(Bloomberg) — Salesforce Inc. plans to invest $1 billion in Singapore over the next five years, joining other US technology companies in betting on growth in Southeast Asia.
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The outlay is aimed at expanding products such as its new artificial intelligence platform, the company said in a statement Wednesday. Salesforce has an AI research hub in Singapore, and it has been investing in the city-state for almost two decades.
The top maker of customer management software has focused on pushing “Agentforce,” which is meant to complete tasks such as customer service without needing direction from a person. Salesforce launched the product in October, and has cited its use by customers such as Singapore Airlines Ltd. Still, Salesforce faces tough competition from rivals like Microsoft Corp. and ServiceNow Inc., which are pursuing similar visions.
“In a world of AI and robotics, there’s going to be a lot of rebalancing of the labor force and of society,” Salesforce Chief Executive Officer Marc Benioff said at an event in Singapore Wednesday morning. “Agentic technology is the next wave — I already know Singapore is going to lead it.”
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