Over 200 corporate leaders and business partners attended the invite-only The Business Times Asia Future Summit 2024 where Guest-of-Honour Education Minister Chan Chun Sing outlined Singapore's approach to developing artificial intelligence (AI), which extends beyond simply adopting technology for efficiency gains.
Held at the Shangri-La Singapore on 7 October, the event was the second in a series of three forums under the Asia Future Summit umbrella each led by SPH Media titles Lianhe Zaobao, The Business Times, and The Straits Times. This follows the success of the 2-day Summit held in 2023. The last event of the series, led by The Straits Times, will be held in November.
The event was presented by OCBC and OCBC Premier Banking and in partnership with Huawei. As the Presenting Sponsor, OCBC Premier Banking invited 100 of the guests to the summit. With the theme AI: The Next “ARMS” Race, it fostered thought-provoking dialogue that emphasised diverse perspectives.
On-site, event collaterals prominently showcased OCBC and OCBC Premier Banking’s branding. Partner Huawei also saw its brand displayed in the event collaterals, along with product placement of their IdeaHub on-site. The organisations’ key management were also present at the event.
The conference provided excellent networking opportunities among the corporates and industry thought leaders along with the event sponsors.
AI: The next “ARMS” race
The Business Times Editor Ms Chen Huifen kickstarted the conference with her opening address, followed by a keynote by Dr Leslie Teo, Senior Director of AI Products, AI Singapore.
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Mr Lim Khiang Tong, Group Chief Operating Officer of OCBC joined Minister Chan and Dr Teo in the panel discussion moderated by Ms Claressa Monteiro, Head of Audio at The Business Times.
During the discussion, OCBC’s Mr Lim cited an example of how OCBC has integrated AI tools to streamline operations to drive productivity gains.
Dr Teo also highlighted how AI can drive efficiency by automating mundane tasks to free up time for employees to focus on more valuable work.
Minister Chan stressed that personal relationships between clients and bankers remain important, even as data-driven insights play an increasingly important role in decision-making in investment banking. He also sounded out a word of caution against framing AI as a zero-sum “arms race”, saying that it can be seen as a catalyst for collective progress rather than competition.
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