AIGC technology is also emerging as a new variable in Singapore's digital tech ecosystem. According to Tortoise Media's latest Global AI Country Index report, Singapore's AI Index overall ranking jumped from sixth to third. This means that Singapore will be one of the best cities in the world for tech startups in the future.
Companies with the same background include ADVANCE.AI and Cyrudder Intelligence, the former is committed to using AI, big data and cloud computing technology to provide digital solutions, and its parent company is the Southeast Asian unicorn Pioneer Group. The latter focuses on technologies and applications related to speech recognition, speech synthesis, natural language processing and semantic understanding.
These companies have caught up with the hottest wave of AI in the past two years, and the companies have completed several financing, ranging from A+ to D round, and behind them there are a number of sufficient star venture capital institutions: GGV Capital led the investment, Singapore funds Wavemaker Partners and Insignia Ventures, Hong Kong funds ZWC Partner, Tencent, Hillhouse, Yunqi Capital, etc.
They chose Singapore for almost the same reasons: a good business environment, world-leading digital infrastructure, enough policy support, and talented people from all over the world. Most importantly, I want to find opportunities in Singapore for the global market.
"If we were a person in Singapore, we would be among the tech optimists looking forward to the use of generative AI in digital technology in Singapore," said Amy Chan, Greater China director at Singapore's Economic Development Board.
AIGC is the product of the digital age, and behind it is the maturity and perfection of digital technology, such as algorithms, computing power, blockchain, big data, cloud computing, etc., including artificial intelligence.
Singapore is one of the early countries in the world to start and pay attention to the development of digital technology. As early as 2014, Singapore launched the Smart Nation Development Plan, which established the strategic transformation focus of digital economy, digital government and digital society. This also provides a comprehensive national strength basis for its innovation of domestic digital economy governance paradigm and participation in global digital economy governance.
Chan said that at this stage of economic development, Singapore needs to continue to explore and innovate cutting-edge technologies. Digital technology has profound innovation opportunities, "so Singapore will actively participate in the global wave of digital technology industry."
The ASEAN Framework Agreement on the Digital Economy is a good example. Singapore is exploring measures to improve digital and data connectivity, such as in payment systems and data connectivity among ASEAN countries.
In addition, Singapore has established an AI governance framework, which was launched in 2019, and has continuously updated its provisions since then to strengthen cooperation with the private sector and other countries on AI.
With the help of technologies such as artificial intelligence, network security, cloud computing and blockchain, fintech, e-commerce and 2B enterprise software have gradually taken shape in Singapore, attracting technology giants and startups from all over the world.
Domestically, Alibaba, Tencent, ByteDance and Huawei have all set up headquarters in Singapore. Between 2018 and 2021, TikTok leased office buildings in Singapore three times to grow its international business.
There are also tech unicorns or good startups coming out of Singapore itself. For example, Grab, a super app born in Southeast Asia, ViSenze, a homegrown image recognition startup focused on e-commerce applications, SixSense, an industrial vision inspection startup, And 6Estates, an AI-driven intelligence company spun out of NExT, a joint research center between the National University of Singapore and China's Tsinghua University.
This is due to Singapore's emphasis on the training of digital technology talents, close cooperation between the government and enterprises in the development and application of digital technology, and Singapore's efficient construction of digital technology infrastructure.