Singapore’s Digital Economy Surges with AI and Digital Transformation Across Sectors

Article published on: 30th October 2024

Credit: itnews.asia

In Summary:

Singapore’s digital economy has grown at an annual rate of over 11% between 2018 and 2023, far surpassing overall GDP growth. This expansion is driven by small and medium enterprises (SMEs) adopting digital tools and artificial intelligence (AI) solutions, supported by initiatives like CTO-as-a-Service, the Productivity Solutions Grant (PSG), and the Digital Leaders Programme. AI adoption among larger enterprises has risen significantly, with 44% now implementing AI solutions. The Infocomm Media Development Authority (IMDA) has launched programs like the GenAI Sandbox, enabling companies to pilot generative AI applications, and the TechSkills Accelerator (TeSA), aimed at growing the local tech talent pool. Singapore’s focus on responsible AI governance is underscored by the Model AI Governance Framework and international partnerships, positioning the country as a leader in digital transformation and AI growth.

For the full article, visit the original post on itnews.asia: How SMEs and AI drive Singapore’s digital economy forward