The National University of Singapore on Monday launched its artificial intelligence (AI) institute to advance research and application of AI technologies in education, healthcare and finance.

The new institute will also study ways to safeguard transparency and accountability to address ethical concerns and risks associated with AI, according to a statement issued by the university.

Researchers of the institute have received external investment of 8 million Singapore dollars (6 million U.S. dollars).

The university will invest additional 20 million Singapore dollars (14.8 million dollars) for foundational research, policy study and real-world applications.

The institute aims to collaborate with government agencies and industry to amplify AI capabilities across the society, the statement added.