A new cross-government initiative involving six agencies has been tasked with finding solutions to "grand challenges" facing the country that make use of artificial intelligence.

The National Research Foundation will invest up to $150 million over five years in AI.SG, chaired by the National University of Singapore's deputy president of research and technology Ho Teck Hua.

It will focus first on finance, city management solutions and healthcare, Communications and Information Minister Yaacob Ibrahim said. "AI.SG will do three key things - first, address major challenges that affect society and industry; second, invest in deep capabilities to catch the next wave of scientific innovation; and finally, grow AI innovation and adoption in companies."

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