Transcript of SMS Tan Kiat How’s Keynote Address at the Launch of EY Studio+ in Singapore

Distinguished guests,

Ladies and gentlemen.

1. Good afternoon.

2. It is a pleasure to join you today for the launch of EY Studio+ in Singapore. Congratulations to EY on this important milestone.

3. Today is an important, pivotal moment for EY.

4. Around the world, organisations are investing heavily in Artificial Intelligence. New models are becoming more capable almost every month. Businesses are experimenting with new applications. Entire industries are rethinking how work gets done.

5. But I believe the more important question is no longer whether organisations should adopt AI.

6. The more important question is this:

   1. As AI changes the way value is created, how do organisations remain competitive?

7. This is not simply another technology cycle.

8. Every major technological wave changes the basis of competitive advantage.

   1. The Internet changed how businesses connected with customers.

   2. Cloud computing changed how businesses scaled.

9. AI is changing something even more fundamental.

   1. It is changing where organisations create value.

   2. AI is changing where competitive advantage comes from.

10. For decades, organisations built their success on specialised expertise.

    1. Professional knowledge.

    2. Experience.

    3. Efficient processes.

11. All these remain important. But AI is making many of these capabilities more accessible than ever before.

    1. Knowledge that once took years to acquire, can now be generated in seconds.

    2. Routine analysis can increasingly be done automatically by AI.

    3. Many tasks that once differentiated organisations are now augmented by AI.

12. This does not diminish the importance of expertise. But it does change where organisations create value.

13. The organisations that succeed in the years ahead will not necessarily be those with the most advanced AI.

14. Many organisations will have access to similar technologies. The real differentiator will be their ability to continually rethink their business, redesign how they work, and create new value for customers.

15. In other words, competitive advantage increasingly comes not from technology alone, but from an organisation's ability to continually transform itself. AI is raising expectations for every business.

16. We are already seeing this happen through customer experience.

    1. Imagine someone planning a holiday.

    2. AI recommends destinations, builds itineraries, answers questions, and completes the booking within minutes.

    3. The following day, that same person contacts his bank. Or his insurer. Or his telecommunications provider.

    4. Although these are entirely different industries, the person’s expectations remain exactly the same. He expects services that are personalised, responsive, available whenever he needs them.

    5. Customers no longer compare organisations only with their direct competitors. They compare every interaction with the best digital experience they have had elsewhere.

17. Every breakthrough in AI raises expectations across every industry.

18. Organisations cannot simply automate existing processes. They must rethink how they create value for customers.

19. This also changes the role of professional services. Some might assume that if AI makes knowledge more accessible, organisations will need less advice.

20. I believe the opposite is true. As technology becomes more powerful, the challenge is no longer simply accessing knowledge.

21. The challenge is transforming organisations.

    1. That means redesigning customer journeys.

    2. Rethinking operating models.

    3. Equipping people with new skills.

    4. Embedding AI into day-to-day decision-making.

    5. Managing risks responsibly.

    6. Building trust with customers.

    7. And leading change across the organisation.

22. These are not simply technology challenges.

23. They are leadership and organisational challenges.

24. No AI model, on its own, can redesign an organisation.

    1. It cannot align leadership around difficult decisions.

    2. It cannot transform culture.

    3. It cannot build trust with customers.

25. This is where firms like EY continue to play an important role.

    1. Not simply by helping clients implement AI solutions.

    2. But by helping organisations rethink where value comes from, redesign their businesses, and build the ability to continually adapt as technology evolves.

26. This is why initiatives like EY Studio+ matter.

    1. They bring together strategy, design, technology, AI and many other aspects -- partnerships, ecosystem partners, providers – to help organisations move beyond experimentation towards enterprise transformation.

    2. They help bridge the gap between technological possibilities and real business outcomes.

27. The same question applies to countries: if AI technologies become widely available, why should global businesses choose Singapore?

28. Our answer cannot simply be that we have access to AI. Many countries will.

29. Technology may become increasingly accessible. But trusted ecosystems that help organisations transform successfully are much harder to build.

30. That is where Singapore intends to differentiate itself.

31. Our ambition is to be the place where organisations can transform themselves with confidence.

    1. A place where businesses can innovate because they have access to trusted governance, skilled talent, advanced digital infrastructure, leading research, and strong partners who can translate technology into business value.

32. This has always been how Singapore competes. We do not compete on size.

    1. We compete by being trusted, connected and effective.

    2. We bring together government, enterprises, technology companies, researchers, universities and professional services firms to help ideas move from experimentation to implementation.

    3. We provide a stable environment where businesses have the confidence to make long-term investments.

    4. We are also deeply connected to the region, allowing solutions developed here to scale across Asia.

33. This is why, under our National AI Strategy 2.0, we are investing across the entire AI ecosystem.

    1. In compute and digital infrastructure.

    2. In research and innovation.

    3. In AI talent.

    4. In enterprise adoption.

    5. And in trusted AI governance through practical frameworks, testing tools and assurance capabilities.

34. These are not separate initiatives. Together, they strengthen Singapore's ability to help enterprises continually innovate, continually adapt, and continually compete.

35. That, I believe, will become one of our enduring competitive advantages.

    1. Not simply our access to technology.

    2. But our ability to help organisations continually create new value as technology evolves.

36. None of us can do this alone.

    1. Government creates the enabling environment.

    2. Technology companies continue expanding what AI can do.

    3. Enterprises identify where new value can be created.

    4. Professional services firms help organisations translate technological possibilities into lasting organisational change.

37. Each plays a different role. Together, they create an ecosystem where innovation happens faster, transformation happens with greater confidence, and businesses become more competitive.

38. This collaboration is especially important for SMEs, which often need trusted partners to identify opportunities, redesign workflows, manage risks and scale AI successfully.

39. I look forward to EY Studio+ playing an important role in this ecosystem, helping businesses in Singapore and across the region navigate this transformation.

40. Let me conclude by saying that, ultimately, AI is not just changing technology.

41. It is changing competition. The organisations that succeed will not simply be those that adopt AI the fastest. They will be those that continually reinvent themselves as technology evolves.

42. The same is true for economies. Singapore's ambition is therefore not simply to be a place where AI is deployed or developed. It is to be a place where organisations build the ability to continually innovate, continually adapt and continually create new value.

43. I believe EY Studio+ will play an important role -- not simply by helping businesses implement AI, but by helping them become organisations that can continually transform themselves and remain competitive in an AI-driven world.

44. Congratulations again, and I look forward to all the partners that we are bringing together in Singapore to work together to create an ecosystem that's vibrant, competitive, and AI-ready for the next era.

45. Thank you.