In a recent ranking of the most cited artificial intelligence research papers, which was studded with the likes of MIT and Google, a perhaps surprising name stood out: Nanyang Technological University. In fact, the Singapore university ranked second in the top ten only to Microsoft.
The Southeast Asian island is proving a popular AI base: China’s Alibaba announced it will base its first joint AI research centre outside of China in Singapore; Marvelstone Ventures, a private equity firm, is establishing a mega hub for AI start-ups on the island; Intel and Singapore last month announced the launch of a joint AI training program; and meanwhile, Singapore’s government has launched a $115 million programme, AI Singapore, to develop AI prowess.
Why is Singapore so in demand? It has already blazed a trail as a leading global financial hub, and many of the factors behind that ascent are now fuelling its emergence as a force in AI.
Singapore is a cosmopolitan, English-speaking society with a culture that celebrates risk and innovation. It has government backing for R&D and it has one of the world’s finest education systems. All these are combining to make Singapore an emerging player in what experts call a “fourth industrial revolution” that will reshape our world.
Underpinning all this is Singapore’s role as a talent magnet. It ranked top in Asia and second to Switzerland globally for the fifth straight year in attracting and fostering talent, according to a study by INSEAD Business School. And this year, Singapore jumped from sixth to third place in Bloomberg’s global innovation index.
The creative energy is nurtured in a compact ecosystem that combines a proliferation of start-up accelerators, strong government support and soaring venture capital interest.
Singapore also has powerful incentives to harness the AI revolution. Labour force growth is projected to slow to a compound annual growth rate of 0.5 per cent through 2035, according to Accenture – so economic expansion will increasingly depend on productivity gains. Intensive development of AI will be key to sustaining Singapore’s inspiring success story. Accenture estimates that AI could nearly double Singapore’s economic growth rates by 2035, adding $215 billion to the economy.
This article is part of Now & Next, a partnership between The Economist and Mishcon de Reya revealing the pressures, the plans and the likely tipping points for enduring global change. Understand what is really transforming the world today – and discover what may lie in store tomorrow.