In the ever-evolving e-commerce arena, thematic live commerce has emerged as an interesting option, weaving together immersive experiences around a single theme with real-time buyer engagement.

While single live streams are gathering steam globally, the consumer needs a solid reason to buy. By building a theme-based event, it is easy to target niches that get lost in the crowded marketplaces.

However, its potential remains hampered by a fragmented market. Drawing parallels from the crypto world’s progressive ownership model, as explored by Li Jin and Jesse Walden in their very interesting piece published in the Variant Fund piece earlier in the month, we feel there’s a roadmap for Mela and similar platforms to cultivate deep user loyalty and overcome fragmentation.

The progressive ownership model suggests a bottom-up approach to token distribution, a method that resonates with the ethos of thematic live commerce.

It’s about empowering users and aligning their interests with the platform’s success, not unlike incentivizing employees with stock options in the startup world. How, then, can we transpose this model onto thematic live commerce to foster a cohesive ecosystem?

A unified commerce community

Thematic live commerce’s success hinges on a unified community — a network of brands, influencers, and consumers moving in harmony. The progressive ownership model offers a clue: incentivise participation. Imagine a live commerce event where each purchase contributes not only to the seller’s revenue but also to loyalty points or stakes for the buyer.

Also Read: 

It’s a symbiotic relationship; as the platform grows, so does the value of each participant’s involvement. This shared success could transform one-time buyers into long-term platform advocates.

Economic incentives as loyalty catalysts

The allure of immediate gains is strong, but the promise of long-term rewards can forge stronger bonds. Suppose viewers and brands could earn progressive ownership stakes in Mela.

In that case, they’re likely to become more invested in the platform’s growth, creating a community where everyone is rooting for— and working towards — collective success. This approach could shift the dynamic from passive viewership to active engagement, with stakeholders championing the platform far and wide.

Avoiding the airdrop pitfall

The crypto world has witnessed the pitfalls of airdrops — short-term speculation that did little to foster genuine platform loyalty.

Thematic live commerce must learn from this, ensuring that any loyalty or ownership stakes are earned through meaningful engagement, whether through repeat purchases, content creation, or community-building efforts. This guards against the fleeting interest that plagues many digital platforms and ensures stakeholders are truly invested in the platform’s longevity.

The organisational imperative

While the allure of decentralization and distributed ownership is strong, it’s crucial to balance this with strong organizational execution. Thematic live commerce platforms must focus on product innovation, customer experience, and operational excellence.

Also Read: 

The progressive ownership model doesn’t negate the need for a visionary leadership team that can steer the platform through the competitive waters of e-commerce.

Rethinking revenue streams

In a space where traditional revenue models reign, introducing progressive ownership could be a game-changer. For Mela, this could mean reimagining revenue streams to incorporate shared ownership. Revenue sharing, for instance, can evolve from a simple transactional relationship to a collaborative partnership where every sale enriches the platform’s ecosystem.

The lesson is clear: growth should be sustainable. It’s tempting to chase rapid expansion, but thematic live commerce must prioritise solidifying market fit and nurturing its user base. A platform that grows too quickly on shaky foundations risks collapsing just as swiftly.

Compliance and evolution

Just as the crypto industry grapples with compliance, so too must thematic live commerce navigate the regulatory and ethical considerations of progressive ownership. It’s a delicate balance, ensuring that users can reap the rewards of their loyalty without falling afoul of complex regulations.

The fragmentation of the live commerce market isn’t a death knell but a clarion call for innovation. By embracing the lessons of progressive ownership, platforms like Mela can build a community of stakeholders whose fortunes rise with the platform.

This isn’t just about selling products; it’s about selling a vision of collective prosperity where every stakeholder has a share in the success. As thematic live commerce grows, it must foster not just transactions, but traditions of loyalty and shared destiny.

Also Read: 

In this digital age where experiences are as valuable as the products sold, thematic live commerce has the chance to redefine retail.

The progressive ownership model isn’t just a blueprint for a more unified market; it’s a manifesto for a future where every participant is an owner, every purchase a pledge of allegiance, and every live commerce event a step towards a more interconnected and invested community.

This article was first published on the getmela.live

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Cova Software on Unsplash

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Southeast Asia’s tech startup ecosystem continues to face the effects of the funding winter in line with other major countries, according to the latest report by Tracxn.

The region’s startup sector received a total funding of US$4.3 billion in 2023 year-to-date (till December 5, 2023), a 65 per cent plunge from US$12.4 billion raised in the same period last year.

Also Read: Fintech investments in SEA see record drop in Q3: Tracxn

Companies attracted late-stage funding worth US$1.9 billion in 2023 YTD, a sharp decline of 65 per cent from US$5.4 billion raised in the same period in 2022. Early-stage funding stood at US$1.9 billion in 2023 YTD, a 67 per cent drop from the same period in 2022. Seed-stage investments also fell 52 per cent to US$546 million.

Fintech, enterprise applications, and retail were the top-performing segments. The fintech sector, however, received US$2 billion, which is 65 per cent lower compared to the previous year. The region has a vast underbanked population, making fintech firms very important in providing financial services.

The enterprise applications segment attracted investments worth US$1 billion in 2023, a 78 per cent plunge from the same period in 2022, while retail funding declined 85 per cent to US$0.7 billion.

As per Tracxn’s Geo Annual Report: SEA Tech 2023, only ten funding rounds were worth US$100 million and above in 2023, as opposed to 28 such rounds in 2022. In 2023, the number of acquisitions fell 30 per cent to 61, as against 88 in 2022. There was a slight uptick in IPOs, with ten companies from this space going public in 2023 as against five in 2022.

Among cities in the region, Singapore, Jakarta, and Bandung took the lead in terms of funding in 2023 to date.

East Ventures, 500 Global, and Wavemaker Partners were the most active investors in the region in 2023. East Ventures, Wavemaker, and Saison Capital were the top investors in the seed stage in 2023, while SEEDS Capital, Peak XV Partners, and Gobi Partners were the top investors in the early-stage segment.

According to the report, EDBI, Avataar Ventures, and Prosperity7 Ventures are the top investors regarding late-stage funding during the same period.

Also Read: Startup investments in SEA see 69% monthly drop in November: Tracxn

The investment market remains volatile globally, and similar trends can also be seen in the SEA region. Increased inflation poses a challenge for the SEA region. Still, there is considerable optimism regarding its long-term growth, as the region has a large consumer base mainly of young people and a dependence on informal financial and commercial systems, which presents a largely untapped market for investors and entrepreneurs.

Vietnam Startup Ecosystem in 2023

Separately, Tracxn released another report about the Vietnamese startup ecosystem. Startups in the country raised a total of US$142 million in 2023, a drop of 73 per cent from 2022. The top-performing sectors are healthtech, fintech, and enterprise applications. Ho Chi Minh City emerged as the highest-funded city in 2023, followed by Hanoi. Nextrans, Vietnam Silicon Valley, and VSV Capital have been the top investors.

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Regional expansion is paramount for startups seeking to capitalise on growth opportunities. By venturing beyond their initial markets, startups can tap into new customer bases, explore innovations, and expand on solutions to where there are market gaps that can be bridged.

Regional expansion allows startups to adapt their products or services to the unique needs and preferences of different locales, fostering greater relevance and resonance with diverse audiences. Moreover, it provides access to varied talent pools, strategic partnerships, and valuable insights into local market dynamics. The ability to navigate and thrive in different regions not only enhances a startup’s resilience but also positions it for sustained long-term success in an increasingly interconnected global business landscape. Successful regional expansion demands careful market research, cultural sensitivity, and a nimble approach to adapt to the nuances of each new market. Ultimately, it represents a pivotal strategy for startups to unlock untapped potential and achieve sustainable growth on a broader scale.

Also read: Advancing startups with impact: Insights from the DBS BusinessClass foundED Event 2023

The same can be said for emerging startups from the manufacturing powerhouse that is Taiwan. Taiwan has earned a reputation as a global tech stalwart, renowned for its innovation and leadership in various technology sectors. The island nation is a major player in the production of electronic components and devices, semiconductors, and many others. In addition to hardware, Taiwan has embraced software development and innovation, with a growing ecosystem of startups and a focus on areas like artificial intelligence (AI), cybersecurity, and the Internet of Things (IoT). The nation’s commitment to research and development, coupled with a vibrant entrepreneurial spirit, has positioned Taiwan at the forefront of technological advancements, making it a key player in shaping the digital landscape.

With its burgeoning tech startup ecosystem, innovators from Taiwan are well-positioned to explore global opportunities for expansion, especially in vibrant markets such as Southeast Asia and the Taiwan government has certainly shown commitment to providing a plethora of support.

As such, at the Singapore Week of Innovation and Technology (SWITCH) held last October 31, Startup Island Taiwan launched the “Taiwan Tech Solution Day in Singapore” which featured a series of panel discussions on various topics such as 5G, AI, Cybersecurity, and Smart Cities to help Taiwanese startups gain exposure in the ASEAN market. The event was attended by special guests including Shien-Quey Kao, Deputy Minister of the National Development Council, Lih-Chung Chien, President of the Taiwan Stock Exchange (TWSE), and Chen-Yuan Tung, Representative of the Taipei Representative Office in Singapore.

Taiwan’s support for regional expansion

Showcasing some of the most exciting Taiwan startups that have brought their innovations to the Southeast Asian market, four of the nine startups from Taiwan’s the Next Big were featured at the event. These startups are particularly exemplary for achieving outstanding success in bringing Taiwan’s Smart City services to ASEAN.

• Building Trust through Technology: Domestic software company Gogolook successfully entered the Malaysian market by securing anti-scam project orders.
• Bridging Japan and Southeast Asia: CyCraft deployed its solutions in Japanese corporations like Mitsubishi and Hitachi and secured investments from Singapore’s Temasek Holdings.
• Enhancing Urban Convenience through Data: FunNow strengthened its local services by acquiring food delivery platforms in Thailand and Malaysia.
• Pioneering Future Smart Cities: Tron Future’s unmanned drone defence systems, low Earth orbit satellite technology, and synthetic aperture radar penetrated the space market and actively explored 6G technology and the Southeast Asian market.

Also read: Qarbotech named winner of inaugural EQT Impact Challenge

At the conference, AppWorks, a prominent venture capital firm based in Taiwan, highlighted that the markets in Taiwan, Singapore, Malaysia, Vietnam, and the Philippines have showcased diverse collaborative management and innovation models. Exemplifying this is PartiPost, featured as one of the panellists, which showcases the effective utilisation of the combined strengths of Taiwanese and Singaporean teams in the realm of influencer marketing technology.

At this year’s SWITCH which ran from October 31st to November 2nd, Startup Island Taiwan set up a special pavilion with the goal of introducing some of today’s most exciting Taiwan startups to the broader Southeast Asian market and providing them with exposure and networking opportunities.

Operating primarily in Singapore, Vietnam, and Malaysia, these companies adopt a B2B2C model. They bolster local business services by leveraging Taiwan’s strengths in areas such as IoT, AI, or hardware solutions, tapping into the active industries with a robust semiconductor supply chain.

Taiwan startups at SWITCH

With a selection of over 30 diverse startups in their roster, Taiwan brought with them innovators eager to explore market opportunities in the region. In addition to their presence at SWITCH, companies that are actively expanding their presence in Southeast Asia include TurnCloud, a publicly traded company that has facilitated business real estate expansion in Malaysia and Japan by leveraging customer data, and Oriongo which uses precise 5G indoor positioning technology and has secured orders from airports across the region.

The pavilion was also split into three major categories, namely Digital Transformation, Environmental, social and governance (ESG), and Healthcare.

Under Digital Transformation, some of the companies featured at the Taiwan exhibit include AIPLUX, a cross-border IP Service through a data science platform which offers a solution for difficulties faced in commercialising new technology in Singapore’s research and industry sector. AIPLUX facilitates the circulation and exchange of intellectual property rights between Taiwan, Singapore, and the ASEAN region. AIPLUX has also expressed its intention for market expansion and a soft landing in Fukuoka through its participation in the exhibition.

Another company under this category is 3drens, a logistics data technology and IoT platform that has expanded its business by forming partnerships with five local logistics clients in Singapore, with the goal of establishing a paperless logistics delivery certification system to reduce carbon emissions and enhance business efficiency.

Under ESG, some of the companies featured were Seasonic, an IoT power management platform which has initiated collaboration discussions with power plants in Japan and factories in Vietnam, and XMight, a device-charging and power scheduling services provider, which found potential business cooperation opportunities with Singaporean companies related to low-carbon policies.

Meanwhile, under Healthcare, Taiwan fielded dentall Co., Ltd., a chain dental clinic management services provider, that has engaged with a substantial medical material procurement platform in Singapore and expressed further interest in negotiations, and iAMBITION TECHNOLOGY, a proponent of IoT long-term care monitoring devices, that has engaged with substantial system integrators and medical device companies in Singapore, showing an interest in further negotiations.

Bridging the Taiwan and Southeast Asian tech startup ecosystems

The burgeoning Taiwanese startup ecosystem has experienced remarkable expansion, aligning closely with the dynamic development of the ASEAN region. Notably, initiatives like SWITCH, extending beyond the establishment of the Taiwan Pavilion and content curation, underscores Taiwan’s commitment to showcasing its vibrant entrepreneurial landscape. This platform’s mission is to convey a powerful message to ASEAN communities, emphasising that Taiwanese startups are not only thriving in their home country but are also making substantial contributions to the progress of diverse ASEAN societies.

With robust capabilities in data, artificial intelligence (AI), and 5G technology, these startups play a pivotal role in driving innovation and enhancing the technological fabric of the region. The overarching goal is to foster more convenient and secure urban living experiences for the residents of ASEAN nations, solidifying Taiwan’s position as a valuable contributor to the broader Southeast Asian tech ecosystem.

Also read: Carousell partners with YEAP to address challenges in e-waste

SWITCH serves as a testament to the symbiotic relationship between Taiwan and ASEAN, demonstrating the collaborative spirit that underlies technological advancements. By actively engaging with the ASEAN communities, Taiwanese startups aim to not only share their technological expertise but also to forge meaningful partnerships that contribute to the shared goals of progress and development.

Through this exchange, SWITCH is not just a showcase but a bridge that facilitates the integration of Taiwanese innovation into the fabric of ASEAN societies, creating a mutually beneficial environment where ideas, expertise, and advancements flow seamlessly across borders. The emphasis on data, AI, and 5G technology signifies not only the current strengths of Taiwanese startups but also their strategic vision for shaping the future of urban living in the Southeast Asian region.

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This article is produced by the e27 team, sponsored by Startup Island TAIWAN

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Within the dynamic e27 community, a multitude of voices actively shape discussions on emerging technologies and innovation.

Here, we highlight our top 10 contributors, recognised for their expertise in marketing and communications. They focus extensively on public relations, startup growth strategies, and the evolving trends in the business ecosystem, offering diverse ideas within the community.

Chad Kinlay

As the CMO of Trafficguard, Kinlay spearheads its marketing from Australia, He has over 20 years of commercial, branding, communications, and business development experience.

“I believe that the industry, as a whole, should have a sense of optimism regarding the potential of what AI can bring to the table in terms of driving better marketing performance. There is value to be realised in automation and operational efficiencies to be gained.

But, whether it’s Google’s Performance Max or any other AI-led solutions, marketers must push for algorithmic transparency, invest in independent oversight, and not blindly trust the little black box of algorithms if they truly want to drive the best fraud-free performance.

Otherwise, whether they target PMax or any other AI-led advertising solution, bad actors will exploit your trust for their benefit, draining your marketing budgets in the process.”

Geraldine Pang

Pang, Founder of Creative For More, is an entrepreneur with a proven track record in the marketing and advertising industry. Her expertise lies in the intersection of technology and digital marketing, and she has collaborated with brands such as Popeyes, Maplestory SEA, Baskin Robbins, California Raisins, and TCC.

“As an entrepreneur, you must be readily available to pivot to new changes because the business environment will constantly evolve. A growth mindset is key because it will help my team stay agile and responsive in a constantly changing business environment.

Leading with purpose and impact is important because every organisation runs because of people. People, by nature, are driven by purpose.

I am excited to see how marketing strategies will innovate to adapt to Web3. I’ve seen a lot of luxury brands onboard the metaverse and showcasing their craftsmanship creatively, and it’s fun to see how Web3 will take shape.

We also need to start thinking about the potential of AI and how we use it to improve business strategies and marketing efforts. Learning about new innovations and market trends is exciting, and I am looking forward to technological developments that can improve how my agency operates.”

Also Read: Top 10 contributors steering innovation in the tech community

Jessica Tan

As the CMO at Accredify, Tan oversees the strategic development and management of the company’s Marketing and Communications departments. Her role encompasses building product awareness, fostering customer education and engagement, and managing the brand through omnichannel marketing across digital, social, and traditional media.

“The key question we all must face is: How can we co-exist with AI whilst retaining digital trust? AI is a double-edged sword.

On the one hand, it is intelligent enough to learn new behaviours, making it a key tool to automate processes and enhance a business’ efficiency in ways we could never have imagined before. On the other hand, AI can be used by malicious actors to conduct fraudulent activities with its incredible ability to recreate rendered documents, images, videos, and even voice calls that are difficult to differentiate from authentic credentials and a person’s identity.

Digital trust no longer encompasses cybersecurity and data protection policies but also assures that any digital information (in whatever medium) we receive can be trusted. That’s why the next key stage in society’s digital transformation journey is the transition to verifiable data and interactions.

Digital trust technologies are no longer a good-to-have but a must-have, and we must work together as a singular global ecosystem to incorporate digital trust technologies into our business processes to establish trusted information exchange in the new digital era.”

Jon Howard

Howard is the General Manager at Bud, an agency specialising in PR and content. With expertise in company reputation management, he has overseen corporate rebrands, implemented multi-year B2B communication strategies, and collaborated with various C-suite executives.

“It’s forecast that 8.5 million AR/VR devices will be sold globally in 2023 — a 3.2 per cent decrease y-on-y. The slated release of Apple Vision Pro likely won’t drastically accelerate that number, with consumer adoption challenging to achieve when there’s a hefty US$3500 price tag attached.

However, this launch will accelerate the number of development teams building products for extended reality. The launch of the Apple App Store in 2008 spawned countless internet app giants, and right now, there are many developers already building for Vision Pro behind the scenes.

Tl;dr — next year could start a shift for many app developers to branch out into extended reality.

Michelle Lam Wei Wei

Wei is Founder and CEO of The Little Black Book, a home-grown uptrend motion graphics company reputed for its engaging digital campaigns and solid social media track record. With a diverse portfolio spanning private sector companies to government constituencies, the company covers beauty, technology, lifestyle, and public service brands.

“We’re at the start of the next big era with AI, VR, and AR transforming how we do business and experience the world. It’s a big opportunity for those ready to jump in and try new things.

AI has become a big part of our lives, and it will only improve as time passes. People are already used to it, and it’s helping in various ways. Businesses can use AI to make their work more efficient and change how jobs are done to be more productive.

But there’s something new on the horizon: Virtual Reality (VR) and Augmented Reality (AR) are about to become the next big things. This is all thanks to more accessible gadgets (i.e. Apple’s Vision Pro) for experiencing VR and AR, making them accessible to everyone.

What’s exciting is how AR, VR, and AI will come together. This mix will open up many chances for businesses to do new things. And with VR and AR, there are many new areas for businesses to explore and grow into.”

Also Read: What will be the key trend in technology next year?

Moch Akbar Azzihad M

Azzihad is Founder and CEO of Converco, a platform facilitating global money transfers with blockchain technology, ensuring seamless sending and receiving transactions locally. He is an entrepreneur, designer, influencer, and Founder of Perlu, an agency specialising in PR and social media marketing.

“AI and blockchain are major tech trends. They have advanced in many industries, and their importance is projected to expand in the coming year.

AI’s ability to automate processes, improve decision-making, and boost efficiency might alter organisations and the tech industry. Meanwhile, Blockchain is expected to increase trust, security, transparency, and traceability of business network data and save costs.”

Paulo Joquino

Joquino, Senior Content Strategist at Insignia Ventures Partners, contributes to the growth of Southeast Asia’s leading tech companies through thought leadership and content marketing. He is a two-time author of Navigating ASEANnovation and Backing the Bold, serves as editor of Insignia Business Review, and produces the podcast On Call with Insignia.

Terng Shing Chen

Chen is Founder and CEO of PR and content marketing technology startup SYNC. With over a decade of experience in public relations and content marketing, he combines traditional PR and content methods with automation technology to create a scalable agency.

“While generative AI has taken over the technology landscape worldwide, the biggest trend and new sub-industry that I foresee impacting the region will be the role of prompt engineers and automation coordinators.

While most of us have heard of AutoGPT and seen examples of automation, the average person is no closer to utilising this technology in day-to-day work and life. There will be a growing demand for the middle layer of tech-savvy (not necessarily programmers) consultants who understand how to build prompts and have the requisite knowledge to build automated processes.

Small businesses, startups and even larger companies will require these services to implement generative AI solutions or even use ChatGPT effectively. We should expect to see different categories of prompt engineers, AI design experts and automation facilitators become more commonplace.”

Also Read: “Consolidation and explosion”: SEA startup investors reveal 2023 trends they are keeping close watch of

Vasanth Seshadri

Seshadri is Founder of The Sunny Side, an independent digital marketing agency with clients in FMCG, Healthcare, Energy and Food. He also authorises two books: Cultural Engineering and The People From Beyond The Mountains.

Yan Lim

Yan Lim is the CEO of iOli Communications, a PR agency she established in 2015 to empower and inspire female PR practitioners to excel in their careers while balancing their personal goals as women, particularly working mothers.

“In the coming years, we can all anticipate a transformative wave where technology solves problems and enriches lives, driving a collective shift towards a more interconnected and purpose-driven digital landscape.

However, in PR and communications, it’s crucial to recognise that while innovation and connectivity are essential, they are not everything. Technology is a powerful aid to fuel the quality of our work, yet we must condition our minds to remember that the human touch remains indispensable.

The success of communications strategies for tech brands and startups hinges not only on cutting-edge solutions but also on the infusion of human connections and emotional aspects. Striking this delicate balance ensures our messages resonate authentically, fostering a profound and lasting impact in today’s dynamic ecosystem.”

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

The post Top 10 contributors in communications and marketing excellence appeared first on e27.

Last week, the Singapore government launched the updated National Artificial Intelligence Strategy (NAIS) 2.0, which lays out how the city-state plans to harness AI for the public good over the next three to five years. As part of this plan, Singapore aims to more than triple the number of AI practitioners here to 15,000 and establish an iconic site to nurture its AI community.

We spoke with Hamish Macalister, CEO of Transparently.AI, a solution for the early detection of accounting manipulation and fraud, to learn more about how NAIS 2.0 will transform the AI landscape in the city-state.

Below are the edited excerpts from the interview:

How do you view the Singapore government’s plans to redesign and scale up the AI Apprenticeship Programme to grow the AI talent pool in Singapore, and what role do you think the industry should play in this initiative?

We’ve previously identified talent as one of the challenges we might face, so this announcement is a huge positive for us and any other AI company in Singapore.

 The industry could play a role in helping identify specifically deficient areas, whether in skill or supply, that the government could support. A targeted approach, informed by those closest to the problem, is better regarding overall outcomes and resource allocation.

With the government aiming to attract global AI talent, how do you see establishing a dedicated team to engage world-class AI creators impacting the local ecosystem? What opportunities and challenges do you anticipate?

We think that bringing world-class AI talent into Singapore can substantially enrich the city’s AI industry, not just merely by their productive presence and involvement in national projects but also by the learnings they will be able to impart.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

The challenge will be to ensure that homegrown talent is not overlooked in this endeavour. We support a system that benefits individuals on merit, not just because they’ve worked at Google Deepmind or OpenAI.

The government plans to intensify AI adoption across enterprises, focusing on manufacturing, financial services, transport, and logistics sectors. How do you envision AI transforming these industries, and what role can companies like yours play in this transformation?

These are all data-rich industries with systems that are most likely to benefit from efficiencies created by machine learning (ML). ML enables the creation of systems that can detect and instantly identify signals across millions of data points to prompt expedient opportunistic, ameliorative or punitive human action.

AI allows analysis that usually takes humans months to be conducted in seconds.

Our tech is right in this space. The Transparently.AI system is trained to detect accounting fraud and manipulation. We play a role in introducing mass efficiency and speed into forensic analysis. Anyone needing due diligence — from banks and asset managers to auditors and accountants — can benefit from our technology.

NAIS 2.0 represents a shift from flagship projects to a systems approach. In your opinion, how does this shift affect the AI landscape in Singapore, and what are the key challenges and opportunities it presents for AI companies?

This is a landmark shift. The government seeks to elevate AI in the national consciousness to a necessity rather than a “nice to have.” So, if you’re a Singaporean, AI is coming to your living room and workplace. The message here is clear: Be prepared and educate yourself so you’re not left behind.

The biggest challenge will be adoption. The automatic reaction will be fear: Is my job safe from the robots? That’s natural because AI applications can and do change the nature of some jobs.

In his speech on the NAIS announcement day, Singapore’s Deputy Prime Minister, Lawrence Wong, addressed the concern about a jobless future. He said the government is ready to invest heavily in adult education and training to reskill and upskill workers to harness AI effectively.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

The government needs to pursue this agenda aggressively. The government and industry must do everything possible to win Singaporeans’ buy-in.

Is it worthwhile? Of course. Think of the efficiencies that an AI-powered workforce can generate. How much time and cost savings will it generate? There is potential for AI to level up economic output significantly. But we need to bring all Singaporeans along to enjoy the benefits.

The Deputy PM acknowledged the risks of AI, including deepfakes, scams, and cyberattacks. How should companies address these challenges, and what measures can be taken to ensure responsible AI development and deployment?

Bad actors will always seek to exploit new technologies for nefarious purposes. The enormous challenge for regulators will be keeping up with the pace of change. The open-source community is innovating at a pace that the largest technology firms struggle to keep up with.

For governments, this will prove to be an enormous challenge. Some regulation will be required. But this must be crafted extremely carefully to prevent the stifling of innovation. Regulators must work closely with industry to ensure the right balance is achieved.

Given the decentralised nature of AI, what are your thoughts on the government’s idea that governance for AI should ideally be global? How can Singapore contribute to global AI governance, and what challenges might arise in achieving international collaboration?

The technology is available globally. Hence, the concept of global regulation has logic. This won’t be easy to achieve. It is hard to foresee universal acceptance of those regulations.

Also Read: What will be the key trend in technology next year?

However, the government is proposing more than one system of overarching rules for the world. That would go against its “fit-for-purpose” philosophy. It aims to unite countries to shape the architecture for responsible AI growth.

The Deputy PM said the ideal is “enhanced interoperability between governance frameworks.” Our read is that the government is endorsing an architecture that pushes countries in the same direction but allows them the latitude to apply that framework in a local context.

The post ‘Bringing world-class AI talent into Singapore can substantially enrich the industry’ appeared first on e27.