Singapore ranks second globally in AI readiness, KPMG report reveals

SINGAPORE: Singapore has secured the second position in an index measuring artificial intelligence (AI) readiness around the world. The findings of the survey, by KPMG, highlight the Singapore’s commitment to advancing AI, particularly in the realm of medical technology.

To further bolster its AI capabilities, the Singaporean government has announced plans to invest over S$1 billion (approximately US$741 million) over the next five years. This significant funding aims to enhance the country’s AI talent pool, ensuring that Singapore remains at the forefront of AI innovation.

In conjunction with this investment, the National Research Fund (NRF) has established the Health Technologies Consortium. This initiative is designed to assist companies in translating research outcomes into tangible products and services, with a keen focus on health analytics and AI. The NRF has allocated S$1.5 million (around US$1.1 million) to support this effort.

Additionally, the MedTech Catapult initiative, backed by A*STAR, is another key player in Singapore’s AI landscape. This national initiative, which has a budget of S$38 million (approximately US$28 million), aims to accelerate the development of medical technology products within the country.

Singapore is also addressing AI cybersecurity readiness through its Cybersecurity Labelling Scheme for Medical Devices. This scheme encourages manufacturers to adopt security-by-design practices, ensuring that AI applications in healthcare are not only innovative but also secure.

With these initiatives, Singapore is poised to continue its leadership in AI, particularly in the healthcare sector, setting a benchmark for other nations to follow.