6 in 10 firms mull increasing budget for AI, Generative AI next year

In Singapore, 51% and 57% of firms are using such technologies, respectively.

Artificial intelligence (AI) shows no signs of slowing down in Singapore, with more firms planning to adopt and increase their spending on the technology.

Data from FIS showed that 57% of firms already use Generative AI, whilst 51% use AI.

Additionally, six in 10 (67%) of those already using Generative AI and AI plan to invest more in these technologies.

“While AI and machine learning tools have long been playing a major role in digital transformation within the financial sector, recent advancements in generative AI have further opened the field. It is encouraging and exciting to see that a majority of Singaporean firms surveyed are already using AI and Generative AI and plan to up their investments, mirroring the significant support by the government towards AI innovation,” said Francois Denimal, APAC Managing Director, Capital Markets at FIS.

“There’s still a lot more work to be done to drive adoption in AI and generative AI – both on the regulatory front and also on training the workforce to keep pace with rapid developments in this space. Collaboration between businesses, technology providers and regulators is critical to harness the potential of AI as a force for good,” added Denimal.

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