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Singapore Targets Sustainable AI Advancements Drawing Insights from Crypto Sector Hurdles

Singapore is actively focusing on the responsible and long-term development of artificial intelligence (AI) while drawing lessons from the volatile crypto industry.

Key Takeaways

  • Singapore is strategically positioning itself to encourage responsible and long-lasting development in artificial intelligence (AI) after learning from the volatility experienced in the cryptocurrency sector.
  • Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore, emphasized the country’s commitment to a sustainable approach in the AI space.
  • Singapore has made significant AI investments, amounting to “double-digit billion dollars” in the current year, and has created thousands of job opportunities in the field.
  • AI is being explored for various sectors, including financial services and capital markets, with a focus on practical and impactful applications.

Singapore’s Commitment to Sustainable AI

Singapore is positioning itself to promote responsible and long-term AI development, drawing lessons from the volatility in the cryptocurrency sector.

Singapore has invested “double-digit billion dollars” in AI this year and created numerous job opportunities in the field.

AI is being explored for practical and impactful applications in sectors like financial services and capital markets.

Lessons from the Cryptocurrency Sector

Singapore faced setbacks in the cryptocurrency sector but is now focusing on productive blockchain technology applications while reducing speculative investment risks.

To Conclude

The nation is prioritizing practical and impactful AI applications across various sectors, including financial services and capital markets.

Singapore aims to learn from the challenges faced in the crypto industry and apply a cautious yet ambitious approach to AI development, fostering a resilient and forward-looking AI industry.