Monday, June 17, 2024
HomeSingapore Singapore-Based AVPN Secures $15 Million in Artificial Intelligence Opportunity Fund

[FUNDING NEWS] Singapore-Based AVPN Secures $15 Million in Artificial Intelligence Opportunity Fund

The Asian Development Bank and Google.org are supporting the $15 million Artificial Intelligence Opportunity Fund. Asia-Pacific, which was unveiled by AVPN, the largest network of social investors based in Singapore.

The Asian Development Bank and Google.org are supporting the $15 million Artificial Intelligence Opportunity Fund. Asia-Pacific, which was unveiled by AVPN, the largest network of social investors based in Singapore.

In order to ensure that more people in the region, particularly those from underserved communities, have access to jobs and roles presented by AI, AVPN said in a statement on Monday that the fund is a three-year programme that will provide Asia’s workforce with the necessary AI knowledge and tools for the changing work landscape.

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An open call will be held to determine which non-profits, social enterprises, and workforce associations in Asia-Pacific effectively serve the workers who would be most affected by the workforce transformations brought about by artificial intelligence.

A wide range of support, including advice, funding, and specialised AI training based on fundamental AI courses created by Google and its outside partners, will be provided to the chosen organisations.

“AI presents tremendous opportunities for the Asia-Pacific region, but it’s crucial to equip people with the skills needed to thrive, “This new AI Opportunity Fund in Asia Pacific will help to empower underserved communities and ensure everyone benefits from the transformative power of AI,” said Scott Beaumont, President of Google Asia-Pacific.

Asia-Pacific employers believe AI may enhance productivity. Within five years, 93% expect to utilise generative AI tools, with some providing up to 44% compensation increases for AI experts. Employees like AI, yet 16% of PwC respondents said technology could replace their work.

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In an area where a third of the population doesn’t use the internet and job informality is widespread, work insecurity worsens for the poor.

“Building an AI-ready workforce is an essential social mandate for businesses and governments, and one that can unlock Asia’s full workforce potential, considering this region will have 165 million working-age people by 2030, “There is urgency for such an enablement initiative, as the new world work realities unfold, and we start to see the socioeconomic impact of AI work transition on workers who have limited support to adapt and catch up,” said Naina Subberwal Batra, Chief Executive Officer of AVPN.

Google.org uses cash, product donations, and technical knowledge to benefit underprivileged communities and create opportunity for all.

The organisation works with nonprofits, social entrepreneurs, and civic organisations that touch their communities and can create scalable, meaningful change.

About AVPN

According to AVPN, funders can combine grants, debts, and equity across different investments in their portfolio to have a greater impact.

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