Latest news with #EconomicStrategyReview
Straits Times
11 hours ago
- Business
- Straits Times
New government review committee in talks with firms to broaden and deepen AI adoption
Minister for Digital Development and Information Josephine Teo (second from right) and Senior Parliamentary Secretary for Culture, Community and Youth Goh Hanyan (left) looking at live demonstrations of AI technologies transforming finance and supply chain management at PwC's flagship AI Hub on Aug 11. SINGAPORE – A new government committee set up to harness technology to drive economic growth has begun talking to businesses here on how artificial intelligence (AI) use can be broadened and deepened. Such talks will help to ascertain the critical mass of AI users that Singapore needs to cultivate to turbocharge the entire business ecosystem, Minister for Digital Development and Information Josephine Teo said on Aug 11. 'One of the areas that I believe the review committee will specifically look at is how AI adoption can be broadened and deepened,' she said, during a visit to professional services firm PwC's AI Hub at Marina One on Aug 11. 'And what that means is how many companies (are needed) in order for us to get that critical mass for the ecosystem to be turbocharged.' The Committee on Technology and Innovation is one of five committees under the Economic Strategy Review announced by Deputy Prime Minister Gan Kim Yong on Aug 4 to chart a forward-looking blueprint to secure quality opportunities for Singapore businesses and workers. The review is part of the Singapore Economic Resilience Taskforce (SERT), formed earlier in 2025 to help affected businesses and workers navigate uncertainties sparked by US tariffs on Singapore goods. The Committee on Technology and Innovation – led by Ms Jasmin Lau, Minister of State for Education and Digital Development and Information, and Ms Goh Hanyan, Senior Parliamentary Secretary for Culture, Community and Youth, and Sustainability and the Environment – will also look at the number of people gaining fluency in and being meaningful users of AI in their specific domains, Mrs Teo said. Top stories Swipe. Select. Stay informed. Business Lower-wage retail workers to receive up to 6% pay bump from Sept 1 Singapore Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Singapore ST Explains: Who owns Simba, the company that is buying M1? Singapore Telco price undercutting expected to subside after sale of M1 to Simba: Analysts Singapore ST Explains: What is Vers and which HDB estates could it be rolled out in? Singapore For Vers to work, compensation should account for varied needs of HDB flat owners: Observers World US military is preparing to deploy National Guard in Washington, DC, official says Singapore Ong Ye Kung rebuts complaints about treatment of stallholders at Bukit Canberra Hawker Centre 'One very important question is: Are there skills that the broader workforce will be able to acquire to become even more future-ready than they are today? 'So, I think the specific target, the specific areas of work (the committee) will certainly look at (is) the number of companies that will adopt AI meaningfully,' she said, adding that the committee will also look at expanding the pool of AI practitioners. When asked about concerns people may have of AI affecting jobs, Mrs Teo said that based on her observations during company visits, it is people with AI skills who are more likely to edge out those without them, rather than AI replacing workers. She said businesses that integrate AI applications into the way they work are more likely to be able to serve their customers better and improve their productivity and bottom line. 'When you think about the fact that the economy is made up of enterprises, then the national-level competition is also quite clear... A country that is able to adopt AI in a broader and deeper manner stands a better chance of providing its citizens with more opportunities for growth in their work lives,' she said. Mrs Teo, who co-leads one of the SERT work streams focused on establishing regular communication between the Government, businesses and workers, noted that the work of the Committee on Technology and Innovation builds on existing initiatives such as Smart Nation 2.0 and the National AI Strategy. During their Aug 11 visit to PwC's AI Hub – which opened in January – Mrs Teo and Ms Goh observed how AI technologies are used in areas such as shipping operations and tax filing. Ms Goh, who was previously a director in the Smart Nation Strategy Office and the national AI group for policy and strategy at the Ministry of Digital Development and Information before joining politics, said the benefits of technology cannot just be for those with resources, but for a broad swathe of businesses, both big and small. 'It is important for us to meet the companies where they are, what their different contexts are, what their pain points are, and figure out ways to support them,' she said. Noting that companies with more resources have the potential to develop in-house solutions, Ms Goh said smaller firms could be given access to ready-made and affordable solutions. She added that strategies for helping these firms with AI can be adapted from past initiatives such as SMEs Go Digital, which encourages such companies to adopt digital solutions and technologies to enhance their capabilities.
Business Times
15 hours ago
- Business
- Business Times
Economic Strategy Review's tech and innovation committee to boost AI adoption among firms, workers
[SINGAPORE] The recently formed committee on tech and innovation under the government's new Economic Strategy Review will look at how to help more companies adopt artificial intelligence (AI) and enable more people to gain fluency in the technology. Speaking to reporters after touring PwC Singapore's AI hub on Monday (Aug 11), Minister for Digital Development and Information Josephine Teo said sustained economic growth is not a given, 'so we will have to find ways to strengthen our economic strategies to be relevant to the current times'. This led to the creation of the government's economic strategy review , with one of its key pillars being the committee on tech and innovation, she added. A key area the committee will examine is how AI adoption can be broadened and deepened. This means looking at the number of companies that will adopt the technology meaningfully, and the number of people that will become meaningful AI practitioners in their business domains, said Teo. The committee is co-chaired by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Culture, Community and Youth and Sustainability and the Environment Goh Hanyan. Goh, also present at the tour of PwC's AI hub, said in response to media queries on small and medium-sized enterprises' (SME) adoption of AI that 'we are currently at the process of meeting with new companies' to understand what they are facing on the ground and what they want to be supported by. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's incumbent for us to listen to the voices of businesses and even workers from companies big and small, to ensure that the whole economy benefits and is uplifted by this technology,' she added. The committee aims to address different companies' pain points and figure out how to support them in AI adoption. Companies with more resources can develop in-house solutions, but the question for smaller businesses is the way of improving access to pre-approved solutions, Goh noted. Acquiring AI skills to stay relevant Responding to The Business Times' question on how the committee intends to help SMEs overcome tight budgets and other practical challenges in adopting AI, she said that it is 'too early to tell' since the committee just started on formal consultations. 'Sometimes the best solutions may not come from the government. It's about learning from each other, learning from experts, and drawing the links,' she noted. In response to a question on AI replacing jobs, Goh said the committee will prepare workers to not get replaced and move into sectors that will benefit from the technology. 'We want to see how most employees can be equipped with AI relevant skills so that they can continue to play a part in the workforce of the future', said Teo, adding that this will be a very important part of the economic strategy review's work. She noted that workers who are acquiring AI skills will have a better chance of succeeding, compared to those who are not so ready. Wide-scale adoption of AI also ties in with her ministry's work related to Smart Nation 2.0 and National AI Strategy 2.0, she said. PwC launches new AI hub As part of the committee's work in engaging with companies on their AI Centres of Excellence, Teo and Goh toured PwC's AI hub, where they saw live demonstrations of the technology improving various business functions. The hub was launched on May 21 , with the PwC network aiming to commit US$4 million over a three-year period. In a written response to BT queries, PWC Singapore's AI hub leader Anthony Dias said that the hub aims to develop and scale AI capabilities, foster strategic alliances and help organisations build practical applications. 'Over the past year, PwC has worked with organisations worldwide to scale AI use cases across industries such as finance, healthcare, logistics, legal and the public sector,' he said. The hub's number of employees grew from four at inception to 15 at its launch in May. 'We are now looking to expand the team to 20 employees by the end of the fiscal year,' said Dias. While the hub's employees currently comprise AI researchers and data scientists, he said that PwC is exploring opportunities to include product managers, solution architects, business analysts and domain experts in areas such as tax, legal and sustainability. The hub is also supported by the Economic Development Board.
Business Times
15 hours ago
- Business
- Business Times
Tech and innovation committee to boost AI adoption among firms and workers
[SINGAPORE] The recently formed committee on tech and innovation under the government's new Economic Strategy Review will look at how to help more companies adopt artificial intelligence (AI) and enable more people to gain fluency in the technology. Speaking to reporters after touring PwC Singapore's AI hub on Monday (Aug 11), Minister for Digital Development and Information (MDDI) Josephine Teo said sustained economic growth is not a given, 'so we will have to find ways to strengthen our economic strategies to be relevant to the current times'. This led to the creation of the economic strategy review , with one of its key pillars being the committee on tech and innovation, she added. A key area the committee will examine is how AI adoption can be broadened and deepened. This means looking at the number of companies that will adopt the technology meaningfully, and the number of people that will become meaningful AI practitioners in their business domains, said Teo. The committee is co-chaired by Minister of State for Digital Development and Information and Education Jasmin Lau and Senior Parliamentary Secretary for Culture, Community and Youth and Sustainability and the Environment Goh Hanyan. Goh, also present at the tour of PwC's AI hub, said in response to media queries on small and medium-sized enterprises' (SME) adoption of AI that 'we are currently at the process of meeting with new companies' to understand what they are facing on the ground and what they want to be supported by. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It's incumbent for us to listen to the voices of businesses and even workers from companies big and small, to ensure that the whole economy benefits and is uplifted by this technology,' she added. The committee aims to address different companies' pain points and figure out how to support them in AI adoption. Companies with more resources can develop in-house solutions, but the question for smaller businesses is the way of improving access to pre-approved solutions, Goh noted. Acquiring AI skills to stay relevant Responding to The Business Times' question on how the committee intends to help SMEs overcome tight budgets and other practical challenges in adopting AI, she said that it is 'too early to tell' since the committee just started on formal consultations. 'Sometimes the best solutions may not come from the government. It's about learning from each other, learning from experts, and drawing the links,' she noted. In response to a question on AI replacing jobs, Goh said the committee will prepare workers to not get replaced and move into sectors that will benefit from the technology. 'We want to see how most employees can be equipped with AI relevant skills so that they can continue to play a part in the workforce of the future', said Teo, adding that this will be a very important part of the economic strategy review's work. She noted that workers who are acquiring AI skills will have a better chance of succeeding, compared to those who are not so ready. Wide-scale adoption of AI also ties in with MDDI's work related to Smart Nation 2.0 and National AI Strategy 2.0, she said. PwC launches new AI hub As part of the committee's work in engaging with companies on their AI Centres of Excellence, Teo and Goh toured PwC's AI hub, where they saw live demonstrations of the technology improving various business functions. The hub was launched on May 21 , with the PwC network aiming to commit US$4 million over a three-year period. In a written response to BT queries, AI hub leader of PwC Singapore Anthony Dias said that the hub aims to develop and scale AI capabilities, foster strategic alliances and help organisations build practical applications. 'Over the past year, PwC has worked with organisations worldwide to scale AI use cases across industries such as finance, healthcare, logistics, legal and the public sector,' he said. The hub's number of employees grew from four at inception to 15 at its official launch in May. 'We are now looking to expand the team to 20 employees by the end of the fiscal year,' noted Dias. While the hub's employees currently comprise AI researchers and data scientists, he said that PwC is exploring opportunities to include product managers, solution architects, business analysts and domain experts in areas such as tax, legal and sustainability. The hub is also supported by the Economic Development Board.
Straits Times
3 days ago
- Business
- Straits Times
Beyond the hype: Will AI eat Singapore's lunch or provide it in the future?
The Economic Strategy Review indicates that AI could shape Singapore beyond 2030. What does that mean for workers, the elderly and our climate change challenge? It is not just about driving gross domestic product growth, but creating a nation where technology empowers us and creates meaningful jobs that provide for families, says the writer. As Singaporeans celebrate SG60, let us take a moment to appreciate how far Singapore has come – from a swampy outpost with typewriters and transistor radios, to a slick digital dynamo where a robot might some day help your grandma remember to take her meds. You see, if countries had tech resumes, Singapore's would stand out to most hiring committees. 'Early adopter of mainframes.' Check. 'Built a national broadband network before some cities had stable electricity.' Check. 'One of the most digitalised cities in the world with an internet penetration rate of around 96 per cent and ranked second globally in the IMD Digital Competitiveness Ranking 2025.' Double check. Yet, as we commemorate this milestone, the tides are turning. Tariffs and geopolitical tensions have stirred up uncertainty and volatility. It is timely then, that on Aug 4, Deputy Prime Minister Gan Kim Yong announced the launch of the Economic Strategy Review (ESR) , aimed at strengthening Singapore's competitiveness. Five committees will be tasked to do a comprehensive review of Singapore's economic strategy, one of which will look at harnessing technology and innovation, such as artificial intelligence (AI), to drive economic growth and competitiveness. The other committees will focus on areas such as entrepreneurship, human capital, and the impact of restructuring the economy.
Barnama
4 days ago
- Business
- Barnama
Singapore Must Remain Exceptional To Stay Ahead, Says PM Wong
By Nur Ashikin Abdul Aziz SINGAPORE, Aug 8 (Bernama) -- Singapore must remain exceptional to stay ahead, as the world becomes increasingly uncertain amid deepening geopolitical tensions and rising protectionist sentiments, Prime Minister Lawrence Wong said. Speaking on the eve of the country's 60th National Day celebration, Wong, who is also Finance Minister, emphasised that the need for Singapore to move faster, adapt quicker, and innovate smarter by embracing new technologies such as Artificial Intelligence and robotics, and applying them meaningfully across the economy. bootstrap slideshow 'We must enable our people, workers and businesses to make full use of these tools, and sharpen our competitive edge. 'The pace of change will be rapid and not always comfortable. There will be disruption. Not everyone will find the transition easy,' he said in a pre-recorded televised National Day Message from the Padang. Wong said the government would continue to walk this journey with the people, including by expanding opportunities for learning and skills upgrading, strengthening social safety nets, and helping every Singaporean who faces setbacks to bounce back. He noted that Singapore is refreshing its economic strategy to strengthen competitiveness, deepen capabilities, and secure its future. On Aug 4, Deputy Prime Minister Gan Kim Yong announced that the government has formed five commitiees as it would undertake an Economic Strategy Review to consider new ideas and approaches aimed at strengthening the nation's global competitiveness and economic relevance. Meanwhile, Wong also called on Singaporeans to remain united, stating that as a small nation, it cannot afford to be divided.
