Prominent Business Leaders Dialogue Series Opening Remarks – CEO Ho Chee Hin

Dear distinguished speakers Mr Lei Ming, Dr He Ruimin, Business China Board Director Ms Tin Pei Ling, members and friends of Business China.

Good afternoon Ladies and Gentlemen. I warmly welcome you to the Prominent Business Leaders Dialogue Series organised by Business China. It’s my pleasure to meet everyone again. I also look forward to Mr Lei Ming and Dr He Ruimin’s sharing and dialogue session later on.

Established in 2020, the Prominent Business Leaders Dialogue Series features successful and experienced Singapore and Chinese Business Leaders in various industries, who generously share their invaluable insights. Apart from exchanging ideas in the dialogue segment, the event also serves as a valuable networking opportunity among members and guests.

In our previous dialogues, we were fortunate to have many outstanding entrepreneurs share their industry insights and thoughts. Amongst them were Mr Charles Huang, Chairman of Diner’s Club Singapore, who discussed the current payment structure and system in China, and its potential to inspire a more efficient and beneficial payment system in Singapore (for both users and merchants); we also had Mr Ben Wang, Co-Founder and Chairman of Beyondsoft, who shared his views on Digital Transformation and his views on the China market.

Today’s speakers are no exception. Mr Lei Ming, Founder, Chairman, and CEO of Bocean Capital, and Dr He Ruimin, Singapore’s Chief Artificial Intelligence Officer. They will be sharing their insights on key AI development trends, and its impact on governance, with a Singapore perspective.

The development and ecosystem of AI have ballooned exponentially in the last 2 years. For example, in February this year, NVIDIA’s share prices jumped 16% in one day, making a record $273 billion increase in its valuation in just a single day. Additionally, the recent addition of chatbot-based assistants into software, promises to summarise meetings and draft reports in seconds. If 2023 was a year of “Artificial Intelligence awakening” due to the rise of ChatGPT, 2024 is a year when organisations start building a more pragmatic view of how they can incorporate AI in the long term.

Globally, many or most countries have started to look at AI carefully and try to figure out if it is a threat or an opportunity, or both. AI tools like ChatGPT can inspire creativity, improve customer service and help decision-making. They, however, come with a downside. These tools can be manipulated by cybercriminals, which could potentially cause a lot of harm. These may also potentially increase unemployment and economic inequality if adequate measures for workforce retraining and job creation are not implemented effectively.

Last October, US President Joe Biden issued an executive order to tackle both the promises and challenges presented by rapid advancements in AI, exemplified by the remarkable capabilities of ChatGPT. The order directs the Commerce Department to spearhead initiatives for establishing AI safety standards and to formulate a strategy for global collaboration in promoting and shaping AI standards.

The Chinese government, at this year’s Two Sessions, for the first time, talked about “AI+” in its Government’s Work Report. This has been interpreted that China’s AI strategy emphasises empowering the real economy and aims to drive the modernisation of the industrial system and the development of a so-called new-quality productive force.

In Singapore’s National AI Strategy 2.0, Singapore has taken an approach where an increased investment in AI is necessary, as it is a strategic tool to both enhance economic growth, as well as address risks from the potential abuse and mismanagement of AI. PM Lawrence Wong announced in his budget speech in February that the Government will invest more than $1 billion over the next five years into AI computing, talent, and industry development. This shows Singapore’s long-term commitment to AI development.

It is in this context, that Business China has invited Mr Lei Ming and Dr He Ruimin to our dialogue session here today to speak to our Business China networks on their views regarding the development of AI in US, China, and globally; as well as the governance that needs to be put in place for AI to flourish safely and responsibly. Now let me introduce our distinguished speakers and our moderator:

Introduction to Mr Lei Ming

Lei Ming is the founder, chairman, and CEO of Bocean Capital, leading the company’s investment in global deep-tech startups, including artificial intelligence, robotics, biotechnology, new energy, and new materials. He is also the co-founder and honorary director of the AI Innovation Center at Peking University, where he guides graduate students and teaches courses on AI and entrepreneurship. He is also one of Business China’s Board Members.

Introduction to Dr He Ruimin

Dr He Ruimin is Singapore’s Chief Artificial Intelligence (AI) Officer, where he leads a multi-stakeholder effort to achieve Singapore’s strategic AI objectives, including developing and implementing Singapore’s national AI strategy. He is also concurrently the Singapore government’s Deputy Chief Digital Technology Officer and a member of the United Nations High Level Advisory Body on AI. Ruimin has a BS in Electrical Science and Engineering, and a PhD in Economics, both from the Massachusetts Institute of Technology.

We are very honoured to have Business China Board Member, Ms Tin Pei Ling, as the Moderator for today’s dialogue. She has been a Member of Parliament since 2011 and is currently a professional in a fintech firm.

感谢各位来宾出席通商中国主办的卓越商业领袖对话系列。今天的主题是新加坡视角下的人工智能与治理，受邀分享的嘉宾是雷鸣先生以及何瑞敏博士。AI的生态和科技发展在近两年来迅速发展，国际上引起不少关注，美国与中国被视为AI技术的领先国家，多国纷纷出台了AI战略并在积极地探索规则。新加坡也通过全国人工智能策略0宣布加大对人工智能的投资，促进新加坡国家经济发展和社会潜能，以及防范人工智能的滥用。我相信，我们的两位演讲嘉宾将针对此主题提供他们独到的见解和看法，希望各位来宾从中获益。

—

PROMINENT BUSINESS LEADERS DIALOGUE SERIES

OPENING REMARKS BY MR HO CHEE HIN, CEO OF BUSINESS CHINA

30 MAY 2024, THURSDAY 3:30PM – 5:00PM

THE SAFFRON BALLROOM,

SOFITEL SINGAPORE SENTOSA RESORT & SPA