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Artificial Intelligence (AI) and Intelligent Automation (IA), not only in Singapore but for most of the world have been around for some time. Most government agencies have adopted some form of AI and IA in their respective operational processes. More recently, this adoption has been accelerated because of the COVID-19 pandemic.
AI and IA are here and they are here to stay. Intelligent and automated transformation in the public sector will prove vital in providing citizens with a much more efficient and effective experience. The current challenge is integrating them into all service procedures and processes and how to contextualise, adapt and improve these technologies for specific agencies and functions.
A cornerstone for an organisation’s digital transformation, AI and IA can be used to automate programmes to ensure that some manual tasks no longer need to be done by people. This will allow staff to focus on other deliverables that need more human intervention, thus promoting productivity. For the public sector, AI and IA can provide efficiency and effectiveness – delivering citizen services cheaper and more quickly for a better overall experience for agencies and people.
However, the public sector is being held back from reaping the full benefits of AI and Intelligent Automation due to unfamiliarity and the lack of skillset within organisations. To harness the full potential of AI and Intelligent Automation, the public sector must scale up AI implementation and democratise its corporate function.
This was the focal point of the discussion during the OpenGovLive! Virtual Breakfast Insight: AI and Intelligent Automation for Public Sector as a Key to Success in the New Normal on 10 March with digital executives from a wide range of Public Sector agencies from Singapore.
How the pandemic accelerated the usage of AI and IA
To kickstart the session, Mohit Sagar, Group Managing Director and Editor-in-Chief at OpenGov Asia reiterated the fact AI and IA have has been around for several years now. In fact, both the private and public sectors have been deploying them. Dealing with new technology with far-reaching consequences always comes with the risk of failure and it was no different with these as well. At the same time, however, there was no great pressure to adopt them quickly or comprehensively.
Then, COVID-19 came in and drastically accelerated the need for rapid and ubiquitous adoption. Mohit strongly believes that if organisations did not bring in AI and IA it would have been impossible to cope with the pandemic.
Left with little choice, most governments included automation and AI in their processes leading to greater human-robotic interaction in the new normal. Mohit observed that with these large-scale deployments and the pressing need, inhibition or the scare-factor surrounding these technologies is starting to diminish – but still has a long way to go.
The only way automation and AI to be fully embraced is to democratise them. This implies that everyone in the organisation, even those who do not know how to code, are included on this journey. But what it also means is that when a digital workforce has been set to work, the human resource must be reassigned to tasks that require human intelligence and response.
It is critical that organisations help staff understand that AI and IA are tools for them to use and not something that is going to replace them. This will create an environment of acceptance and openness to genuinely try new things. Of course, this is far easier said than done.
Closing his presentation, Mohit emphasised that this was a journey and organisations must find the right partners to help them implement the right automation strategies – partners who have been down this road and who know what needs to be done.
Scaling and democratising the human-machine collaboration
COVID-19 has ramped up the collaboration between humans and machines. This was the focal point that Ravi Bedi, Head & Practice Lead, AI-Led NEXT Solutions, NCS Group discussed with the distinguished delegates from the Singapore public sector.
Ravi acknowledged that COVID-19 was a significant catalyst for automation. Further, he added that this is a strong opportunity for the public and private sectors to work collaboratively. The need of the hour is a roadmap that brings AI and IA to every citizen in the most natural way possible. AI and automation must not be seen or be a hindrance to people but should become a positive part of their daily lives.
Statistics he provided prove that Singapore was open to the idea of automation prior to the pandemic. Without a doubt, in this post-Covid era, deployment of AI and IA will go up leaps and bounds. Not just because of the sense of urgency to deal with the current pandemic but to also prepare for the next possible global crisis
Further, recent budget allocations and programmes in the country show that the nation continues to embrace the idea of AI and the fact that it will play a critical part in the recovery of the economy in the long-term.
Not surprisingly, only 1/8 of the world’s governments have not implemented some form of digital transformation. Contrarily, after much trial-and-error by agencies, some have found that AI and IA have not lived up to their promise. Known as AI quicksand, Ravi explained, this phenomenon is a function of premature experimental scaling – most often resulting in failure.
It was vital, Ravi opined, that delegates reflect on how to come together as a society and make organisations and governments settle on a common narrative essential to this transformation. Going further, Ravi added that innovation diffusion must start at the school level.
Ravi conceded that the public sector does not lack ideas, it lacks execution. They fear deploying initiatives in a wider, premeditated manner. Additionally, they do not have a democratised method of implementing procedures. Such constraints are what inhibits the public sector to meet the expectations that citizens and the public have today.
He stressed that AI and IA initiatives are not a competition between humans and robots. It is about scaling and evolution. Humans must continue what they know to scale and machines must also do the same depending on what is given to them. Humans naturally lead, create, judge and improvise, while machines transact and scale, predict and scale and then evolve. The missing element or efficiency is what is being endeavoured in a human-machines alliance. Humans enable machines and machines augment human beings.
Ravi closed his presentation by saying that the key piece is not what is being done as data scientists, engineers or digital transformation heads. The critical area is for organisations to determine the missing middle area in this human-machine alliance by distinguishing the roles of humans as well as the roles of machines within the organisation.
Utilising AI and Intelligent Automation in crises
Following Ravi’s presentation, Pascale Fung, Director, Centre for Artificial Intelligence Research (CAiRE), Hong Kong University of Science and Technology (HKUST) shared her perspectives on the discussion at hand.
She started by talking about the many initiatives that the Hong Kong Government has launched such as the promotion of masks, lockdowns, testing, contact tracing and vaccination. HKUST has been at the forefront of innovation for pandemic control measures.
To help governments to persuade the public of the efficacy of mask-wearing, they developed a visualisation tool illustrating the positive effect of mask-wearing and stopping the spread of the virus. To help scientists accelerate vaccine development, they also created a data-analytics tool for vaccines to match the virus’ sequences for worldwide access.
They also have a fast COVID-19 testing kit, providing results in record time, which is the first-ever in the world. A contact tracing app quarantine was implemented with their support.
A more complex area to address was mental well being. Due to the prolonged quarantine and isolation measure, citizens’ mental health has been of much concern – not only in Hong Kong but across the world. To address this, they designed an AI-driven virtual assistant to talk to citizens in isolation to gauge mental health, deep learning and respond with empathy. Their AI component helps people in quarantine to connect with others.
As a closing challenging, she exhorted the government executives to make use of available tech such as AI and intelligent automation to fight COVID-19 and manage its aftermath.
Polling questions and discussion
After the engaging and informative presentations by the speakers, the session transitioned to an interactive discussion with polling questions. The first question dealt with what the primary objective of AI and IA strategies were for the delegates.
Over 65% of the delegates said that business process enhancement is their primary objective. According to one of the directors from JTC Corporation, they are still in the early stages of their AI journey and they are in the process of enhancing the functionality of their work using these technologies.
A delegate from the Ministry of Health said that cost reduction is at the helm of their priorities because of the rising healthcare costs during the pandemic. The GovTech Singapore representative said that applying AI and IA is a journey that requires financial capacities to extract value from its usage. They too felt that finding the right partner is a challenge. Lastly is their mindset towards utilising the technologies.
The next polling inquired about the organisations’ target for the contribution of AI to their process efficiencies. More than half of the delegates (55%) said there is no real target as they are in their early stages in the journey but they are trying to improve the usage of AI. Just under a quarter of the participants confirmed that 15%-30% of their process will be efficient because of AI.
The audience next discussed the challenges they encounter when using AI and automation. About 87% of the delegates say that the lack of properly skilled teams is the most common challenge in implementing AI strategies.
Ravi agreed that not knowing your data when using AI is a problem. The industry should be helping agencies from a data gathering and understanding perspective. One participant from the health sector said while data is available, the task of harmonising the data throughout the organisation and different institutions is challenging, along with the scaling of administrative and clinical processes.
Ravi acknowledged the humans tend to gravitate to what is urgently needed. He also noted that a partnership between the right service provider and an agency is the key element of a smart relationship.
Just under half (45%) of the delegates say that crowdsourcing from employees and customers is the way to go in terms of how organisations should gather ideas for applying emerging AI tech in new ways to solve business problems.
Conclusion:
The session ended with the closing remarks by Ravi Bedi. He emphasised the crux of the issue – people are the beneficiaries of AI and IA.
If feedback can be institutionalised and involve the citizens more comprehensively, it will be better for the entire process. He agreed that guidance should start from the institutions and ministries. However, to scale and democratise the use of AI and Intelligent Automation, agencies must understand that partnership with experts is the way forward. This will help crystalise roles that will be vital in their journey towards automation.
He invited the delegates to reach out to their team for advice and to explore ways they could collaborate on their AI/IA journey.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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The Vietnam Posts and Telecommunications Group (VNPT) has reached a significant milestone with its artificial intelligence (AI) platform, VNPT eKYC, logging over 1 billion user authentication requests. This accomplishment solidifies VNPT’s position as a pioneer in electronic identification and verification solutions within Vietnam.
Since its inception, VNPT eKYC has been at the forefront of electronic Know Your Customer (eKYC) services for over five years, serving a diverse range of clients including banks, financial institutions, telecommunications companies, and e-commerce entities. With over 100 organisations utilising its services, VNPT eKYC has facilitated electronic identification for more than 40 million individuals across the country.
On average, the VNPT eKYC system processes an impressive 600,000 requests daily, with peak days witnessing over a million requests being handled seamlessly. This demonstrates the platform’s robustness and reliability in managing high volumes of authentication transactions efficiently.
The significance of VNPT eKYC extends beyond its technological capabilities, particularly in the context of evolving regulatory requirements. The State Bank of Vietnam’s decision mandating biometric authentication for transactions exceeding 10 million VND (approximately 416 USD) and other significant transactions from July 1, 2024, underscores the critical role of advanced authentication solutions like VNPT eKYC in ensuring compliance and security in financial transactions.
Moreover, the platform’s success highlights the increasing importance of domestically developed solutions in the banking and financial sector. Domestic solutions such as VNPT eKYC offer several advantages, including rapid implementation, cost-effectiveness, adherence to global technology standards, scalability, and high readiness to meet evolving regulatory requirements.
Central to the effectiveness of VNPT eKYC is its advanced AI models, which enable the verification of facial biometric data with an impressive accuracy rate of up to 99.99%. This high level of accuracy not only enhances the security of authentication processes but also contributes to building trust and confidence among users and regulatory authorities.
As Vietnam’s digital economy continues to grow and evolve, the role of advanced authentication and verification solutions like VNPT eKYC becomes increasingly indispensable. Beyond facilitating seamless and secure electronic transactions, these solutions contribute to enhancing the overall digital infrastructure and ecosystem of the country, paving the way for further innovation and economic growth.
Looking ahead, VNPT remains committed to advancing its AI platform and expanding its capabilities to meet the evolving needs of its clients and the regulatory landscape. With a strong focus on innovation, reliability, and security, VNPT eKYC is poised to play a pivotal role in shaping the future of electronic identification and verification in Vietnam’s dynamic digital economy.
VNPT’s achievement of logging over 1 billion authentication requests with its AI platform, VNPT eKYC, marks a significant milestone in Vietnam’s journey towards digital transformation.
Amid a swiftly changing global landscape, Vietnam emerges as a frontrunner in a digital revolution, strategically positioned to harness technology’s transformative power for economic progress and societal development.
It is embracing its digital transformation journey, highlighting collaborative efforts to drive the nation’s digital transformation. The nation’s digital technology industry aims to propel Vietnam towards high-income status by 2045 through technology mastery, innovation, and indigenous manufacturing capabilities.
Moreover, the nation is working to harmonise its regulations, streamline laws, and promote consistency in its legal framework to foster a more favourable and appealing cyber environment.
As the country continues to embrace technology-driven solutions to address emerging challenges, VNPT eKYC stands as a testament to the potential of domestic innovation in driving progress and excellence in the digital era.
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In a significant development, the Telecom Regulatory Authority of India (TRAI) released a comprehensive set of recommendations on the usage of embedded SIM (eSIM) for Machine-to-Machine (M2M) communications. This comes at a crucial juncture, as the proliferation of IoT devices and the imminent rollout of 5G services underscore the pressing need for clear regulatory frameworks to govern emerging technologies.
Prompted by a directive from the Department of Telecommunications (DoT), TRAI embarked on an extensive consultative process to solicit insights from stakeholders and industry experts. The formulation of these recommendations began with a consultation paper on ‘Embedded SIM for M2M Communications’ on 25 July 2022. TRAI then fostered extensive stakeholder engagement, including submissions and a virtual open house discussion on December 14, 2022, ensuring broad participation and inclusivity.
Against the backdrop of rapid technological advancement and evolving consumer needs, TRAI’s recommendations aim to address key challenges and opportunities in the realm of M2M communications. At the heart of these recommendations lies a dual commitment to fostering innovation and safeguarding consumer interests.
By delineating clear guidelines for the deployment and management of eSIM technology, TRAI seeks to lay the foundation for a robust and resilient M2M ecosystem that promotes transparency, security, and interoperability.
Central to TRAI’s recommendations is the imperative of ensuring robust security measures across the M2M value chain. Recognising the inherent vulnerabilities associated with IoT devices and the potential ramifications of security breaches, TRAI underscores the importance of implementing stringent Know Your Customer (KYC) protocols. By mandating proper verification procedures for device activation and subscription management, TRAI aims to mitigate fraud risks, safeguard network integrity, and enhance consumer trust in M2M communications.
TRAI’s recommendations encompass a comprehensive framework for profile switching of eSIMs and swapping of Subscription Manager-Secure Routing (SM-SR), thereby enhancing flexibility and choice for consumers. By enabling seamless transitions between different network providers and service plans, these provisions empower consumers to optimise their connectivity experience while promoting healthy competition within the telecom sector.
The rollout of 5G services in India has ushered in a new era of connectivity, unlocking unprecedented opportunities for innovation and economic growth. Against this backdrop, TRAI’s recommendations seek to capitalise on the transformative potential of M2M communications across diverse sectors such as agriculture, transportation, healthcare, and industrial automation.
Streamlining the regulatory landscape for M2M eSIMs will facilitate the seamless integration of IoT devices into existing networks, thereby catalysing the development of smart infrastructure and digital ecosystems.
Key stakeholders, including Unified Access Service License holders, Unified License holders, and M2M Service Providers, are envisioned to play pivotal roles in the implementation of these recommendations. By fostering collaboration and partnership between industry players, TRAI aims to ensure the effective deployment and management of eSIM technology, thereby enabling the realisation of India’s vision for digital self-reliance and technological sovereignty.
However, the journey towards realising the full potential of M2M communications is not without its challenges. TRAI acknowledges the complexities inherent in implementing these recommendations, particularly in the context of India’s diverse and dynamic telecom landscape. In this regard, TRAI has refrained from permitting the use of 901.XX IMSI series allocated by the International Telecommunication Union (ITU) for M2M services in India, citing the need for a phased approach towards adoption and implementation.
TRAI’s recommendations represent a significant milestone in India’s journey towards harnessing the transformative potential of M2M communications. By providing a clear regulatory framework for the deployment and management of eSIM technology, TRAI seeks to foster innovation, promote consumer welfare, and advance the nation’s digital agenda.
As stakeholders gear up to embrace these recommendations, India looks to emerge as a global leader in M2M communications, driving sustainable development, and inclusive growth in the digital era.
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As the rapid advancement of artificial intelligence (AI) technologies continues to reshape the world, the need for responsible governance and oversight has become increasingly evident. In a landmark decision, the United Nations General Assembly has taken a pivotal step forward in the regulation and promotion of artificial intelligence technologies with the adoption of a groundbreaking resolution.
Led by the United States and co-sponsored by over 120 Member States, this resolution underscores the imperative of developing and utilising AI systems that are not only technologically advanced but also safe, secure, and trustworthy. At its core, the resolution seeks to harness the transformative potential of AI while upholding fundamental human rights and advancing sustainable development goals on a global scale.
The adoption of this resolution represents a significant milestone in international efforts to navigate the complex landscape of AI governance. For the first time in its history, the General Assembly has formally recognised the need to regulate the burgeoning field of AI, acknowledging its profound impact on societies worldwide. The resolution serves as a testament to the growing recognition of AI’s potential to drive progress across various sectors, from healthcare and education to economic development and environmental sustainability.
Central to the resolution’s principles is the paramount importance of upholding human rights in the development and deployment of AI systems. It emphasises the need to respect, protect, and promote human rights throughout all stages of the AI lifecycle, including design, development, deployment, and usage. By affirming the principle that the same rights enjoyed offline must also be safeguarded online, the resolution underscores the necessity of accountability and ethical governance in the realm of AI.
Furthermore, the resolution highlights AI’s role in advancing sustainable development goals, recognising its potential to accelerate progress towards achieving the ambitious targets set forth by the United Nations. By harnessing the power of AI-driven innovation, Member States can unlock new opportunities for inclusive growth, enhance access to essential services, and address pressing global challenges such as poverty, inequality, and climate change.
A key aspect of the resolution is its call for collaboration and cooperation among Member States and stakeholders to bridge the technological divide and ensure equitable access to AI technologies. Recognising the varying levels of technological development between and within countries, the resolution urges support for developing nations to help them leverage AI for inclusive and sustainable development. By closing the digital divide and enhancing digital literacy, Member States can empower individuals and communities to fully participate in the digital economy and society.
Speaking before the adoption of the resolution, US Ambassador and Permanent Representative to the UN, Linda Thomas-Greenfield, underscored the importance of governing AI technology responsibly. She emphasised the opportunity and responsibility of the international community to shape the future of AI, ensuring that it aligns with principles of humanity, dignity, safety, and security. Thomas-Greenfield called for a collective commitment to using AI as a tool for advancing shared priorities and closing digital disparities, thereby fostering a more equitable and inclusive world.
The adoption of this historic resolution by the UN General Assembly marks a significant milestone in the global dialogue on AI governance. By promoting the development and use of safe, secure, and trustworthy AI systems, Member States are laying the groundwork for a future where AI serves as a force for positive change, driving sustainable development and advancing human well-being. As we embark on this transformative journey, it is imperative that we remain vigilant in safeguarding human rights, promoting ethical AI governance, and ensuring that the benefits of AI are shared by all.
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The rapid adoption of technological advancements and innovation in Singapore has spurred growth across various sectors, with the financial services industry (FSI) emerging as a frontrunner.
Recognising the importance of cutting-edge technology in a rapidly evolving digital landscape, the Monetary Authority of Singapore has partnered with banks and tech firms to develop an innovative Artificial Intelligence (AI) risk framework, exploring the multifaceted potential this technology offers the FSI.
In this dynamic landscape, the use of AI is paramount. Financial institutions are leveraging AI to distil crucial insights from vast datasets, enabling the development of highly financial products, services, and tools. Sectors like banking, trading, and insurance are modernising their operational frameworks with AI, utilising real-time insights to achieve superior outcomes, increased profits, and a competitive edge.
Further, the financial services industry is benefiting significantly from large language models (LLMs) – a specific type of AI algorithm. LLM applications utilise natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, extract valuable insights, and facilitate well-informed decision-making. These applications are advantageous in diverse areas such as risk assessment, fraud detection, customer support, compliance, and investment strategies.
By automating recurring tasks and providing accurate and timely information, LLM applications improve operational efficiency, decrease the chances of human errors, and streamline decision-making processes. This technological advancement empowers financial institutions to stay competitive, adjust to dynamic market conditions, and offer personalised and efficient services to their clients.
Despite the significant competitive advantages offered by these advanced technologies, they also pose several challenges. One notable challenge is the integration of AI into the financial services sector, which raises complex issues concerning the security and privacy of data.
Given that the financial services industry deals with susceptible financial information, the use of AI, including LLMs, raises concerns about the safeguarding and confidentiality of this data. Navigating the delicate balance between harnessing the innovation and efficiency offered by AI and the crucial need to bolster defences against evolving threats remains a persistent challenge.
This necessitates continuous investment in security infrastructure, the implementation of rigorous data protection protocols, and strict adherence to regulatory standards, particularly in light of AI’s inherent challenge in the realm of data privacy within the dynamic landscape of the financial services industry.
Fostering sustainable IT is crucial in the FSI sector to mitigate environmental risks, enhance operational resilience, and align with growing expectations, ensuring long-term economic stability and regulatory compliance. AI is vital in helping organisations achieve sustainable IT through several means, including enhancing efficiency, reducing energy consumption, and optimising resource utilisation.
The OpenGov Breakfast Insight held on 22 March 2024 at Equarius Hotel Singapore explored the role of AI in addressing cybersecurity challenges in the financial services industry. The event highlighted the importance of AI in enhancing cybersecurity measures, particularly in detecting and responding to threats in real-time.
The conversation emphasised the vital role of public-private collaboration in crafting resilient cybersecurity strategies, highlighting the necessity of proactive measures and joint initiatives to protect financial institutions from emerging cyber threats amidst the AI-driven transformation. Participants and experts alike recognised the imperative of sharing information and working together to effectively counter cyber threats.
Opening Remarks
Mohit Sagar, CEO and Editor-In-Chief at OpenGov Asia, explained that platforms like OpenGov play a crucial role in enabling governmental bodies to evolve digitally, ensuring that governance is more efficient and accessible to the public.
“This digital shift is imperative as we stand on the cusp of a technological revolution, where the way we live, work, and interact is poised for dramatic changes,” he asserts.
The pandemic has underscored the significance of digital capabilities, thrusting the concept of remote work into the mainstream and accelerating technological advancements at an unprecedented pace.
The term ‘AI’ transitioned from a futuristic buzzword to a daily utility during this period. Towards the end of the crisis, AI technology had become democratised, making information derived from AI not only widely accessible but also remarkably accurate.
This surge in AI utility highlighted its potential in various sectors, notably in the banking and financial sectors, where intelligence and technology have become the primary drivers of differentiation. In an industry where trust is paramount, the integration of AI has opened new avenues for enhancing security, personalising customer experiences, and optimising operational efficiency.
“As we gaze into the future, the transformation powered by AI emerges as a definitive game-changer across all domains, including governance and public services. Yet, this transformation brings to the fore the critical challenges of data privacy and security,” Mohit cautions. “So how can societies become more innovative and efficient without open data sharing?”
The answer lies in navigating this journey with caution and care, underscored by the need for trusted partnerships that respect the delicate balance between leveraging data for advancement and safeguarding individual privacy.
Enhancing cyber resilience amid this AI-driven evolution is paramount. Data represents the lifeblood of our digital existence, akin to the biological imperative that one does not share blood with just anyone except in situations of utmost necessity.
“This analogy underscores the importance of meticulous data management and cybersecurity measures. In the digital age, as we march towards an increasingly AI-integrated future, the emphasis on cyber resilience cannot be overstated,” Mohit explains. “It involves protecting data against unauthorised access and ensuring that the digital ecosystem is robust enough to withstand and recover from any cyber threats or incidents.”
Amidst ongoing market fluctuations, the Financial Services Industry (FSI) finds itself in a transformative phase, compelling organisations to prioritise intelligence, efficiency, and security. With digital innovations reshaping the landscape, FSI entities are embracing advanced technologies like artificial intelligence to remain competitive and address evolving customer needs.
Large Language Models (LLMs), a specialised type of artificial intelligence (AI) algorithm, offer substantial benefits to the financial services industry (FSI). These benefits are crucial in enhancing operational efficiency, improving decision-making processes, and ensuring regulatory compliance:
- Extensive Financial Data Analysis:LLM applications leverage advanced natural language processing (NLP) and machine learning (ML) methods to analyse extensive financial data, providing valuable insights across various domains. These include risk assessment, fraud detection, customer support, compliance, and investment strategies.
- Operational Efficiency and Error Reduction:Automating recurring tasks and delivering timely information by LLM applications improve operational efficiency within the financial sector. By minimising the chances of human errors and streamlining decision-making processes, LLMs enhance overall operational effectiveness, positioning financial institutions to adapt to dynamic market conditions while staying competitive.
- Singapore’s Recognition of Tech Advancements:This collaborative effort reflects the nation’s recognition of the significance of cutting-edge technology, explicitly focusing on exploring the multifaceted potential that AI offers to the financial services industry (FSI).
Despite these benefits, integrating AI into the financial services sector presents challenges, particularly concerning the security and privacy of sensitive financial data. As the industry deals with highly confidential information, concerns arise about how AI technologies handle, safeguard, and ensure the confidentiality of economic data, necessitating a careful balance between innovation and data protection.
AI and ML are pivotal in bolstering cyber resilience within the Financial Services Industry. These advanced technologies can analyse vast amounts of data in real-time, enabling early detection of cyber threats and vulnerabilities, thus enhancing the industry’s ability to address security challenges proactively.
Mohit believes that fostering sustainable IT is imperative in the FSI sector to address environmental risks, enhance operational resilience, and align with rising expectations for corporate responsibility.
AI is crucial in helping FSI organisations achieve sustainable IT, he says. Prioritising sustainable IT practices contributes to long-term economic stability and ensures compliance with evolving environmental regulations, reflecting the industry’s commitment to environmental stewardship.
“Singapore’s commitment to technological innovation and the adoption of advanced technologies like AI have positioned the financial services industry for continued growth and competitiveness,” Mohit concluded. “However, addressing cybersecurity challenges and ensuring the responsible use of AI remain critical priorities for the industry as it navigates an increasingly digital landscape.”
Welcome Address
Singapore’s Financial Services Industry (FSI) has seen remarkable growth year after year, notes John Ng, Director & General Manager of Sales at Hewlett Packard Enterprise. With its substantial contribution to the economy and reputation as a global financial hub boasting diverse institutions, Singapore has cemented its position as one of the top five fintech hubs worldwide. The country is home to over 1,000 fintech firms and attracted a record US$1 billion worth of investments in 2019.
The Singapore government’s commitment to supporting technology adoption, innovation-driven growth, and cybersecurity capabilities has further enhanced the capabilities of existing firms and led to the creation of new industry sectors, such as digital banks and mobile payment providers. Over the past five years, the government has committed over US$250 million to these initiatives, contributing to Singapore’s status as a leading fintech hub.
Artificial Intelligence (AI) has played an increasingly integral role in the FSI sector in Singapore, mainly through the adoption of Large Language Models (LLMs) and Natural Language Processing (NLP). These technologies have been leveraged to enhance various aspects of the industry, including fraud detection, risk assessment, customer service, regulatory compliance, and predictive analytics.
LLMs and NLP analyse large volumes of data to detect fraudulent activities, assess credit risk, improve customer service through chatbots and virtual assistants, ensure regulatory compliance, and predict financial trends and market conditions. These technologies enable financial institutions to make more informed decisions, improve operational efficiency, and stay ahead of the competition.
Hewlett Packard Enterprise (HPE) can assist Singapore’s Financial Services Industry (FSI) sector. He underscores the significance of HPE GreenLake for Large Language Models (LLMs), a cloud service facilitating businesses of varying scales to train, refine, and implement machine learning models. Leveraging HPE’s Cray XD supercomputer, this service delivers an AI software suite, including the HPE Machine Learning Development Environment, to simplify the remote training and deployment of machine learning applications.
Deploying HPE’s supercomputers and AI software, organisations can efficiently train large language models for critical applications in various industries, including finance, healthcare, and legal services. This technology enables businesses to unlock new insights, improve decision-making processes, and drive innovation in their respective industries.
John observes that Singapore’s Financial Services Industry (FSI) sector flourishes due to its dedication to innovation and technology integration. He agrees that the government’s backing of fintech and cybersecurity endeavours has fostered an environment conducive to industry advancement and innovation.
“HPE firmly believes that by embracing AI technologies like LLMs and NLP, Singapore’s FSI sector is primed for continued growth and innovation, solidifying its status as a leading global financial hub,” he concluded. “I an confident that we will get a lot of insights from this meeting that can be implemented in your respective fields.”
Power Talk: How Can FSI Organisations Safeguard AI Capabilities for a Competitive Advantage in the Ever-Evolving Digital Landscape?
As the Executive Director of Data Science at OCBC Bank, Enguerran Dallet has seen the significant potential of artificial intelligence (AI) in the financial services industry (FSI), driving its transformative stages amid market fluctuations.
AI’s advanced capabilities empower FSI entities to modernise operations and secure a competitive edge in the evolving digital landscape.
However, challenges, particularly regarding data privacy and security, persist. Enguerran proposes several strategies and considerations to effectively harness AI and data within Singapore’s Financial Services Industry:
- Data Security: Implement strong data security measures and identity and access management (IAM) protocols to protect customer data.
- Data Quality and Infrastructure: Clean and structure data to mitigate risks and lay a foundation for AI applications.
- Expert Partnerships: Collaborate with third-party experts to bridge technical expertise gaps.
- Comprehensive Assessment: Assess current capabilities thoroughly to identify improvement areas.
- Ethical AI: Emphasise responsible AI practices, ethical considerations, and algorithmic transparency.
- Regulatory Compliance: Implement AI-powered RegTech solutions for compliance.
Implementing these strategies can help Singapore’s financial institutions leverage AI and data effectively, drive innovation, enhance decision-making, and achieve superior outcomes in the FSI sector.
“In today’s highly competitive financial services industry, personalisation is not just a strategy but a necessity for achieving customer satisfaction, loyalty, and overall business success,” believes Enguerran. “Personalisation allows institutions to go beyond generic offerings and tailor products, services, and interactions to meet individual customers’ unique needs and preferences, thereby building trust and loyalty.”
Enguerran acknowledges that AI plays a pivotal role in enabling this level of personalisation. In OCBC Bank, AI-powered algorithms can analyse our vast customer data, including their transaction history, browsing their behaviour, and even their demographic information, to gain valuable insights into their preferences and behaviour, elaborates Enguerran. This kind of analysis allows institutions to provide personalised recommendations, offers, and services that are more likely to resonate with customers, enhancing their overall experience.
One of the key areas where AI is transforming personalisation in the financial services industry is using chatbots and virtual assistants. These AI-powered tools can interact with customers in real-time, providing personalised support and assistance based on individual needs. This improves customer service and frees human agents to focus on more complex tasks, improving overall efficiency and productivity.
By leveraging AI, financial institutions can differentiate themselves, attract new customers, and retain existing ones. AI’s ability to analyse data, predict customer behaviour, and optimise operations leads to increased efficiency, reduced costs, and improved customer satisfaction.
“AI-driven personalisation is key in today’s financial services industry. It enables institutions to meet customer expectations, stay competitive, and drive business growth in a rapidly evolving digital landscape,” ends Enguerran.
David Sharratt, Global Head of Data Product Monetisation at Standard Chartered Bank, highlights the transformative impact of technological advancements on financial services. Over the past few decades, these advancements have reshaped how people interact with money and what they expect from financial institutions, leading to simplified processes, reduced error rates, improved communication, and altered consumer perceptions of money.
Financial organisations are poised to benefit significantly from these advancements, particularly through chatbots and automation. David emphasised that these innovations can reduce labour hours, enhance client connections, and boost profitability. The impact of these technologies varies across functions, but many institutions can adapt and gain from them.
One such transformative technology is blockchain, a digital ledger of transactions distributed across a network of computers and secured through cryptography, David explains. Initially designed for tracking digital currency, blockchain has the potential to revolutionise aspects of the financial services industry. For example, it can streamline processes involved in executing and clearing securities trades, reducing costs and errors associated with manual bookkeeping.
“Artificial Intelligence and Machine Learning have also led to significant improvements in financial services by helping banks automate processes and make informed decisions,” asserts David. “AI is used to identify fraud and illegal activity, while ML helps banks develop new products and services. Based on my experience, those technologies reduce costs and improve the customer experience.”
Cloud banking is another significant trend, enabling institutions to store and process financial data in remote locations. This cost-efficient approach allows access to robust technologies from anywhere in the world.
Embedded finance is a technology that improves the efficiency of financial services, potentially reducing costs for banks by automating processes. RPA automates tasks and processes, reducing manual work and improving organisational efficiency.
“However, these technologies also pose cybersecurity risks,” he warns. “Despite we know that technology is emerging anywhere, we have to be aware of its risk too.”
To safeguard data against threats and ensure data availability, businesses should implement robust security measures, conduct regular security audits, and provide data security in AI systems. Compliance with regulations, employee awareness, diverse dataset testing, error analysis, and backup and disaster recovery plans are essential for protecting sensitive data.
Amit Krishna, General Manager, Compute Southeast Asia at Hewlett Packard Enterprise (HPE), emphasised the company’s readiness to support the financial services industry (FSI) sector in overcoming its technological challenges. HPE offers a range of innovative solutions tailored to the specific needs of the FSI sector, with a focus on enhancing data security, automation, and operational efficiency.
One of HPE’s flagship solutions is GreenLake for Large Language Models (LLMs). This cutting-edge cloud service empowers businesses to train, fine-tune, and easily deploy machine learning models. This service, powered by HPE’s Cray XD supercomputer, provides a comprehensive AI software stack to streamline machine learning application training and deployment processes.
“Organisations can efficiently train large language models for critical applications across various industries, including finance,” believed Amit.
HPE also implements robust security measures to safeguard sensitive financial data. As AI and machine learning adoption continues to grow within the FSI sector, ensuring data security and compliance with regulations becomes increasingly vital.
“HPE’s security solutions, which include encryption, multi-factor authentication, and secure development practices, are tailored to help organisations mitigate cybersecurity risks associated with AI systems,” he reveals.
Moreover, HPE’s technologies enhance operational efficiency and customer service for financial institutions. For instance, HPE’s AI-powered solutions enable the development of chatbots and virtual assistants that improve customer interactions and reduce costs by minimising the need for human intervention in routine banking processes.
These technologies also enable financial institutions to gain deeper insights into customer behaviour and market trends, empowering them to make more informed decisions and maintain a competitive edge in the market.
“HPE’s innovative solutions and expertise can deliver significant benefits to the FSI sector, addressing key challenges and unlocking new opportunities for growth and efficiency,” Amit concluded. “By leveraging HPE’s technologies, financial institutions can enhance their competitiveness and deliver superior services to their customers in today’s rapidly evolving digital landscape.”
Closing Remarks
John Ng expressed gratitude for the participants’ enthusiasm during the session, considering it the beginning of their journey to explore various ideas and innovations poised to reshape the financial industry. He acknowledges the importance of collaboration among companies and stakeholders in fostering innovative and sustainable solutions.
A key topic of discussion centered around the incorporation of AI technology into Singapore’s Financial Services Industry (FSI), with John reaffirming HPE’s commitment to aiding the sector in overcoming its technological challenges. HPE stands prepared to offer customised solutions tailored to meet the distinctive needs of the FSI, particularly focusing on aspects like data security, automation, and operational efficiency.
HPE offers the GreenLake for Large Language Models (LLMs) solution, a cloud service that allows businesses to train, tune, and deploy machine learning models. Powered by HPE’s Cray XD supercomputer, this service provides an AI software stack that simplifies the training and deployment of machine learning applications. By leveraging HPE’s supercomputers and AI software, organisations can train large language models for critical applications in various industries, including finance.
Additionally, HPE provides expertise in implementing robust security measures to protect sensitive financial data. With the increasing use of AI and machine learning in the FSI sector, ensuring data security and regulation compliance is crucial. HPE’s security solutions, including encryption, multi-factor authentication, and secure development practices, can help organisations reduce cybersecurity risks associated with AI systems.
John encouraged experts, professionals, and all participants present to embrace the integration of AI into their operations to enhance efficiency, innovation, and customer experience. He also stressed the importance of adopting a sustainable approach to AI implementation, prioritising factors such as data security and regulatory compliance.
Given the elevated cyber risks in the field, companies must safeguard their data against threats and ensure data availability, especially when deploying cutting-edge technologies like AI, is John’s advice. But despite the risks involved, companies in the financial sector must be prepared to adapt to the rapid changes in the technology landscape, with AI emerging as a crucial tool for maintaining competitiveness in this digital era.
“By implementing AI technology wisely and responsibly, companies can optimise their operations, enhance data-driven decision-making, and deliver superior customer service,” John concludes.
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In the fast-evolving landscape of alternative investments, the convergence of technology, especially artificial intelligence (AI) and digitalisation is reshaping strategies, opportunities, and challenges. At the Alternative Investment Management Association Singapore Annual Forum, Ms. Gillian Tan, Assistant Managing Director at the Monetary Authority of Singapore (MAS), shed light on the pivotal role of technology, and how it is driving innovation and reshaping investment strategies in the realm of alternative assets.
Reflecting on the challenges faced in the preceding year, including geopolitical tensions and supply chain disruptions, Ms Tan noted the resilience of global financial markets. Despite these headwinds, the alternatives sector demonstrated robustness. She emphasised the pivotal role of technology and AI in navigating through such challenges and driving resilience in investment strategies.
Delving into the burgeoning role of AI within the alternatives sector, Ms. Tan highlighted its transformative impact on investment strategies and portfolio management. The adoption of AI-powered algorithms and predictive analytics has empowered asset managers to identify trends, mitigate risks, and optimise investment decisions with unprecedented precision. AI-driven insights are revolutionising traditional approaches to asset allocation, enabling managers to extract value from vast datasets and navigate complex market dynamics with agility.
Ms. Tan underscored the pivotal role of AI as one of the primary mega forces shaping the future of alternative investments. Beyond its application in investment strategies, AI is poised to revolutionise various facets of the industry, including risk management, compliance, and client servicing. From sentiment analysis to algorithmic trading, AI-driven solutions are driving operational efficiency and enhancing decision-making processes across the investment lifecycle.
Technology is playing a crucial role in accelerating the transition towards a sustainable future. By leveraging AI-powered data analytics, asset managers can identify and evaluate sustainable investment opportunities, ranging from renewable energy projects to green infrastructure initiatives. Tech-driven ESG (Environmental, Social, and Governance) screening tools enable investors to align their portfolios with sustainability objectives while optimising returns.
The convergence of AI and blockchain technology is catalysing the growth of the digital assets ecosystem. Predictive models enhance risk assessment and investment decision-making in digital asset markets, while blockchain facilitates transparent and secure transactions. MAS’s initiatives, such as Project Guardian and the Global Layer One initiative, are driving innovation in digital asset tokenisation and cross-border transactions, leveraging AI for enhanced operational efficiency.
Looking ahead, Ms Tan emphasised the transformative potential of generative AI (Gen AI) in reshaping asset management practices. Gen AI, with its ability to process vast datasets and generate content autonomously, promises to revolutionise portfolio optimisation, content generation, and client engagement. However, she cautioned against the inherent risks of AI, including data bias and algorithmic opacity, underscoring the importance of robust risk frameworks and ethical AI governance.
As the financial sector integrates Gen AI into its operations, careful consideration must be given to its ramifications on employment and skill requirements in Singapore. A collaborative effort between MAS and the Institute of Banking and Finance Singapore (IBF) will see the initiation of a joint study.
This research aims to pinpoint key uses of Gen AI, evaluate its integration and growth in financial services, and examine its impact on jobs and required skills. By doing so, it will inform strategies to enhance and adapt the financial workforce, enabling them to harness Gen AI’s transformative potential and transition effectively into new career paths.
As the alternative investment landscape continues to evolve, embracing AI and digital innovations will be paramount to unlocking value and driving sustainable growth. By harnessing the transformative potential of AI, asset managers can navigate complexities, capitalise on emerging opportunities, and deliver enhanced value to investors.
With technology as the cornerstone of innovation, the future of alternative investments promises to be characterised by agility, resilience, and unparalleled insights, propelling the industry towards new horizons of success.
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With the rapid advancement of digital technology and the proliferation of artificial intelligence (AI) in various facets of society, the legal landscape surrounding these innovations remains uncertain. The legal framework for AI systems is a complex issue that requires a comprehensive approach, combining binding and non-binding legal instruments that complement each other.
In light of this, Dr Olivia J Erdélyi, a Senior Lecturer at Te Whare Wānanga o Waitaha | University of Canterbury (UC) in the Faculty of Law, emphasises the role of mathematical modelling in identifying gaps in legislation and shaping policies to safeguard society.
“The legal framework for AI systems should cover various aspects, including categorising the risk level of each use case for AI, such as prohibited use, high risk, and minimal or low risk,” she explained. “High-risk AI systems are required to undergo continuous testing, monitoring, and auditing in areas like privacy, cybersecurity, intellectual property, antitrust, algorithmic bias, accuracy, and consumer product/health/safety.”
Dr Erdélyi highlights the challenges posed by legal uncertainty in the context of AI, noting that without specific provisions addressing AI-related issues, predicting court decisions becomes exceedingly difficult.
Drawing attention to the Cambridge Analytica scandal, where a political consulting firm utilised personal data from social media platforms to influence the 2016 United States presidential election, Dr Erdélyi’s research demonstrates how mathematical modelling can illuminate vulnerabilities in privacy and data protection regulations.
In her study, Dr Erdélyi illustrates how anonymised data, which initially conceals personal identities, can be manipulated through AI processing to uncover identifiable connections, thus breaching privacy regulations. This revelation underscores the inadequacy of current rules, which focus solely on personally identifiable information, failing to address the potential risks posed by anonymised data manipulation.
The interdisciplinary approach adopted by Dr Erdélyi’s team integrates mathematics, computer science, and law to formulate effective policy responses to AI-related challenges. By combining diverse expertise, they aim to bridge the gap between technological advancements and legal frameworks, ensuring robust regulatory measures.
UC’s Mathematics and Statistics Associate Professor, Gábor Erdélyi, collaborates with Dr Erdélyi, emphasising the importance of interdisciplinary collaboration in addressing AI complexities. Despite the benefits of such collaboration, he acknowledges the communication barriers that impede practical cooperation between scientific fields and policymakers. Overcoming these barriers necessitates mutual understanding and effective communication channels between stakeholders.
While awaiting comprehensive AI legislation, Dr Erdélyi advocates for leveraging existing laws as a foundation for addressing AI-related challenges. However, she underscores the imperative of designing new laws tailored to the unique demands of AI technologies to prevent potential loopholes and mitigate adverse consequences.
Despite the absence of a dedicated AI strategy in Aotearoa, New Zealand, Dr Erdélyi emphasises the importance of developing indigenous policies that align with international standards while catering to local needs. Striking a balance between international consensus and national sovereignty, she calls for the enactment of binding laws that safeguard individuals’ rights and provide avenues for legal recourse.
The integration of mathematical modelling and interdisciplinary collaboration emerges as crucial strategies in navigating the complex legal terrain surrounding AI. By identifying legislative gaps and formulating targeted policies, stakeholders can harness the potential of AI technologies while safeguarding societal values and individual rights.
The evolving legal landscape demands proactive measures to adapt regulatory frameworks to the challenges posed by digital innovation, ensuring equitable and transparent governance in the AI era.
As artificial intelligence (AI) increasingly influences society, regulatory frameworks will be essential in determining the trajectory of this impactful technology. Dr Erdélyi concluded that cooperation among governments, industry players, and the general public is vital for creating regulations that encourage the responsible development and application of AI, especially for New Zealand and beyond.