Yahoo Finance IT leaders' reactions to Budget 2024 tech-related announcements
Tech leaders laud the increased support for AI development and upskilling initiatives announced at Budget 2024.
Deputy Prime Minister Lawrence Wong announced in his Budget 2024 speech that Singapore will invest more than $1 billion over the next five years in artificial intelligence (AI). Tech leaders share their thoughts on tech-related announcements below:
Peter Chambersv, managing director - Sales, Asia Pacific at AMD
The blistering pace of AI development has a severe impact an organisation’ readiness and willingness to embrace the technology. This impediment is currently compounded with an increasing competition for AI infrastructure assets – such as accelerators and GPUs – as larger organisations bring their AI capabilities in-house.
The $1 billion funding alongside the upskilling initiatives announced today sets up a solid foundation for the success of Singapore’s National AI Strategy 2.0 by providing a legitimate support system to empower an SME to truly compete on equal grounds with their MNC competitors in two key areas: skilled workforce and infrastructure assets.
AI will become ubiquitous in 2024 and its use cases will continue to proliferate exponentially. However, the ultimate answer to the technology lies with the most important stakeholders: the employees. AI journey starts with employee buy-in, and that process requires a shift in mindset especially in an environment where close to half of employees are distrusting of the technology.
Employees looking to take advantage of the additional S$1 billion funding announced today will do well by taking measured steps towards embracing it as opposed to diving headfirst. Understanding employees’ existing pain points and exploring how AI can address these concerns should form the foundation for any organisation’s AI strategy. Most importantly, the onus falls on organisations to nurture a conducive environment and culture where there is a balance between machine and human intelligence.
Jonathon Dixon, VP & Managing Director, APJC, Cloudflare
Cloudflare welcomes the additional investments the government is pumping into the further development of AI, of more than $1 billion over the next five years. Together with the focus on setting up AI centres of excellence, this will incentivise companies to adopt AI solutions, prioritise AI skills to keep their workforce competitive, and encourage strategic partnerships and knowledge sharing across the industry, thus spurring overall innovation.
The enhancement of Singapore’s connectivity infrastructure will be critical in supporting the nation’s overall push into AI. In addition, to support the safe adoption of AI, the government, industry regulators and technology companies alike need to come together to champion for and implement more formalised compliance, governance and regulatory frameworks. This will help to engender trust and transparency when it comes to the responsible and ethical use of AI, ensuring it augments human capabilities instead of replacing them.
The announcement of a new National Cybersecurity Command Centre underscores the recognition of the evolving nature of cyber threats, emphasising the need for proactive measures to defend against potential attacks. The command centre will help to ensure a swift and coordinated response to emerging threats while minimising potential damages. It reflects a proactive approach to cybersecurity, acknowledging its integral role in national security and economic stability. In building more effective and comprehensive cybersecurity strategies, it is important to have strong public-private partnerships, leveraging the expertise of both sectors to enhance Singapore's overall cybersecurity resilience.
Kamal Brar, senior vice president, Apac, Confluent
I am glad to see the increasing local investments and upskilling support for Singaporeans and businesses to train and make the best of AI innovations. We live in an incredible time for innovation today where AI is driving significant productivity improvements for businesses in Singapore. While AI can’t replace the intentionality, creativity, or awareness of a human, it can automate the menial day-to-day, allowing employees and companies to focus on the most valuable tasks.
[However, the] value of AI is deeply dependent on having clean, trustworthy, up-to-date data. Organisations can tap on real-time streams of accurate data to keep up with AI-driven change. For this, companies in Singapore (small or big) should actively help employees to retrain and upskill in data management with the SkillsFuture Level-Up programme and new grants, especially as we see more AI centres of excellence open up here.
The $1B investment in AI and additions to National AI Strategy 2.0 announced by Minister Wong today as part of Budget 2024 will go a long way in enabling businesses to draw value from AI and deliver services that enhance customer experience, minimise risk, and improve operating margins. To help businesses reap direct benefits from AI, we too are focused on providing a real-time data platform. With it, the data is more reflective of the current state and local businesses can confidently use it to deliver services in real time.
Lim Teck Wee, area vice president, Asean, CyberArk
We welcome the government's move to invest $1 billion in AI over five years to build Singapore’s AI capabilities in AI computing, talent and industry developments. We have seen how AI is helping organisations to achieve operational efficiencies, boost productivity and defend against cyber attacks. As an identity security company, we advocate for such investments to combat evolving cyber threats.
We are also in agreement with the government’s move to launch the $1.3 billion enterprise support package initiative which will help employees to upskill to harness technology more effectively. Closing the technology and cybersecurity skills gap must be a collective effort between the government, the people, educational institutions and the private sector. We look forward to seeing more training and career development initiatives specific to cybersecurity and digital skills as we continue to empower our workforce to be resilient against cyber attacks.
Andy Sim, vice president and managing director of Singapore, Dell Technologies
As new technologies such as AI continue to emerge and accelerate, it presents new opportunities for businesses that are equipped to harness it, but also poses challenges to employees who are less prepared.
Skilling will be key in developing a future-ready workforce, as we see being emphasised in Singapore’s 2024 Budget. Doing so requires a seamless partnership between private and public sector, and we’ve partnered with the Singapore government and Institutions of Higher Learning in Singapore such as the Singapore Institute of Technology (SIT) and Singapore Management University (SMU). Through co-developing new content for curriculum modules, specialist diplomas and degree courses, we help equip students with critical core skills tied to new and emerging technologies such as cloud computing, data analytics, and the Internet of Things (IoT). Apart from students, we also continue to work with our network of partners and customers to support mid-career professionals with skills training and enhancement for the data era, through the Dell Technologies Skills Up programme.
Beyond economic opportunities, we cannot forget the role of technology in driving human progress. The Singapore government has also emphasised the need for digital technology to create economic and social value and improve lives. Technology companies are therefore in a prime position to foster and meet the critical drivers of digital inclusion and nurture digital talent, considering their expertise, capabilities, and resources in the field.
Mao Gen Foo, head of Southeast Asia, Qualtrics
The newly-announced SkillsFuture Level-Up initiative, aimed at supporting mid-career workers in acquiring new skills and competencies, is particularly encouraging. Programmes like this recognise the crucial role this demographic plays in our economy and the need for support in helping our nation’s workers adapt to evolving demands and technological advancements.
The increased focus and investment in AI capabilities, talent, and industry development is also exciting and important for Singapore to strengthen its position as a business and innovation hub. Singapore boasts one of the highest global acceptance rates for AI in the workplace, which supported by the government’s ambitions to set up new AI centres of excellence and investments in upskilling programmes, will empower a new cohort of talent and create high demand for skilled professionals.
Moreover, to ensure Singapore can attract and retain the talent needed in the future, this investment and focus on skills must be complemented by ensuring workers are provided with employee experiences that enable them to do their best work and create high-performing, highly productive teams. Organisations that embrace this people-centric approach and empower their teams to excel in a period of technological and societal change will be the true standouts, propelling the nation towards a prosperous and competitive future.
Sujith Abraham, senior vice president and general manager, Asean for Salesforce
With AI taking a front seat across businesses and for the economy’s success, a right-skilled workforce is critical. The extension of SkillsFuture Enterprise Credit and the introduction of the new SkillsFuture Level-Up Programme for mid-career workers will ensure inclusivity and accessibility for the entire workforce. Today, our studies show lack of training is preventing 38% of Singapore workers from using gen AI more at work. This skills gap will only grow wider with time, as the profile of jobs will augment as AI becomes more pervasive.
These incentives will encourage workers to upskill themselves in areas such as digitisation and AI to help Singapore develop a future ready workforce. Upskilling is a task and responsibility for the entire ecosystem. The value of independent learning should not be overlooked either. There are many free online learning platforms that offer certifications and micro-credentials for anyone looking to upskill and improve their employment opportunities.
The $1 billion allocation towards AI which also includes secure implementation of the National AI Strategy 2.0 demonstrates the government’s commitment towards fostering a trusted and responsible AI ecosystem. Trust is well and truly in the foreground today and will be a critical differentiator for businesses in the era of AI. As AI adoption grows, consumers must be reassured that their data is safe, and that technology is being used for good. Alongside governments, businesses have a responsibility to ensure trust keeps pace with technology. [This calls for] transparency – in how we develop technology, and how we deploy it – so everyone is confident in the privacy, accuracy and safety of new technologies.
Pannie Sia, general manager, ASEAN, Workday
The substantial investment in the National AI Strategy 2.0 as announced in Budget 2024, signals a commitment to harnessing the transformative power of AI. The move to establish AI centres of excellence will also help to amplify Singapore's innovation capabilities. This will not only attract top-tier talent but will also foster a collaborative environment where cutting-edge ideas can flourish.
Such technologies will serve as catalysts for economic growth, fuelling innovation and efficiency gains across diverse sectors. AI, with its potential to revolutionise business operations, facilitates data-driven decision-making and automation, amplifying productivity. Simultaneously, ML's capacity to analyse extensive datasets and identify patterns contributes to predictive modelling and strategic planning. Sustaining focus on AI and ML will ensure Singapore's prominence in technological advancements, strengthening its position as an attractive hub for businesses and talent in an increasingly digitalised global landscape.
The commitment to upskilling and the support extended in SkillsFuture is also encouraging. Beyond addressing immediate business needs, upskilling and growing talent is important in ensuring the workforce remains competitive. Encouraging businesses to enhance the digital skills of their workforce will create a labour force adept at navigating the evolving technological landscape. The greater support for upskilling aligns seamlessly with the broader strategy of cultivating a skills-based economy.
In the pursuit of a skills-based economy, businesses must also leverage AI and ML in training programmes, to ensure the workforce stays attuned to the latest skills demanded by the evolving job market. AI-driven tools, capable of matching skills with job requirements and harnessing vast reservoirs of data for actionable insights, can empower businesses to navigate challenges with precision. This dynamic synergy between technology and data creates an environment where talent seamlessly aligns with the demands of the job market.
Andy Ng, vice president and managing director for Asia South and Pacific Region, Veritas Technologies
The Singapore Budget 2024 recognises the crucial role of digital trust in the face of rapid technological adoption. To strengthen our competitive lead and navigate the current economic climate, prioritising initiatives that build public confidence in digital systems, data privacy, and cybersecurity is paramount. As organisations in Singapore witness faster adoption of emerging technologies to keep a competitive edge, investments in robust cybersecurity infrastructure, regulatory frameworks, and education programs are essential to build and maintain trust among citizens, businesses, and investors. The $3 billion RIE2025 plan emphasises the need for research and digital innovation. While this fuels advancement, it also intensifies the need for vigilance.
Organisations must adopt a 360-degree defense architecture to strengthen their cybersecurity posture and keep the data and applications safe and resilient across any environment – to comply enterprises need effective financial support. Collaborative efforts between the government, private sector, and academia are crucial to address emerging cybersecurity threats and ensure the integrity of Singapore's digital ecosystem.
Furthermore, promoting digital literacy and empowering individuals with the knowledge and skills to navigate the digital landscape safely is equally key. Educational campaigns and awareness programs can help citizens recognise and mitigate online risks, thereby fostering a culture of responsible digital citizenship.
Priya Mahajan, head of Public Policy and Regulatory, Verizon
Singapore's digital ecosystem, bolstered by robust privacy measures and free data flows, holds the potential to fuel an ongoing cycle of economic growth. With the rapid adoption of transformative technologies such as AI, quantum computing, and 5G, there's a significant opportunity to solidify Singapore's global leadership in the digital arena through a light-touch regulatory approach.
With respect to emerging technologies, implementing global best practices such as the establishment of a single unified regulatory body will ensure consistent standards for both consumers and businesses across different industries. This will in turn foster a climate of technology-related investment, innovation and competition in Singapore.
Read more about Budget 2024 on The Edge Singapore.
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