SINGAPORE:  OpenAI, the San Francisco-based leader in generative artificial intelligence (AI), has revealed plans to open its second Asian office in Singapore later in 2024.

This will mark the company’s fourth international branch, focusing on enhancing regional collaboration and partnering with local initiatives, such as the national AI programme, AI Singapore.

This expansion comes on the heels of OpenAI securing billions of dollars in funding and credit, leading to a valuation of $157 billion, bolstered by support from SoftBank Group Corp., a prominent AI investor.

Earlier this year, the US startup established its first Asian office in Tokyo, where it introduced a bespoke GPT-4 model specifically designed for Japanese-language customers.

CEO Sam Altman expressed excitement about the move, stating, “Singapore, with its rich history of technology leadership, has emerged as a leader in AI, recognising its potential to solve some of society’s hardest problems and advance economic prosperity. ”

“We’re excited to partner with the government and the country’s thriving AI ecosystem as we expand into the APAC region.”

Altman, who last visited Singapore in June 2023, highlighted the increasing demand for advanced AI tools across APAC, noting that Singaporeans rank among the highest-per-capita users of ChatGPT globally.

The number of weekly active users in Singapore has doubled since the start of 2024.

OpenAI plans to hire between five and ten employees before 2025 for roles related to sales, security, and solutions engineering, with a strong commitment to local talent.

The regional operations will be led by Oliver Jay, former chief revenue officer at Asana, who will serve as managing director of International based in Singapore.

The firm intends to collaborate more closely with Singaporean government partners, such as the Economic Development Board (EDB), to support AI development in the region.

OpenAI aims to invest up to US$1 million in resources to create AI models that accurately reflect the region’s diverse languages and cultures in partnership with AI Singapore.

AI Singapore is currently developing Sea-Lion, a network of large language models akin to ChatGPT, specifically trained for Southeast Asian users to ensure that the AI captures the region’s unique cultural nuances.

Since the public launch of ChatGPT in 2022, OpenAI’s technology has rapidly integrated into various AI solutions for businesses and government entities in Singapore, including customer service chatbots and an internal AI assistant for civil servants known as Pair.

Competing AI models from Google Cloud and Meta are also being tested in several local projects.

This expansion comes amidst reports of OpenAI transitioning from a non-profit research lab to a more investor-friendly, for-profit model due to rising operational costs associated with running powerful AI systems globally.

While OpenAI maintains that its non-profit arm is central to its mission, this shift has raised industry concerns regarding the management of AI risks, including data collection practices and ethical considerations.

OpenAI is set to host its first Developer Day in Singapore on 21 November, targeting local developers and start-ups to foster innovation in the AI space.

SINGAPORE: Temasek Holdings is reportedly in discussions to acquire a minority stake in Haldiram Snacks, India’s largest snack manufacturer.

As reported by Bloomberg news, sources familiar with the matter have indicated that the transaction may value Haldiram at approximately US$11 billion (S$14.3 billion).

The Singapore’s sovereign wealth fund is contemplating purchasing between 10 per cent and 15 per cent of the company, which could equate to a stake worth over US$1 billion (S$1.3 billion).

The potential investment could serve as a stepping stone towards an initial public offering (IPO) for Haldiram, though the discussions are still at a preliminary stage and may not culminate in a deal.

The company, also known as Haldiram’s, has attracted interest from various other bidders, underscoring its significant market position.

A representative for Temasek has declined to provide any comments, and Haldiram has not responded immediately to requests for information.

Established by Ganga Bishan Agarwal in the 1930s in northern India, Haldiram’s offers an extensive range of products, including sweet and savoury snacks, frozen meals, and breads.

The company also operates 43 restaurants in and around Delhi, as detailed on its website.

The Agarwal family is reportedly considering various options, including a potential sale of the business or an IPO, as noted by Bloomberg News.

The growing interest of global investors in India has been fuelled by the nation’s rapid economic expansion, making it a prime location for significant deal-making.

Over the past two decades, Temasek has invested nearly US$37 billion in India, according to Mr Vishesh Shrivastav, the managing director for India investments at Temasek.

In July, Mohit Bhandari, Temasek’s Managing Director for India, during an interview with Reuters, indicated that Temasek Holdings plans to invest up to US$10 billion (approximately S$13.4 billion) in India over the next three years, with targeted investment areas including financial services and healthcare.

As Temasek becomes more cautious about investing in China, it is leaning towards increasing its investments in India.

India’s economy is growing rapidly, with its stock market near historical highs, and there is a boom in initial public offerings and mergers and acquisitions.

Bhandari stated that India currently accounts for 7% of Temasek’s global investments, and the company intends to increase this proportion.

Approximately 22% of Temasek’s investments are in the US, while 19% are in China. In the last fiscal year, for the first time in a decade, Temasek’s investments in the Americas surpassed those in China.

Temasek has been focusing on acquiring minority stakes in companies, assisting them in their growth, while largely avoiding the trend of securing majority holdings in Indian firms.

Its primary areas of interest include digitisation, consumer trends, and sustainable living.

Notable potential minority investments are said to include VFS Global, which is valued at about US$7 billion, including debt, according to Bloomberg News.