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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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