AI regulation will help drive, not deter, growth – as the biggest tech firms know

Earlier this month, Singapore's Deputy Prime Minister and Minister for Finance, Lawrence Wong, announced an update to the country's national artificial intelligence (AI) strategy. He expressed the country's belief in the transformative potential of AI and revealed plans to triple its AI talent pool to 15,000 individuals.

The majority of businesses in the Asia-Pacific region share this optimistic view. As per the latest EY CEO Outlook Pulse survey, 70 per cent of CEOs in the region perceive AI as a catalyst for efficiency and innovation. However, AI also presents technical, social, ethical, and security risks, which the Singaporean government acknowledges. As Asia-Pacific businesses forge ahead with AI investments, projected to reach US$78. 4 billion annually by 2027, they anticipate clear regulatory frameworks from policymakers.

This process is already in motion. Several governments that had committed to high-level voluntary principles, such as the Organisation for Economic Co-operation and Development AI Principles, are progressing towards formulating and implementing regulation. A global consensus is emerging, as evidenced by the two-day AI Safety Summit held in Britain. The summit convened government and business representatives from 28 nations, who pledged cooperation in ensuring AI is used in a 'human-centric, trustworthy and responsible' manner. The largest technology companies recognise this necessity. Despite traditional concerns about regulation stifling innovation, they understand that alleviating concerns over AI is crucial to its growth. They may not concur with every aspect of the regulations enacted by policymakers, but they all endorse AI regulation in some form.