One of the most interesting news on the eastern front concerns the new national strategy of the Singapore government, released with the aim of addressing the upcoming technological challenges in the AI field.

As stated by the deputy minister of the Asian country, the idea is to expand the workforce in this specific tech field and focus their strategy on 3 distinct systems.

The plan also includes increasing national computing power, reaching strategic partnerships with major chip manufacturers and cloud service providers (CSP), and funding local companies in the IT sector.

The global race to adopt AI technologies is only just beginning, but Singapore seems to be taking it seriously already.

Let’s see all the details below.

Singapore and the latest news on the national AI strategy

All the latest fintech news from the East talk about Singapore and the new national strategy, published yesterday, with which the government seeks to adapt to the global AI landscape and the challenges it presents.

In particular, the goal of the Country is to strengthen its expertise in this field, building a real smart nation capable of competing with the leading exponents of artificial intelligence.

The plan, entitled “National AI Strategy 2.0“, aims to embrace technological innovation by replacing a previous AI plan introduced in 2019 and focusing on 3 defined systems.

Each of these will consist of ten “enablers” that will guide the organizational processes with a total of 15 action phases.

In the document presented by the Vice President of Singapore, it is stated that the approach focuses on 3 areas of society called “engines of activity”, “people and communities”, and “infrastructure and environment”.

In order to have the best impact on these areas of the country’s daily life, the strategy foresees the establishment of new “Centers of Excellence” (CoEs) for artificial intelligence that will serve to promote “the creation and use of sophisticated value of artificial intelligence in key sectors“.

The idea is to train and hire specific figures in this sector, bringing the overall AI workforce and talents to 15,000 units.

However, in addition to minds, it will be necessary to refine the resources available to the Singapore government: according to what emerged from the news, the vision of the eastern country is to “deepen” partnerships with the main players in the sector, including chip manufacturers and cloud service providers (CSP), as well as supporting local companies in the IT sector.

By doing so, even the computing power can move to the next level, allowing the country to increase public adoption and develop new successful solutions and applications.

The time frame for all the set objectives is 3-5 years of work, with which Singapore will be able to position itself as one of the main hubs in the field of artificial intelligence.

Vice Prime Minister Lawrence Wong, referring to the latest discoveries in generative AI, has stated that:

“In the past, knowledge-based work such as research, coding, and writing were considered safe from interruptions. But with artificial intelligence, this is no longer the case.”

In addition to Singapore, other countries have also declared their intention to strongly focus on this sector. The United Kingdom has announced strategic investments of £300 million aimed at increasing its supercomputer management capacity.

In addition, OpenAI, a leading AI company, recently announced a collaboration with Dubai’s G42 to expand its reach in the Middle East region.

The state of the crypto AI market

Despite the excellent news coming from Singapore, the cryptocurrencies in the AI sector have not shown any particular bullish signals, recording mediocre performances compared to the benchmark.

According to the category “Top AI & Big Data Tokens” on Coinmarketcap, the total market capitalization of all tokens related to artificial intelligence has grown by 2.61% in the last 24 hours.

The market volumes, on the other hand, have seen a more sustained acceleration with a 29.57% increase in the last 24 hours, thanks mainly to the rally of Bitcoin which has regained the $40,000 mark after 19 months of being traded at a lower price.

However, if we look at the performance of some tokens in the last month, we notice that some assets have recorded significant price increases.

In particular, among the most capitalized coins, ICP, RNDR, GRT, and THETA are the ones that have experienced a bullish price action.

On the contrary, INJ, ROSE, and FET have not shown any signs of strength and, in fact, their prices have undergone a slight distribution.

In the next year, it is very likely that several cryptocurrencies in this category will leverage the popularity of the AI trend and experience significant growth.

However, let’s not forget that only the most solid infrastructures with concrete products/services will be able to emerge from the crowd and, above all, to stay afloat when the hype fades away.

Just as it happened with the narrative of the metaverse and NFTs in the previous bull run, even in the case of AI we will see situations of strong FOMO on projects that just one year later prove to be totally incapable of meeting their own objectives.

In order not to be deceived and find oneself one day with an AI token in the wallet with a value decreased by 90%, it is essential to diligently proceed with the study of the various tokenomics, which objectively can give us an indication of the possible depreciation/appreciation of each cryptographic asset.