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Singapore to Invest S$50 Million to Bolster Digital Trust Capabilities

The Infocomm Media Development Authority (IMDA) and National Research Foundation Singapore (NRF) will invest S$50 million over the next five years to develop our digital trust capabilities. Announced by Singapore Minister for Communications and Information, this investment will allow Singapore to tap on new possibilities and demands arising from a global digital trust market that is expected to grow exponentially. It further enables Singapore to extend its strength as a trusted hub into the digital realm.

To do this, IMDA will bring together research institutions, institutes of higher learning, and the industry, to drive research and translation in trust technologies. Efforts will be focused on addressing industry needs and unlocking new opportunities enabled by emerging digital trust technologies, and some key areas of focus will include:

  • Privacy-preserving technologies, which enable organisations to gain insights from data while keeping the information and source protected;
  • Technologies that address emerging areas in decentralised identity and verification, allowing us to build future-ready capabilities for the next iteration of the internet; and
  • Testing and assurance, to provide confidence that digital technologies are safe and trustworthy, and allow consumers and stakeholders to transact with peace of mind.

Singapore believes in a balanced and collaborative approach to Artificial Intelligence (AI) governance – one that can interoperate with other international AI governance approaches. To this end, Singapore actively engages in multilateral discussions at international platforms on AI. Through such partnerships, we hope to build trust in the digital domain at a global level.

A collaborative approach in building a trusted digital environment for the deployment and adoption of digital technologies is important. Singapore’s digital agenda is helping the industry build trust with stakeholders through the development of testing and certification programmes. This builds on the existing efforts to develop practical guidelines on deploying AI responsibly via the Model AI Governance Framework.

Organised by IMDA, Personal Data Protection Commission, and the National University of Singapore, brought together industry thought leaders, policymakers and experts from the East and West to discuss leading technological trends and their implications for businesses and policymakers, and provided insights on the value of AI governance to the industry.

IMDA leads Singapore’s digital transformation with Infocomm Media (ICM). To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional ICM ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore’s ICM infrastructure.

IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment and enhances Singapore’s data protection regime through the Personal Data Protection Commission.

Singapore has also been focusing on innovation AI, as reported by OpenGov Asia, the Singapore government’s Monetary Authority of Singapore (MAS) launched the Global Veritas Challenge to promote the adoption of AI solutions in the financial sector.

The challenge aims to accelerate the development of Artificial Intelligence and data analytics solutions that adhere to the Veritas framework’s Fairness, Ethics, Accountability, and Transparency (FEAT) principles. The FEAT principles were developed in 2018 by MAS and the financial industry to strengthen internal governance around the use of AI and data management and use.

The challenge, supported by a leading global professional services company, invites fintech companies, solution providers, and financial institutions from around the world to submit solutions for problem statements aimed at validating the fairness of AI solutions. Banks identified these statements in product marketing, risk, compliance, and fraud monitoring, loan origination and know-your-customer, and credit scoring, and profiling.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com