As AI regulation looms, should Asia follow West’s lead and risk ‘killing innovation’?

Experts say pegging regulations to countries like the UK – due to hold a global AI summit – could ‘freeze out’ firms from nations like China or India

What’s right for the West when it comes to regulating the multibillion-dollar industry ‘isn’t necessarily right for Hong Kong, Singapore’, they say

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Participants scan a QR code at an AI trial in Bengaluru, India, in April, aimed at helping some of the nation’s poorest more easily access money from anti-poverty programmes. How much will AI be a positive gamechanger in the region? Photo: Bloomberg

Published: 9:30am, 26 Jun 2023Updated: 4:00pm, 26 Jun 2023

British Prime Minister Rishi Sunak announced this month that Britain will host the world’s first global summit on artificial intelligence safety later this year, with “like-minded” Asian countries and companies set to take part in discussions on regulating the rapidly developing technology before it is too late.

The move comes as lawmakers in Europe recently signed off on the world’s first set of comprehensive rules for AI, adding to a growing chorus of calls for global regulation that shines a light on the efforts of Asia’s tech hubs.

Earlier this month, OpenAI CEO Sam Altman visited India, which currently holds the rotating presidency of the G20, and urged the country’s officials to help shape an international regulatory framework. His US-based firm developed the AI chatbot ChatGPT.

OpenAI CEO Sam Altman has been on a whirlwind tour of Asia in recent weeks, including South Korea and India, to discuss AI regulation. Photo: AP

But analysts say any laws regulating the technology must not also stunt its development, especially in Asia where many remote regions are underserved by public services at present and the innovative use of AI could transform lives.

“I believe that a wait-and-watch approach may be the most practical at the moment,” said Amit Joshi, a professor of AI, analytics and marketing strategy at the international Institute for Management Development, based in Singapore and Switzerland.

“Hubs like Singapore need to put in place basic guidelines and guardrails around the misuse of these technologies,” he said. “However, without really understanding these technologies’ future trajectory, there is a risk of overregulation or misplaced rules killing innovation.”

The city state’s Personal Data Protection Commission, established in 2013, currently regulates information privacy and the use of AI in Singapore, including overseeing developers and other companies.