Deputy Prime Minister Gan Kim Yong announced on Wednesday that Singapore’s banks and financial firms must use artificial intelligence (AI) to create better jobs and train workers for higher-value roles. This comes as Standard Chartered plans to cut over 7,000 jobs in the next four years, citing AI as a driver for streamlining operations and boosting profitability.
Gan emphasized that slowing down AI adoption would weaken Singapore’s competitiveness and harm workers more than it helps. The DBS report highlighted Singapore’s ranking third among 15 AI financial hubs, following New York and San Francisco. Gan stressed that the next phase of Singapore’s role as a financial hub hinges on implementing AI company-wide, ensuring job creation and enhancing safety and security.
Tan added that AI amplifies the limited workforce, allowing employees to do more than before. Companies must also involve employees and customers in this process, emphasizing that “humans matter.”