Singapore Aims for Long-Term AI Development Learning from Crypto Industry Challenges

Published: November 14, 2023 at 11:32 pm Updated: November 14, 2023 at 11:43 pm

Edited and fact-checked:
November 14, 2023 at 11:32 pm

In Brief

Singapore is focusing on sustainable and responsible AI development, drawing lessons from the volatile crypto sector, with significant investments and a shift towards practical applications in technology.

Singapore is strategically positioning itself to encourage responsible and long-lasting development in the field of artificial intelligence (AI), learning from the volatility experienced in the digital-asset sector.

Sopnendu Mohanty, the chief fintech officer at the Monetary Authority of Singapore, emphasized the country’s commitment to a sustainable approach in the AI space.

We want to ensure whatever AI we adopt or we promote, it stays for a long period of time.

Mohanty said

He was referencing the lessons learned from the rapid advancements and challenges in the digital ledger technology (DLT) and digital currency domains.

Investments and Job Opportunities in Singapore’s AI Sector

Mohanty noted significant AI investments in Singapore, amounting to “double-digit billion dollars” this year, along with the creation of thousands of job opportunities in the field.

He highlighted the potential of AI in various sectors, including financial services and capital markets, indicating the nation’s focus on practical and impactful AI applications.

Singapore, which became a hub for digital assets during the Bitcoin boom of the pandemic era, faced setbacks with the collapse of major crypto firms like Terraform Labs Pte and the Three Arrows Capital hedge fund. Learning from these experiences, the nation is recalibrating its focus in the crypto space to prioritize productive blockchain technology applications while minimizing speculative investment risks.

In summary, Singapore is charting a cautious yet ambitious path in AI development, aiming for sustainable growth and stability.

This approach, inspired by the lessons from the crypto sector’s fluctuations, underlines the nation’s commitment to fostering a resilient and forward-looking AI industry.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti