Singapore is set to bolster business competitiveness by helping firms harness artificial intelligence (AI) throughout their operations. In his Feb 18 Budget statement, Prime Minister Lawrence Wong announced new measures, including up to $150 million for an Enterprise Compute Initiative that partners eligible enterprises with major cloud service providers. This initiative offers access to AI tools, computing power, and consultancy services, allowing firms to progress from ready-made analytics and digital marketing solutions to AI tailored to their specific needs and integrated into business systems.
In addition, PM Wong unveiled a $1 billion Private Credit Growth Fund aimed at expanding financing options for high-growth local companies. The Government’s robust financing ecosystem—bolstered by angel investors, venture capitalists, and private equity firms—has already seen more than $1.8 billion deployed over the past five years to support enterprise growth. Such funds, managed as patient capital, are designed for longer investment horizons.
Singapore’s start-up scene continues to thrive, as illustrated by semiconductor testing specialist AEM Holdings. Furthermore, enhanced support schemes for internationalisation and mergers and acquisitions will help firms expand globally. The Economic Development Board is also launching a Global Founder Programme later this year to attract and nurture innovative ventures to drive progress.