Why tech giants see Singapore as the next Artificial Intelligence hub

Singapore is attracting the world’s leading artificial intelligence talent because of its status as a cosmopolitan society and strong state backing for technology research, according to the head of the private equity firm building a mega hub in the city for start ups involved in the sector.  

Joel Ko, co-founder and chief executive of Marvelstone Ventures, said Alibaba’s announcement last week that it would site one of its global AI research facilities in Singapore was a shot in the arm for the republic’s ambitions to become a regional focal point for the fast growing industry.

Singapore-based Marvelstone on Monday dovetailed the announcement by the Chinese conglomerate – owner of the South China Morning Post – by revealing it was setting up an AI hub of its own in the city state, which would incubate 100 start ups every year. It said its hub would be “the world’s biggest” when it opens next year.

The two facilities are independent of each other, but Ko said “there could be an opportunity for partnership and collaboration” with Alibaba and other technology giants. “Such a movement by a technology giant is good for us … because they make AI buzzing and popular,” Ko said. Ko, whose company is behind Lattice80, one of Singapore’s leading fintech hubs, said the country’s heterogeneous ethnic make-up made it attractive to AI researchers across the world. 

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The government also showed it is serious about the country’s AI prospects when it announced the development of a dedicated data science consortium, and pledged Sg$150 million (US$110 million) to industry research.