Mr Teo Ming Kian, Chairman of ST Engineering
Distinguished guests,
Ladies and Gentlemen,
OPENING
A very good morning to everyone. Thank you for inviting me to ST Engineering InnoTech Conference 2024.
It is good to see many familiar faces. More importantly, it is an honour to be among a distinguished audience of tech experts, tech professionals, business leaders, thinkers and innovators.
DEEPFAKE EXAMPLES IN THE REAL WORLD
Let me start by painting a scenario. Imagine you are a finance professional, and your CFO sends you an email to transfer $25m, on a routine basis as part of the job. I’m sure today none of us will transfer the amount based on an email. But imagine now, it is an urgent zoom invite to close a critical deal. On the call, you see familiar colleagues and the CFO, instructing you to transfer $25m to a specified account. I wonder how many of us will do it. Well, many may double check or call for verifications, some could proceed if it seems routine.
This is not a hypothetical scenario, it happened early this year in February, in a HK-based company. The scammers used deepfake technology to impersonate the company’s CFO and other colleagues during a video conference, convincing the employee to make the transfer. This incident, highlighted by the Cyber Security Agency of Singapore (CSA), underscores the dark side of AI - financial and reputational risks associated with deepfakes.
Today, we stand at the intersection of opportunity and risk in the world of artificial intelligence. AI’s potential is vast, but so are the dangers it poses. In Singapore alone, instances of deepfakes surged by 500% in 2023 compared to the previous year, a clear indication of the growing sophistication and prevalence of these scams.
Scammers are now using advanced AI tools to create deepfake voice recordings and videos that can fool even the closest of relatives and friends. With just a few photos from social media and a short voice clip—sometimes as brief as 10 to 15 seconds—scammers can create frighteningly realistic deepfakes. The ease with which this technology can be used is truly alarming.
This darker side of AI—manifested through deepfakes, cyber fraud, and misinformation—illustrates the dual nature of this powerful technology. On one edge, AI poses significant threats that can disrupt businesses, undermine trust, and jeopardize personal safety.
AI FOR GREATER GOOD
Yet, we must not overlook the other edge of this sword. AI, when harnessed responsibly, has the power to drive remarkable positive change.
In healthcare, AI enables earlier disease detection, especially in underserved regions, saving lives through timely interventions.
In education, AI personalizes learning by analysing student engagement, helping teachers tailor support for better outcomes.
In environmental conservation, AI monitors ecosystems and predicts disasters, aiding in effective environmental protection.
Even in the fight against deepfakes, AI itself is a critical tool, with advanced algorithms that detect and neutralise these threats.
As we navigate the complexities of AI, we must remain vigilant and proactive.
In other words, we have to stay ahead of the curve.
ST ENGINEERING ON THEIR AI ADVANCEMENTS
One of the most significant contributions of ST Engineering is its battle against deepfakes.
The new Einstein.AI, launched today, advances our efforts to combat misinformation by detecting subtle signs of synthetic content.
I commend ST Engineering for its commitment to safeguarding our digital space and ensuring information accuracy. Your work exemplifies Singapore’s commitment to using technology for societal good.
INAUGURATION OF AI RESEARCH TRANSLATION PLATFORM
To shape the future of AI, we must continue to invest in research and development.
The inauguration of the AI Research Translation platform by ST Engineering highlights our commitment to turning research into practical benefits for our society, our businesses and our PMETs.
This platform focuses on R&D in AI and generative AI technologies, addressing critical areas such as advanced cybersecurity, countering misinformation, quantum AI, and applications in communications and robotics.
Congratulations to ST Engineering, our universities – NUS, NTU, SUTD – and research institutions like A*Star, HTX, MINDEF, and CSA for your collaboration on this initiative. Your collective efforts are vital in positioning Singapore as a leader in AI research and development.
ROLE OF AI FOR SINGAPORE, ECONOMY AND WORKERS
For Singapore, AI is a cornerstone of our future growth. We’ve climbed from 10th to 3rd place in Tortoise Media’s Global AI Index, thanks to our strong infrastructure, our investment in people and talent, and robust research and development (R&D) landscape. A 2024 Google and Access Partnership report projects that leveraging AI could add S$198.3 billion to our economy by 2030 and save S$18.5 billion in cybercrime losses.
Our businesses are already feeling AI’s impact, with 87% of business leaders adopting generative AI technologies. Demand for AI skills continue to rise, with AI talent hiring outpacing overall hiring by 14% in 2022.
For our workers, the need to upskill is clear. With 52% of our workforce recognising the necessity to stay competitive in this AI-driven era, the government and NTUC are committed to supporting this transition through continuous learning and development.
NATIONAL AI 2.0 STRATEGY AND INITIATIVES
In December 2023, Prime Minister Lawrence Wong launched the National AI 2.0 Strategy (NAIS 2.0), aiming to use AI to enhance and empower both people and businesses in Singapore.
Through NAIS 2.0 and other AI initiatives, we will see over $1billion invested in research, talent development, and infrastructure development over the next five years to boost AI innovation in Singapore.
Balancing ethical development with innovation, IMDA launched AI Verify in 2022. This global first in AI governance, testing framework and toolkit, helps companies develop AI responsibly and meet high governance standards.
NTUC’S SUPPORT FOR AI
At NTUC, we are committed to working closely with the government and industry partners to develop strategies that ensure our workforce can adapt and thrive in an AI-driven world.
NTUC’s Training and Placement Ecosystem (TPE) and Company Training Committees (CTC) assist companies in staying current with technology and enable workers to reskill and upskill alongside business transformations.
Our TPE unites various stakeholders, including companies, unions, government agencies, and industry partners, to innovate and find solutions to address industry problems within the company.
For example, Henderson Security Services worked with NTUC’s e2i to deploy an AI-powered Analytic Server at Keppel Bay Tower.
Traditional CCTV systems struggle with high data volumes, limited analysis, and slow, resource-intensive responses.
With NTUC’s CTC Grant, the company adopted an AI-enabled CCTV System that automates threat detection and improves efficiency, allowing security personnel to focus on critical tasks and benefit from a 6% wage increase above the Progressive Wage Model.
CLOSING - AI FOR SOCIAL GOOD
I started with a story about AI’s darker side, so let me end on a brighter note.
AI is truly transforming our daily lives, like across healthcare, education and so forth. But I would like to cite an example of Singapore’s Intelligent Transport System (ITS).
Imagine AI keeping traffic flowing smoothly by adjusting traffic lights based on real-time conditions. This means less time stuck in traffic, savings on gas, and cleaner air for all of us.
And there’s more: by reducing traffic jams, the ITS helps emergency vehicles reach people faster, making our streets safer and our days less stressful. This is AI making a real, positive difference.
The future of AI holds immense promise. Like Prime Minister Lawrence Wong said, “we will aim high, we will dream big, and we will set ambitious goals. We will foster a spirit of boldness, experimentation and innovation in our next phase.”
As we push beyond traditional boundaries and explore new horizons, let us stay committed to innovation, collaboration, and responsible tech use. ST Engineering’s leadership is exemplary, and I’m confident that with ongoing effort and partnerships, we’ll achieve remarkable outcomes.
I wish you a pleasant day and a fruitful conference ahead.
Thank you.
