AI event in Singapore demonstrates Asia's growing influence and addresses key challenges in the global AI landscape
SINGAPORE – The AI Apex Asia Capital Connect Forum, held in Singapore on September 25, 2024, has become a pivotal event for the artificial intelligence industry in Asia. Attracting over 160 distinguished guests from across the region, the forum highlighted Asia’s growing influence in developing and investing in AI, while also addressing critical challenges facing the industry.
Visionary perspectives on the future of AI
Xinhua Liu, founding member of AI Apex Asia and venture partner of Gaorong Capital, struck an ambitious tone: “The future of AI in Asia is not to replace human intelligence, but to augment it. By fostering collaboration between humans and machines, our diverse Asian community can reach unprecedented heights of innovation and progress.”
Prof. Inderjit Singh echoed this view in his keynote address: “The global AI race is not just about who can develop the most advanced technology the fastest. It is about who can use that technology to create the greatest benefit for humanity. With our diversity, our dynamism and our determination, Asia is uniquely positioned to achieve just that.”
Rethink investment and valuation strategies
Peter Chen of Tikehau Capital posed a fundamental challenge: “Valuation of AI can be speculative. How can companies effectively communicate the long-term value proposition to investors, especially when the technology may not be commercially available for several years?”
Joyce NG, General Partner of iGlobe Partners, introduced a novel concept: “We have seen the consequences of inflated valuations and rushed investments. It is critical that VCs embrace the joy of missing out (JOMO) on deals that are not aligned with solid business fundamentals.”
Matthew Ma of Gaorong Capital spoke about the changing investment climate: “We are seeing a shift towards more realistic valuations. For deep-tech companies, valuations are now driven by the rarity of talent and technology, not hype. Investors are looking for clear paths to commercialization and sustainable business models.”
New opportunities and challenges in Asia
Ian Leong, CEO of Tiger Brokers Singapore, highlighted the potential of Southeast Asia: “Southeast Asia is a promising market for AI companies to look at… In terms of population, it is younger… In terms of penetration, it is actually much higher.”
Jerry Chua, CEO of Evolve Capital, highlighted Singapore's unique position: “Singapore is positioning itself as an attractive location for IPOs in the technology sector and offers a unique value proposition for companies looking to tap into Asian markets.”
Yang Jingwei, director of Ant Digital Technologies, emphasized the importance of robust technical solutions: “For data security, I have three suggestions: build very strong data management with strict policies, be very cautious about cross-border data transfers, and ensure transparency in data usage. Regarding intellectual property rights, you should consult with IP experts, apply for patent protection, and make clear contracts for IP ownership.”
New frontiers in AI technology
Alex Ren from Fellows Fund introduced the concept of “Agentic AI”: “We are seeing a paradigm shift from generative AI to what we call 'Agentic AI.' This technology enables autonomous decision-making and task execution and opens up incredible opportunities for startups to develop transformative business solutions.”
Prof. Liu Yang of NTU, co-founder of AgentLayer, highlighted the new security challenges: “When you use AI solutions, you need to understand potential new attacks. For example, we have recently seen breakthroughs in jailbreaking AI models that can bypass defenses of current models with 100% success.”
Innovation and pragmatism in balance
Shou Dong, CEO of ADVANCE.AI, emphasized the practical applications: “As a technology-driven fintech company, we view large language models as tools to increase efficiency and reduce costs. We are exploring applications in customer service, debt collection and even telemarketing, always with a focus on measurable performance and efficiency improvements.”
Jianfeng Lu, founder and chairman of Wiz.AI, emphasized the importance of real-world use cases: “The user scenario and customer use case should come first. What kind of data can we collect to build effective AI models?”
AI and sustainability
Eddie Chen, Managing Director of Fullerton Fund Management, highlighted the intersection between AI and sustainability: “By 2030, annual investment in AI applications to achieve net-zero targets is estimated to be between $500 billion and $1 trillion. This represents a tremendous opportunity for AI innovators and investors in Asia to collaborate and lead in sustainable technology solutions.”
outlook
Leo Jiang, founder of AI Business Asia, emphasized the importance of real-world impact: “The key takeaway for founders is to solve concrete problems in proven markets. Whether you use AI, blockchain or another technology, focus on meeting clear market needs with demonstrable potential for unicorn-level growth.”
James Liu, Director at Alibaba Cloud International, summarizes: “The key takeaway is that communication with investors, the public and regulators before and after the IPO is critical. Since technology often evolves faster than regulation, self-regulation and frameworks are important.”
Xinhua Liu commented on the vision and objectives of AI Apex Asia: “AI Apex Asia aims to foster an ecosystem where innovation thrives, ethics are paramount, and the benefits of AI are accessible to all. Our goal is to position Asia not just as a consumer of AI technologies, but as a leader in shaping the global AI landscape. Through events like this forum, we aim to spark collaborations that drive responsible development and deployment of AI across various sectors in Asia.”
As global attention increasingly turns to Asia's role in AI development, the AI Apex Asia Capital Connect Forum has set a tone that may well define the next phase of AI development. With its mix of technological optimism and pragmatic caution, the forum highlighted Asia's potential to lead in AI innovation while addressing critical challenges in safety, regulation and sustainable development.
The event underscores AI Apex Asia's commitment to fostering a collaborative, innovative and ethically-driven AI ecosystem in the region. As the AI landscape continues to evolve at a rapid pace, forums like this will play a critical role in shaping the industry's evolution and direction, ensuring that Asia remains at the forefront of global AI development.
About AI Apex Asia
AI Apex Asia is a leading artificial intelligence community dedicated to advancing AI technologies and applications in Asian markets. With a focus on innovation, regional expertise and responsible AI development, AI Apex Asia is committed to driving the adoption of AI solutions that address unique challenges and opportunities across diverse Asian industries.
