Development vs regulations: The majority of small businesses concerned about AI

Nearly 90% are concerned that AI development is outpacing regulations.

Singaporeans are most likely to say extremely concerned about AI out of all the markets surveyed in the study conducted by Xero, a small business platform.

To compare, 57% of the Singapore businesses polled said they were extremely worried about AI regulations lagging in AI development. (CA: 17%, NZ: 18%, AU: 19%, UK: 19%, US: 20%).

Here are other findings:

25% want governments to ensure that AI has strong regulation to provide data protection
20% want governments to establish a strong framework for AI
20% want governments to support the growth of local AI talent via the education and reskilling system

A majority (83%) anticipate that AI will have an impact on their business within the next five years, Xero’s study also showed. 

Over 500 small business leaders in the Lion City were polled to evaluate their feelings towards AI and how they are using it.