Kwek Leng Beng commits $1 mil to support young Singaporeans in AI and advanced computing
The commitment signals support for Singapore’s technology-led productivity agenda, which could indirectly strengthen longer-term economic capacity and underlying property-market fundamentals.
CDL executive chairman Kwek Leng Beng committed $1 million to fund AI projects and Cambridge scholarships for 10 to 20 young Singaporeans.
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Kwek Leng Beng, executive chairman of City Developments Ltd (CDL) and Hong Leong Group Singapore, has committed $1 million to the St Joseph’s Institution Philanthropic Fund for the Lasallian Mission Ltd (SJIPF).
The Kwek Leng Beng Innovation Gift aims to “develop a generation of young Singaporeans seeking to develop and build projects in artificial intelligence (AI), advanced computing and emerging technologies”, according to a Sept 15 release.
Singapore’s strengths lie in its people, given the country’s lack of natural resources, said Kwek.
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“A young mind’s curiosity and problem-solving skills are critical as we enter the next stage of Singapore’s development of AI.”
The gift will be held by SJIPF in two parts: the Kwek Leng Beng Innovation Programme and the Kwek Leng Beng SJIPF–Cambridge Scholarship. The initial allocation is 50% each, and SJIPF can reallocate where necessary.
The innovation programme will support AI- and technology-related student projects, covering building costs, competition entry fees, mentorship, masterclasses and short courses. Seed grants will also be awarded directly to student teams.
SJIPF will invite proposals annually and disburse funds for defined projects with stated outcomes. The programme is expected to run for approximately 10 years.
Meanwhile, the second arm of the gift will fund scholarships for current and former students of St. Joseph’s Institution and St. Joseph’s Institution International who have been admitted to the University of Cambridge to study mathematics, computer science or engineering.
Each scholarship will provide up to $50,000 per scholar, disbursed over the course of their studies. The gift is expected to support between 10 and 20 scholars, depending on the amount granted per scholar.
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The scholarships will carry no bond or service obligation, require no repayment and have no requirement for recipients to return to Singapore.
“We wanted our scholarship programme to be a guiding tool across a student’s learning journey and not a transaction,” said Phillip Yeo, chairman of SJIPF.
The gift comes as Singapore steps up its efforts to develop AI capabilities and adoption. The National AI Council was established to coordinate national AI efforts, while at the National Day Rally in August, Prime Minister Lawrence Wong said slower population and labour-force growth meant Singapore would need to rely more on technology and productivity to drive growth.
CDL’s Kwek said: “Productivity can be bought, through machines, software and other technologies available in the market. What is more important, and harder to develop, is the curiosity to build new-age technology and the encouragement young students need to apply it to our evolving problems.”