Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 206

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 206
---
 the 2020 World Economic Forum Annual Meeting, which includes additional considerations and refines the original model framework for greater relevance and usability. The underlying guiding principles are (i) decisions made by artificial intelligence should be explainable, transparent and fair, (ii) artificial intelligence should be human -centric. The Model Artificial Intelligence Governance Frameworks provide guidance on (i) internal governance structures and measures, (ii) determining the level of human involvement in artificial intelligence augmented decision making, (iii) operations management, and (iv) stakeholder interaction and communication, with an aim to translate ethical principles into practical recommendations that organizations may readily adopt to deploy artificial intelligence responsibly. In light of recent advances in generative artificial intelligence, the AI Verify Foundation and Infocomm Media Development Authority of Singapore have also developed a draft Model AI Governance Framework for Generative AI (the “2024 Framework”), which seeks to expand on the 2020 Framework by addressing new issues that have emerged from generative artificial intelligence and providing guidance on suggested practices for safety evaluation of generative artificial intelligence models. Regulations on Data Protection and Information Security While the Personal Data Protection Act 2012 of Singapore (“PDPA”) does not single out artificial intelligence, it lays out a data protection framework on the collection, use and disclosure of personal data by organizations in Singapore to safeguard personal data, buttress public trust in the digital economy and spark data innovation. The PDPA is administered and enforced by the regulator, the Personal Data Protection Commission. It sets out data protection obligations which all organizations are required to comply with in undertaking activities relating to the collection, use or disclosure of personal data. A failure to comply with any of the above may subject (i) an organization to a fine of up to 10% of an organization’s annual turnover in Singapore or S$1 million (approximately US$756,773), whichever is higher, or (ii) an individual to a fine of up to S$200,000 (approximately US$143,419). A facilities management operator and/or an artificial intelligence technology company is required to comply with the PDPA, which generally requires organizations to give notice, obtain consent and inform individuals of the applicable purposes prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or from that data and other information to which organizations have or are likely to have access), and to provide individuals with the right to access and correct any error or omission in their personal data. Organizations are also required