November 9, 2024
Tech News
Singapore’s digital economy has experienced significant growth, with a CAGR of over 11% from 2018 to 2023, nearly double the GDP growth rate. Over 90% of SMEs have adopted digital solutions, particularly in areas like cybersecurity and AI. The Infocomm Media Development Authority (IMDA) supports these SMEs through various initiatives, including financial grants for AI-enabled solutions. AI adoption among larger enterprises has also increased, with 44% using AI in 2023. IMDA’s programs aim to enhance tech capabilities and ensure responsible AI governance, contributing to the overall growth of Singapore’s digital economy.
Venture capitalist Ben Horowitz has developed a close relationship with the Las Vegas Metropolitan Police Department (LVMPD), facilitating the acquisition of technology from his portfolio companies, including Skydio drones. Horowitz has donated over $7.6 million to the LVMPD, funding various technology purchases. Critics argue that such donations bypass public procurement processes, raising concerns about transparency and accountability. Despite the controversy, Horowitz claims his contributions have helped reduce crime rates in Las Vegas, although specific statistics remain unverified.
Signal has introduced a new feature allowing users to organize chats into folders, enhancing the app’s usability. Users can create custom folders for different categories, such as work or family, and the feature is currently available on Android, with plans for iOS and desktop versions. This update aims to improve the user experience by providing a tidier interface, complementing Signal’s reputation for privacy and data protection.
Tech Explained
AI – Artificial Intelligence refers to the simulation of human intelligence processes by machines, particularly computer systems. In the context of Singapore’s digital economy, AI plays a crucial role in driving innovation and efficiency for SMEs and larger enterprises.
CAGR – Compound Annual Growth Rate is a measure used to determine the mean annual growth rate of an investment over a specified time period. In the case of Singapore’s digital economy, the CAGR of over 11% showcases the rapid expansion and development of the sector.
Privacy – In the context of Signal’s new chat organization feature, privacy refers to the protection of user data and communication within the app. The introduction of folders aims to enhance user privacy by providing a more organized and secure messaging experience.
Venture Capitalist – Venture capitalists are investors who provide financial backing to startups and small businesses with potential for long-term growth. Ben Horowitz’s relationship with the LVMPD demonstrates how venture capitalists can influence technology adoption and innovation in various industries.
Transparency – Transparency refers to the openness and accountability of organizations in their actions and decision-making processes. The controversy surrounding Ben Horowitz’s donations highlights the importance of transparency in public procurement and technology acquisitions.
To learn more about the latest advancements in AI and technology, sign up for our online learning programme on “AI Learning Program (ALP): From Beginner to Innovator” here.
