The Infocomm Media Development Authority (IMDA) and National Research Foundation Fund (NRF) will invest S$50 million (US$ 37 million) over the next five years to develop Singapore’s digital trust capabilities.
Announced at the ATxAI Conference during Asia Tech x Singapore (ATxSG) by Josephine Teo, Singapore Minister for Communications and Information, the investment will help Singapore to tap on new possibilities and demands arising from a growing global digital trust market.
Moreover, the investment puts Singapore in a better position to become a trusted digital innovation hub in the digital economy.
Key areas of focus will include:
- Privacy-preserving technologies that 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 future-ready capabilities for the next iteration of the internet to be built; and
- Testing and assurance, to provide confidence that digital technologies are safe and trustworthy such that consumers and stakeholders can transact with peace of mind.
“Singapore believes in a balanced and collaborative approach to AI governance – one that can interoperate with other international AI governance approaches,” said Teo.
“To this end, Singapore actively engages in multilateral discussions at international platforms such as UNESCO, OECD and Global Partnership on AI. Through such partnerships, we hope to build trust in the digital domain at a global level.”