With the assistance of Google.org and the Asian Development Bank (ADB), AVPN, the largest network of social investors headquartered in Singapore, has announced the opening of the $15 million Artificial Intelligence (AI) Opportunity Fund: Asia-Pacific.
In a statement released, AVPN said that the fund is a three-year initiative aimed at providing Asia’s workforce with the fundamental AI skills and resources needed for the changing nature of the workplace. This will guarantee that more people in the region—particularly those from marginalized communities—have access to the jobs and roles that AI presents.
An open call will be held to determine which non-profits, social enterprises, and workforce associations in Asia-Pacific effectively serve the workers who will be most affected by the workforce transitions brought about by artificial intelligence.
Selected organizations will receive full support, which will include direction, funding, and customized AI training based on core AI courses created by Google and its outside partners.
“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.
It is reported that employers in the Asia-Pacific region have faith in AI’s ability to increase output.
A staggering 93% of respondents anticipate using generative AI tools in the next five years, and some are even willing to offer workers with AI skills up to a 44% salary increase.
Employee perception of AI is positive, but 16 percent of PwC respondents thought AI could replace them in their current roles.
When one-third of the population does not use the internet and job informality rates are high, the work uncertainty exacerbates disadvantages already experienced by these individuals.
“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.
