Singapore must act now on AI before market correction, PM Wong warns

Prime Minister Lawrence Wong has called on Singapore to seize the current moment in the artificial intelligence sector, warning that the window of opportunity may not remain open indefinitely. "No boom is forever," Wong said while addressing delegates at the Forbes Global CEO Conference, emphasising the urgency for the city-state to establish itself as a leader in the rapidly evolving field.

Wong's remarks underscore Singapore's strategic focus on positioning itself at the forefront of AI innovation and development. The region faces intense competition from other technology hubs, and the Prime Minister's comments suggest that early action will be critical in determining long-term competitive advantage as market dynamics inevitably shift.

Beyond commercial opportunities, Wong also highlighted the importance of addressing risks associated with advanced AI systems. He touched on the potential dangers of powerful, autonomous artificial intelligence operating without adequate oversight, signalling that regulatory frameworks and safety measures must develop in tandem with technological advancement.

The comments reflect a broader global conversation among policymakers and business leaders about balancing the economic potential of AI with the need for responsible deployment. Singapore, as a major financial and technology hub, faces particular pressure to develop approaches that attract innovation while maintaining safeguards against potential harms.