Why this is important to Wisconsin businesses: Wisconsin has a dynamic AI industry, including Microsoft’s $3.3 billion investment in southeastern Wisconsin as a hub for AI-powered economic growth.
Singapore and Malaysia are primed for the growth of artificial intelligence (AI).
Singapore is No. 2 in the world—second only to the U.S.—as being prepared to use AI in the delivery of public services, according to a study of 193 countries released in December 2023 by the public policy consulting firm Oxford Insights. Malaysia also performs well, as “the non-high income country most frequently listed in the top 20 countries in these indicators.”
Singapore’s Monetary Authority is collaborating with banks and tech firms to develop a risk framework for AI, and the government is testing a system like ChatGPT for public employees to see if it can improve their communications with residents, the Oxford Insights report said.
Large tech companies are also getting involved in the region. Singapore is working with Microsoft to train small and midsize business leaders about data use and protection while Malaysia’s government is collaborating with Google to train people in AI and data analytics.
Singapore is ranked eighth in Startup Genome’s latest global startup ecosystem survey. The Singapore Economic Development Board says Singapore is home to about 4,000 tech startups and 200 incubators. It ranked among the top 10 countries in the Global Innovation Index, and it is among the world’s top 15 countries for ease of source funding, according to Startup Genome.
A study by Ipsos shows residents in both countries trust companies that use AI and believe products incorporating AI have more benefits than drawbacks. But 62% of Malaysians think AI will eventually replace their current jobs.
Singapore and Malaysia present potential opportunities for Wisconsin AI technology firms.
In Singapore, Wisconsin tech firms may find success if they prioritize AI solutions to address key sectors driving Singapore’s economy, such as health care, finance, and smart cities. They should offer innovative solutions to enhance those industries’ efficiency, productivity, and competitiveness. Specifically, Wisconsin companies can venture into AI-driven traffic management systems using real-time data and predictive analytics to reduce congestion and improve road safety, which can contribute to Singapore’s smart city initiatives.
They can also work with local startups, particularly those focusing on sustainability, waste management, and sustainable urban planning, driven by Singapore’s vision of becoming a Zero Waste Nation.
In Malaysia, strategic alliances with financial institutions could offer AI solutions for fraud detection, risk assessment, and customer service enhancements.
In addition, AI products specifically designed for Malaysia’s manufacturing sector may be of interest, emphasizing optimization and supply chain management, and collaborations with Malaysian health care providers could offer AI technology for patient diagnosis, medical imaging analysis, and operational efficiency.
