{"id":5827,"date":"2018-10-09T14:20:16","date_gmt":"2018-10-09T12:20:16","guid":{"rendered":"https:\/\/www.fintechnews.org\/_\/?p=5827"},"modified":"2019-04-30T21:39:35","modified_gmt":"2019-04-30T21:39:35","slug":"asia-forges-ahead-with-artificial-intelligence","status":"publish","type":"post","link":"https:\/\/www.fintechnews.org\/_\/asia-forges-ahead-with-artificial-intelligence\/","title":{"rendered":"Asia forges ahead with artificial intelligence"},"content":{"rendered":"

By\u00a0CARLOS M. GUTIERREZ, JR.<\/a><\/p>\n

China\u2019s\u00a0three-point plan<\/a>\u00a0for achieving domination of the projected\u00a0$150 billion<\/a>\u00a0global artificial intelligence (AI) market shows a long-term vision to embrace opportunities created by new technologies.<\/span><\/p>\n

The focused marshaling of large-scale resources and public and private interests by the\u00a0world\u2019s second-largest economy<\/a>\u00a0reflects the important reality that 21st-century economic growth will not be driven by innovations or industries of the past or even the present, but rather, by\u00a0new technologies that will overtake and disrupt existing norms and create new societal and industrial paradigms.<\/span><\/p>\n

Accordingly, and perhaps not surprisingly, other Asian nations are following suit. In some cases, governments, in coordination with key stakeholders, have begun to develop plans so as to not only prevent being left out of this new and emerging market but also stake a claim. <\/span><\/p>\n

In others, strong private-sector leadership is helping to forge the way forward. Regardless of the approach, it is safe to say that Asia intends to be a major player in the forthcoming AI revolution.<\/a><\/span><\/p>\n

 <\/p>\n

Following the unveiling of China\u2019s AI roadmap, some of the region\u2019s most tech-savvy nations followed suit. <\/span><\/p>\n

South Korea, a country boasting\u00a0nearly 100% internet penetration<\/a>\u00a0and the\u00a0first country to implement a nationwide Internet of Things (IOT) network\u00a0<\/a>has pledged to invest\u00a0\u20a92.2 trillion (US$2 billion) on AI-related R&D by 2022<\/a>. <\/span><\/p>\n

Singapore, which in the past has boasted the\u00a0highest smartphone<\/a>\u00a0adoption rates in the world, and which is already considered a\u00a0regional AI leader<\/a>, recently announced the formation of a\u00a0high-level council<\/a>\u00a0that will advise the government on legal and ethical issues related to the continued adoption of AI. <\/span><\/p>\n

The council\u2019s formation is indicative of the Singaporean government\u2019s recognition that one of the key challenges facing the large-scale implementation of AI is reconciling its many benefits with its potential implications for societal norms and expectations. We should expect similar initiatives across the region.\u00a0<\/span><\/p>\n

In other tech-savvy Asian economies, strong private-sector investments in AI development and adoption are propelling the technology forward. In Japan, where government\u00a0investment in AI is less than 20% of China\u2019s<\/a>, the private sector\u2019s annual AI investment of\u00a0nearly\u00a0\u00a5600 billion (US$5.4 billion)<\/a>\u00a0dwarfs and complements the government\u2019s FY18 \u00a577.04 billion ($720 million) AI budget allocation.<\/span><\/p>\n

Malaysia, which was Ali Baba\u2019s\u00a0first foreign foray for implementation of its AI Smart City platform<\/a>, and which now boasts the\u00a0first Ali Baba office in Southeast Asia<\/a>, is incorporating AI in its automotive, banking, and education sectors at such speed that global consulting firm McKinsey has noted the country\u2019s\u00a0\u201cpromising early signs<\/a>\u201d for the sector.<\/span><\/p>\n

\n
While the AI market remains in its infancy and the road ahead remains long and complex, Asian economies are focused on developing the capabilities that will allow the region to maneuver successfully to the head of the pack<\/span><\/h5>\n<\/blockquote>\n

In\u00a0 Vietnam, which trails only Singapore and Malaysia in Southeast Asian AI adoption rates,\u00a0companies in high tech, telecom, financial services, media, retail, professional services, and healthcare have begun to incorporate AI in their operations<\/a>. Such private-sector investment reflects the reality that despite government planning, ultimately, it will be the private sector that will be responsible for incorporating, commercializing, monetizing, and scaling AI technologies.<\/span><\/p>\n

\"\"<\/p>\n

 <\/p>\n

While the AI market remains in its infancy and the road ahead remains long and complex, Asian economies are focused on developing the capabilities that will allow the region to maneuver successfully to the head of the pack.<\/span><\/p>\n

Government investments in R&D and education, complemented by private-sector and other stakeholder buy-in is certain to produce results, both in the short term and in the long term where it matters most. <\/span><\/p>\n

As other nations struggle to save the industries of the past, Asian economies are focusing on the industries of the future. Policymakers in other regions would be wise to take note or risk falling behind. It is already happening.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0CARLOS M. GUTIERREZ, JR. China\u2019s\u00a0three-point plan\u00a0for achieving domination of the projected\u00a0$150 billion\u00a0global artificial intelligence (AI) market shows a long-term vision to embrace opportunities created by new technologies. The focused marshaling of large-scale resources and public and private interests by the\u00a0world\u2019s second-largest economy\u00a0reflects the important reality that 21st-century economic growth will not be driven by innovations […]<\/p>\n","protected":false},"author":1,"featured_media":4060,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[49,20],"tags":[],"class_list":["post-5827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-iot","category-artificial-intelligence"],"yoast_head":"\nAsia forges ahead with artificial intelligence - Fintech News<\/title>\n<meta name=\"description\" content=\"China\u2019s three-point plan for achieving domination of the projected $150 billion global artificial intelligence (AI) market shows a long-term vision\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fintechnews.org\/_\/asia-forges-ahead-with-artificial-intelligence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia forges ahead with artificial intelligence\" \/>\n<meta property=\"og:description\" content=\"China\u2019s three-point plan for achieving domination of the projected $150 billion global artificial intelligence (AI) market shows a long-term vision\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fintechnews.org\/_\/asia-forges-ahead-with-artificial-intelligence\/\" \/>\n<meta property=\"og:site_name\" content=\"Fintech News\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-09T12:20:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-30T21:39:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fintechnews.org\/_\/wp-content\/uploads\/2017\/10\/fintech201.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"645\" \/>\n\t<meta property=\"og:image:height\" content=\"357\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"H.\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"H.\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fintechnews.org\/_\/asia-forges-ahead-with-artificial-intelligence\/\",\"url\":\"https:\/\/www.fintechnews.org\/_\/asia-forges-ahead-with-artificial-intelligence\/\",\"name\":\"Asia forges ahead with artificial intelligence - 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