Singapore's Objective: Building a Sustainable Future for AI by Learning from the Challenges of the Crypto Industry
In Brief
By learning from the volatility found in the digital asset realm, Singapore is aligning itself to champion ethical and enduring growth in the artificial intelligence domain.
Sopnendu Mohanty The chief fintech officer at the Monetary Authority of Singapore underlined the nation's dedication to pursuing a balanced and sustainable route within the AI sector.
Our goal is to make sure that any AI technology we adopt or endorse has a long-lasting impact.
Mohanty said
He referred to the vital lessons gained from the rapid evolution and obstacles presented in the realms of digital ledger technology (DLT) and cryptocurrencies.
Investments and Employment Prospects in Singapore’s AI Arena
Mohanty highlighted that AI investments in Singapore have soared to the level of 'double-digit billion dollars' this year alone, leading to the creation of thousands of new jobs in the sector.
He pointed out AI's transformative potential across various domains, such as finance and capital markets, showcasing Singapore's commitment to impactful and practical AI solutions.
Having emerged as a prominent player in the digital asset scene during Bitcoin's pandemic surge, Singapore faced challenges with the downfall of major crypto firms like hedge funds. Drawing lessons from these incidents, the nation is now recalibrating its crypto strategy to focus on productive applications of blockchain while steering clear of high-risk speculative ventures. Terraform Labs Pte and the Three Arrows Capital In essence, Singapore is navigating a cautious yet ambitious trajectory in AI development, aspiring for stable and sustainable growth.
This strategy, shaped by experiences from the crypto sector's volatility, demonstrates the nation’s commitment to cultivating a robust and forward-thinking AI environment.
We would like to remind you that the information presented here does not constitute legal, financial, investment, or any type of professional advice. It's critical to invest only what you can afford to lose and seek independent financial counsel if you have uncertainties. For additional information, please review the terms and conditions along with help and support resources provided by the issuer or advertiser. MetaversePost strives for accuracy and neutrality in reporting, but market conditions can change unexpectedly.
Disclaimer
In line with the Trust Project guidelines Nik is a skilled analyst and writer for Metaverse Post, noted for offering cutting-edge insights into the rapidly evolving technology space, especially in areas like AI/ML, XR, VR, on-chain analytics, and blockchain innovation. His articles captivate and educate a wide audience, empowering them to stay ahead in the technological landscape. Holding a Master’s degree in Economics and Management, Nik possesses a nuanced understanding of the business environment and its convergence with emerging technologies.
