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AWS Invests S$12 Billion in Singapore, Launches Flagship AI Programme – Fintech Singapore

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AWS Invests S$12 Billion in Singapore, Launches Flagship AI Programme



by Fintech News Singapore

May 7, 2024

Amazon Web Services (AWS) announced that it is set to invest an additional S$12 billion into Singapore’s cloud infrastructure by 2028 during the 10th AWS ASEAN Summit, aiming to bolster its services amid increasing demand.

According to a new AWS Economic Impact Study, this investment is projected to contribute S$23.7 billion to Singapore’s GDP by 2028 and support an estimated 12,300 jobs annually across sectors like construction, engineering, and telecommunications, essential to the AWS data center operations.

The announcement was made in the presence of Senior Minister of State for Communications and Information, Tan Kiat How, who emphasised Singapore’s efforts to deepen partnerships with tech giants like AWS to enhance its digital economy.

The summit also served as a platform for launching AWS’s flagship AI programme, AWS AI Spring for Singapore.

This initiative is part of Singapore’s broader National AI Strategy 2.0, aligning with the government’s S$1 billion investment in AI.

AWS AI Spring will focus on six strategic pillars: Public Sector, Workforce, Enterprise, Startups, Communities, and Research & Development (R&D), aiming to accelerate AI adoption across various sectors.

In addition, AWS has signed agreements to further these goals, including a Memorandum of Understanding (MoU) with Singapore’s HealthTech agency, Synapxe, to develop AI applications in healthcare.

AWS has also inked a Memorandum of Intent (MoI) with the Infocomm and Media Development Authority (IMDA) to create an AI adoption programme for local enterprises.

The company is also seeking to upskill the local workforce through its AI Spring Workforce initiative, aiming to train 5,000 individuals annually in AI skills through collaborations with local higher education institutions, enhancing Singapore’s pool of AI talent.

Priscilla Chong

Priscilla Chong

“AWS is doubling down on its cloud infrastructure investments in Singapore from 2024 to 2028 to support customer demand, and help reinforce Singapore’s status as an attractive regional innovation launchpad, and a global leader in digital competitiveness.

This investment will create a ripple effect across Singapore by increasing economic growth and cloud adoption. It also brings additional contributions to the local economy by AWS, such as upskilling the local digital workforce, developing renewable energy projects, and creating a positive impact in the communities where AWS operates.”

said Priscilla Chong, Country Manager, Singapore, AWS.

Elsie Tan

Elsie Tan

“With AWS AI Spring, we are eager to embark on this collaborative AI journey with the Government and customers to unlock the potential of AI, and accelerate Singapore’s Smart Nation vision and goal to become a beacon in the international AI field.

By leveraging AWS’s broadest and deepest set of artificial intelligence and machine learning services, cloud infrastructure, and network, AWS will empower local organisations and students with technology and skills to tackle unique challenges, unlock new opportunities, delight customers, and scale in a secure, resilient, and sustainable manner.”

said Elsie Tan, Country Manager, Worldwide Public Sector, Singapore, AWS.

Featured image credit: Edited from Freepik

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