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Pat Patel, Executive Director of Elevandi, discusses the importance of collaborative efforts in crafting AI regulations in Southeast Asia.

Pat Patel, Executive Director of Elevandi, explains in an email interview with e27 that the integration of AI in Southeast Asia (SEA) has transformed businesses across different sectors. The impact of AI reaches from e-commerce to agriculture, but Patel emphasizes that the adoption of AI in SEA is complex and varies significantly from country to country.

Patel highlights that AI’s growing influence is evident at industry-specific platforms, such as the Singapore FinTech Festival, which showcases AI solutions in areas like healthcare and automotive industries.

However, the spread of AI in SEA is not without challenges. Patel mentions talent scarcity, data privacy, financial constraints, market fragmentation, and ethical considerations among the hurdles faced by companies in the region.

To fully integrate AI, Patel suggests that SEA businesses focus on strategies such as regulation, data privacy laws, workforce development, and technology infrastructure. He believes that a one-size-fits-all approach to AI regulation in SEA is challenging due to the region’s socio-political heterogeneity.

Looking ahead to 2024, Patel anticipates the continued roll-out of AI frameworks and highlights trends such as GenAI beyond text, the explosion of data availability, and enhanced human-AI cooperation.

Elevandi, a not-for-profit entity set up by the Monetary Authority of Singapore (MAS), fosters collaboration, education, and new sources of value in the fintech industry with Singapore as the center of gravity.

In conclusion, Patel emphasizes the need for a balance between innovation and regulation in the context of AI, and expects the upcoming Singapore Fintech Festival to showcase dominant themes such as GenAI beyond text, data availability, and enhanced human-AI cooperation.

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