Why Singapore’s prime minister gave DBS and Grab a shout-out during the country’s budget speech

Singapore Prime Minister Lawrence Wong name-dropped two of the country’s largest companies during his budget address on Thursday, citing them as role models as the Southeast Asian country embraces artificial intelligence as a way to future-proof its economy. 

The country is setting up a new AI council, helmed by Wong himself, to oversee the development and execution of “national AI missions” in four key areas: advanced manufacturing, connectivity, finance and healthcare. 

“Harnessed well, AI will be a strategic advantage for Singapore,” Wong said during his Feb. 12 budget address. “It can help us overcome our structural constraints—our limited natural resources, rapidly ageing population and tight labor market.”

In his budget brief, Wong announced several other AI initiatives, including increased tax deductions and allowances for companies looking to adopt AI, and the construction of a new AI park in the country’s one-north business district. He also promised to give Singaporeans that take AI training courses six months of free access to premium AI services.

Singapore’s prime minister also called on companies to adopt AI “comprehensively”, and pointed to two leading Southeast Asia 500 firms as examples. “A few leading companies like DBS and Grab are already moving decisively on AI transformation,” he said. Bo...