How is Artificial Intelligence (AI) Pushing Singapore’s Future Growth?

ai pushing singapore future growth

Last Updated on June 28, 2023 by Team Experts

Artificial Intelligence (AI) in Singapore comes after the technology is already used with great momentum in the two largest developed countries USA and China. Artificial Intelligence (AI) is deployed in the banking, finance, healthcare, transportation, and media sectors. Singapore is making itself the AI pioneer region. The country is working hard to gain the momentum of becoming smarter, easier, and safe. The National AI strategy will focus on five key areas. It will be healthcare, smart estates, security, logistics, and education. Singapore is pushing AI capabilities to have a 360-degree digital transformation. It is looking forward to developing great partnering capabilities.

DBS Bank of Singapore has become a forerunner in adopting AI capabilities. It has spent years forming cutting-edge machine learning and AI-based solutions. These solutions will investigate and automate the ‘minutia-stricken process of dealing with transaction surveillance. Human analysts are now free to perform a high level of security work while dealing in firm balance with the financial regulations that bound the banking sector. 

The software development services in Singapore are helping with investing in the country’s New Economy system to boost the AI-based technology sector. With this, by considering the Bank Secrecy Act, the DBS Bank is accountable for looking after money laundering, fraudulent transactions, financial crime, and the flow of huge finances along the borders. 

DBS Bank in Singapore is implementing AI methods and technology to focus on anti-money laundering, financial crime, and detection. Further, the transaction surveillance system by using AI is helping to raise alerts by going through the rule-based system.

Role Of Artificial Intelligence (AI) Statistically In Singapore’s Economy

In 2021, the AI usage score of Singapore was 81.5 out of 100 for government readiness; for consumer readiness, it was 65.9. And for business readiness, it was 49.7. Out of this, government readiness depends on AI’s role in the public sector, consumer readiness on how they perceive and understand AI, and business readiness on how private sectors look forward to adopting AI.

The Singapore government will invest almost $710 million in infocomm technology projects to readily adopt AI. Singapore software development companies are developing software to help the country’s five chosen sectors leverage AI’s power for development. It will also help deliver the best government services to the citizens.

IDC Survey predicts that by 2026, 30% of the multiple AI solutions and models adopted will help improve learning capabilities and address any shortcomings the country faces in single-modality AI solutions. The APAC organizations are approached to adopt the AI systems to scale the technology and improve its impact on the business houses. A more robust data ecosystem is developed to leverage the multiple modalities of AI.

The CIO reports showcase that Singapore will become the 3rd nation to adopt and leverage the power of AI. The AI revolution can add around $215 billion across the major 11 industries in Singapore by 2035. The industries like healthcare, transport, financial and banking services, retail, etc., will add to the country’s growing economy.

Is AI in Demand in Singapore?

The major software development services providers have already plunged into the AI game. They are helping the country’s government, businesses, customer market, etc., to drive innovation and growth. The companies are helping leverage AI to transform the lives and economy of the country as a whole.

Yes, the regulations already cited for AI technology make it super demanding in Singapore. This technology is used in various industries to create strong communities, provide a better life, and create more opportunities for people. 

AI programming is helping develop agile AI’s minimum viable products like Recommendation Engine, Xtract, and National Speech Corpus—using self-driving vehicles. ChatGPT, humanoid robots, etc., are already revolutionizing Singapore’s AI scene. Software product engineering services providers are helping companies and government institutions with agile artificial intelligence products to provide relevance and value to the citizens.

What is the Role of Artificial Intelligence in the Future?

AI services are used in nearly every sector in developed and developing economies. We have seen how Singapore thrives by using AI for its future generation. The future of AI is bright with its huge application in almost every sector. 

  • AI will transform the healthcare industry as it will help study patients’ disease patterns to provide a proper diagnosis.
  • Traditional schooling will change with the adoption of AI in the education sector at a large scale. It will provide the education and skills tailored to each student to help them grow.
  • The Manufacturing industry will see the replacement of laborers with robotics and automation.
  • The AI research will help the military and cybersecurity sectors with a robot military capable of doing every task. Using AI neural algorithms would help keep the technology from falling into the wrong hands and providing cybersecurity.
  • The robo-advisors will support the future financial guidance program for the citizens. They will get more personalized recommendations on investments and savings.

Hire the Best Software Engineering Partner!

A trusted software engineering partner will help companies and government organizations in Singapore to improve their efficacy. The country’s AI model governance will help in further growth and development. The software development company in Singapore, Tntra, helps businesses and public sectors to move towards digital transformation using specialized methodologies and approaches.

Call Tntra experts today to use AI power to make your future bright!

Read more: What is the Future of Technology in Business

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Anil is an enthusiastic, self-motivated, reliable person who is a Technology evangelist. He's always been fascinated at work especially at innovation that causes benefit to the students, working professionals or the companies. Being unique and thinking Innovative is what he loves the most, supporting his thoughts he will be ahead for any change valuing social responsibility with a reprising innovation. His interest in various fields and the urge to explore, led him to find places to put himself to work and design things than just learning. Follow him on LinkedIn

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