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ST Engineering Ventures (STEV) had the privilege of attending the ATxSummit held at Capella Singapore from 6 to 7 June 2023. This was organised as part of Asia Tech x Singapore (ATxSG), widely recognised as Asia’s flagship tech event. As a key member of Singapore’s tech ecosystem, STEV participated fully in this two-day summit, which brought together an extraordinary gathering of business leaders, tech enthusiasts, and government officials from across the globe, all passionate about exploring the disruptive and trans-boundary nature of technology.

The summit commenced with a remarkable lineup of distinguished speakers, including:

  • Lawrence Wong, Deputy Prime Minister and Minister for Finance of Singapore
  • E. Kaja Kallas, Prime Minister of the Republic of Estonia
  • E. Egle Markeviciute, Vice-Minister of the Economy and Innovation of the Republic of Lithuania
  • Marisa Lago, Under Secretary of Commerce for International Trade of the USA

Their presence at the summit not only elevated its significance but also emphasised the imperative of international collaboration in effectively addressing the challenges and embracing the opportunities presented by the rapid advancement of technology.

The core theme that reverberated throughout the summit was the establishment of rules and norms that promote trust and safety while enhancing opportunities for individuals and businesses in the realm of technology. Participants from diverse backgrounds and industries engaged in thought-provoking discussions, sharing their valuable insights and perspectives on strengthening both local and international communities through the responsible and innovative utilisation of technology.

The ATxSummit featured an extensive range of captivating panels and discussions, delving into various topics such as Generative Artificial Intelligence (AI), tech for good, navigating tech winter, immersive technologies, and digital sustainability. These sessions provided an interactive platform for experts, thought leaders, and industry pioneers to exchange ideas, share compelling case studies, and explore the profound impact that technology can have across different sectors, including healthcare, education, language training, and economic productivity.

Throughout these discussions, there was a resounding call for policy and regulation, highlighting the significance of a balanced approach taken by governments and private organisations in governing the development and deployment of AI. The panelists astutely highlighted the potential risks associated with AI and stressed the need for building trust and societal acceptance through a comprehensive education process and the implementation of international regulations.

Furthermore, the summit delved into the untapped potential of AI in various domains, including workflows, data analytics, and structured protocols, with the aim of optimising efficiency and productivity. The panelists cautioned about the importance of utilising third-party tools to assess AI systems, ensuring their performance, safety, and capability. They also underscored the need for adapting AI solutions to different contexts, taking into account the unique requirements and challenges faced by industries such as law enforcement and healthcare.

In addition to the captivating discussions on AI, the summit explored other emerging technologies, including Web 3.0 and blockchain, and their pivotal role in building trust within the technological ecosystem. It also examined the profound significance of tech convergence in enhancing digital commerce and how the collaborative efforts of public and private sectors can effectively address global challenges, such as climate change.

On June 7, 2023, during the ATxAI conference, Mrs. Josephine Teo, Singapore’s Minister for Communications and Information, made a groundbreaking announcement regarding the launch of the AI Verify Foundation. This notable foundation aims to harness the collective power and contributions of the global open-source community to develop AI testing tools for the responsible use of AI. The foundation’s founding members, including IMDA, Aicadium, IBM, Microsoft, Google, Red Hat, and Salesforce, will play a pivotal role in guiding the strategic directions and development of the AI Verify roadmap.

The launch of the AI Verify Foundation marks a momentous step forward in building a foundation for trustworthy AI. The AI Verify framework, initially developed by IMDA in consultation with companies from various sectors, has already garnered significant interest from both local and multinational organisations. By fostering an open-source community, the foundation aims to facilitate collaboration, standardisation, and the sharing of best practices in AI testing and governance on a global scale.

The summit also witnessed engaging discussions on the governance and alignment challenges posed by generative AI, highlighting the need for multidisciplinary efforts to address pressing and long-term problems. Experts from around the world explored different AI governance approaches and emphasised the importance of global cooperation among policymakers, industry leaders, and research communities to effectively navigate the evolving landscape of AI.

In light of the discussions and developments at the ATxSummit and ATxAI conference, STEV is more determined than ever to actively seek and discover startups that align with the principles of responsible and transformative technology that are able to effectively collaborate with our businesses. The wealth of knowledge, insights, and collaborative spirit exhibited at the summit has further reinforced STEV’s belief in the potential of technology to create positive change. As a leading CVC in the region, we are committed to supporting and fostering innovation that not only drives business impact for the Group but also ensures ethical and responsible AI practices, thereby shaping a better future for all.