Singapore has encouraged banks and financial institutions to use artificial intelligence (AI) not only to improve efficiency but also to create better employment opportunities for workers. According to Reuters, Deputy Prime Minister Gan Kim Yong said the financial sector should focus on retraining employees and preparing them for higher-value roles as AI adoption expands across industries.
Speaking at the DBS Leaders Dialogue event, Gan stressed that resisting AI-driven transformation could eventually weaken competitiveness and negatively impact workers in the long run. He stated that Singapore’s next phase as a financial hub would depend on integrating AI across enterprises while ensuring that employees benefit from the technological shift.
Reuters reported that the remarks came shortly after Standard Chartered announced plans to cut more than 7,000 jobs due to increased AI adoption, while HSBC also acknowledged that generative AI could both remove and create jobs within the banking sector.
Gan further highlighted the importance of building trust and safety measures into AI systems as companies expand their use of the technology. A DBS report presented during the event reportedly ranked Singapore as the world’s third-leading AI financial hub, reflecting the country’s growing position in AI-driven finance.
DBS CEO Tan Su Shan also noted that AI could help strengthen Singapore’s relatively small workforce by improving productivity and supporting long-term economic growth. According to Reuters, she emphasised that employees and customers must remain central to the AI transition process.