Singapore New National Plan Commits Over US$15 million on Scholarships for 15,000 Top Students to Study AI Technology

• 29 March 2024
• Property Focus
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Singapore has unveiled an ambitious plan to bolster its global standing in business and innovation by injecting more than S$1 billion, equivalent to over US$743 million, into artificial intelligence (AI) initiatives over the next five years. The announcement came as part of Singapore’s 2024 National Budget, demonstrating a strategic push towards technological advancement and economic resilience, according to Aseanbriefing on 13 March 2024.

The investment strategy encompasses multiple facets aimed at fostering AI development and adoption across various sectors. Key initiatives include securing access to advanced chips essential for AI innovation, forging partnerships with global industry leaders to establish AI centres of excellence, and nurturing local talent to drive the AI workforce forward.

Underpinning Singapore’s AI vision is a commitment to talent development, with a significant portion of the investment allocated towards scholarships for Singaporean students pursuing AI-related studies. Over the next three years, approximately S$20 million (US$15 million) will be invested in scholarships across undergraduate, master’s, and PhD programs, with the goal of tripling the AI workforce to over 15,000 individuals by 2029.

Furthermore, recognising the pivotal role of high-performance computing infrastructure in AI development, Singapore plans to dedicate around S$500 million (US$375 million) towards acquiring and leasing graphics processing units (GPUs) and other crucial computer chips from global suppliers. This initiative aims to ensure that local enterprises have access to the necessary hardware to drive AI innovation.

In tandem with talent and infrastructure investments, Singapore’s AI strategy also prioritises support for small and medium-sized enterprises (SMEs) through the Infocomm Media Development Authority’s SMEs Go Digital program. SMEs will receive subsidies, consultations, and other assistance to facilitate the adoption of AI technologies, fostering competitiveness and growth in the digital economy.

Moreover, Singapore is proactively guiding businesses through digital transformation with comprehensive sector-specific digitalisation roadmaps. Tailored plans for 22 sectors, ranging from food services to logistics, offer strategic direction for leveraging AI and other digital tools.

SMEs can leverage a grant offering access to a curated selection of digital tools, with 20 percent boasting AI capabilities. Notably, over 3,000 SMEs embraced AI-driven tools from this roster in 2023.

Further, digitally adept enterprises seeking AI solutions can tap a novel initiative named the Generative AI X Digital Leaders. This initiative unites professionals from diverse tech companies to collaboratively craft cutting-edge AI tools.

By promoting collaboration and knowledge sharing among the leaders of the AI technology industry, Singapore’s national plan, which can be considered as a model for other countries, will definitely drive continuous progress in the availability of AI technology​ for all social and economic sectors that will push Singapore to become a world leader in the future of a new world backed by an artificial intelligence technology economy.

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