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11TIMESBUSINESSDIRECTORYOFSINGAPORE2024/2025achildsprobablegrowthandimprovementinasubjectbased on their current development Thisallowsbothparentsandthecompanystutorstobetterplaneachchildslearning journeyThisisjustthebeginningforAIinSingaporesprivatetuitionmarketOtherindustryplayerslikeGeniebookandHiggzAcademiaTechnologyarealsogainingrecognitionfortheiruseofAIinhelpingstudentstolearnandenablingparentstobemoreinvolvedwiththeirchildseducationForindustrywatchersponderingthesizeofthismarketHiggzAcademiaTechnologysmostrecentroundoffundingwasreportedtobevaluedatoverS$100millionByharnessingthepowerofAIthesecompaniesaremakinglearningmorepersonalisedefficientandeffective for studentsacrossSingapore–andgrowingtheinterestofAIintegrationamongtheirpeersQuantifyingtheEconomicImpactofAITheimpactofAIextendsbeyondindividualbusinessesandindustriesAIispoisedtopotentiallycontributeUS$1trillion(S$135trillion)toSoutheastAsiaby2030withUS$110million(S$148million)beinginjectedintotheSingaporeeconomySingaporescommitmenttoAIisevidentinitsrobustgovernmentsupportInitiativesliketheNationalAIStrategylaunchedin2019andAISingaporeestablishedin2017provideacomprehensiveframeworkforAIdevelopmentandadoptioninthecountryTheseinitiativesprovidefundingresourcesandresearchcollaborationpossibilitiesforbusinessesofallsizesAISingaporeforexampleoffersopportunitiesliketheAIApprenticeshipProgramme(AIAP)whichidentifiesandtrainspromisingSingaporeantalentsforcareersinAIOurnationsAIambitionsareexemplifiedbyourplantodevelopSoutheastAsiasfirstlargelanguagemodelecosystemUnveiledin2023theNationalMultimodalLLMProgramme (MNLP)isaS$70million AIinitiativethatisspearheadedbytheInfocommMediaDevelopmentAuthority(IMDA)AISingaporeandtheAgencyforScienceTechnologyandResearch(A*STAR)RecognisinghowAIwillcontinuetobeakeydriverofgrowthinourcountryPrimeMinisterLawrenceWongannouncedinFebruary2024thatSingaporewillinvestoverS$1billionoverthenextfiveyearsforAIcomputetalentandindustrydevelopmentHealsosharedhowSingaporewillworkwithleadingcompaniestosetupAIcentresofexcellenceonourshares–spurringindustrycollaborationandinnovationanddrivingvaluecreationacrossourentireeconomyTheannouncementfollowsinthereinvigorationoftheNationalAIStrategyafewmonthspriorNowinitsseconditerationNational AIStrategy20AIforthePublicGoodforSingaporeisfocusedonnurturingtalentpromotingathrivingAIindustryandsustainingitwithworldleadinginfrastructureandresearchthatensuresAIservesthepublicgoodaccordingtoTheStraitsTimesAFuturePoweredbyIntelligenceHumanandArtificialWhileAIisatopicthatbreedsbothenthusiasmandconcern(aboutthepossibilityofreplacinghumanjobs)itisundoubtedlythepathforwardforanationthatitselfonbeingontheforefrontofinnovationandeconomysuccessWithresponsibleandstrategicuseofAIbusinessesherecanaugmenthumancapabilitiesanduse AI technologies to empower employees–automatingmundanetaskswhilecollaboratingwithhumansandempoweringemployeestodomorecreativepersonalisedandfulfillingworkOurnationhas the vision strategicdirectionandinvestmentsinplacetodriveAIimplementationforwardNowitsuptobusinessestoleveragetheseopportunitiesandstepforwardinthisexcitingnewera