He said that while deep markets, strong institutions and good infrastructure remain essential, financial centres will increasingly also be judged by whether they can harness AI responsibly, deploy it at scale, preserve trust, ensure security, and nurture people skilled with technology.

Singapore’s next steps are to translate AI from experimentation into enterprise-wide adoption; ensure that AI creates good jobs and opportunities; and build trust, safety and security into the way AI is developed and used, Gan said.