Salesforce invests $1 billion in Singapore public sector AI
Singapore Becomes AI Hub
Salesforce has announced a $1 billion investment in Singapore over the next five years to accelerate the city-state’s digital transformation and expand adoption of its flagship product, Agentforce.
Key Takeaways
- Salesforce highlights its deep ties with Singapore, which was chosen as the company’s first overseas AI research hub.
- CEO Marc Benioff, during his visit to Singapore on March 12, announced the $1 billion investment.
- The funding is aimed at improving public sector management.
- Salesforce sees this as an opportunity to expand adoption of its AI-powered Agentforce platform.
Singapore as an AI hub
Over the next five years, Salesforce plans to strengthen its presence in Singapore through its $1 billion investment in digital transformation.
The announcement was made by Salesforce CEO Marc Benioff, who visited Singapore on March 12.
Benioff emphasized that Salesforce has operated in Singapore for over 25 years and, in 2013, established its first international AI research center there.
Over the years, Salesforce has built a strong client base in Singapore, including Singapore Airlines, FairPrice Group, and Ocean Network.
Benioff stated that Singapore is at the forefront of digital workforce transformation, with some of the world’s best AI engineers working at its research center.
"Great to be in Singapore and announce Salesforce’s $1 billion expansion," Benioff wrote on X.
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Singapore is one of Salesforce’s key growth markets, as businesses in the country increasingly adopt Agentforce to enhance workforce efficiency.
Salesforce’s investment will also support Singapore’s AI Strategy 2.0, aiming to establish the country as a global leader in AI innovation.
In the long run, Agentforce is expected to play a crucial role in Singapore’s public sector, helping address population aging and declining birth rates.
Jermaine Loi, Managing Director of Singapore’s Economic Development Board, welcomed the investment, stating that it will help drive AI adoption across industries and contribute to the country’s vision of becoming an AI innovation hub.
Salesforce stock performance
Salesforce price dynamics on March 12. Source: Yahoo Finance
According to Yahoo Finance, Salesforce stock rose 2% on March 12, trading around $282. However, the stock has declined by 13.5% in the past month and is down nearly 16% year-to-date.
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