AI is the future, and Singapore is betting on it. The Singapore government will invest over 1B SGD (~$743M) to support AI development for the next five years. 

The plan was announced by Deputy Prime Minister and Minister for Finance Lawrence Wong in his 2024 budget speech.

• The $$$ will be used to secure access to advanced chips, boost the local AI talent pool, and work with companies to set up AI centers. 

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🎈 The big strategy

The investment is part of Singapore’s National AI Strategy 2.0, a game plan that involves nurturing local (and foreign) talent, promoting a strong AI ecosystem, and supporting AI innovations for public good. 

• Wong also announced that Singapore will upgrade the Nationwide Broadband Network.
• This will enable mass market access to broadband speeds of up to 10 Gigabits per second in the latter half of the decade. 

Call security? The city-state will also strengthen their cyber defense by establishing a National Cybersecurity Command Center.

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🪟The big picture

Singapore is stepping up its ambitions to lead AI development in Southeast Asia. 

• They spearheaded the SEA-LION initiative, a language learning model that’s trained in 11 Southeast Asian languages. 

*1 SGD = 0.74 USD