In the newly released study, Singapore is deploying the highest level of AI preparation in the Asia-Pacific region, with most business leaders confident in their ability to integrate AI into business functions. With the rise in AI and its use in cybercrime, more Singaporean businesses also report facing greater cybersecurity risks.
A survey conducted by global advisory firm Kroll found that 64% of Singapore's business leaders are confident in integrating AI into business functions. That figure is well above the broader Asia-Pacific region average of 34%.
In addition to AI, Singapore's business leaders reported the highest level of overall financial trust in the region. This says 52% of businesses feel they are facing debt services and economic risks. The findings highlight Singapore's position as a major financial hub amid changing market conditions.
The rise of AI-driven cybercrime
As AI-powered tools become ubiquitous in Asia and around the world, cyberfinancial crime, which uses AI technology more and more, is becoming more and more at risk for many businesses. While positive steps have been taken to tackle cybercrime, businesses in Singapore have found themselves struggling with the rise in AI fuel fraud.
“Singapore City State Police data suggests that the city recorded around $860 million in fraud-related losses in 2024. Given the nature of the fraud, the actual total is probably unknown, which is an increase of about 70% since 2023.
“Bad actors and their toolkits continue to be refined. They are leveraging AI and using better digital deception techniques. Businesses and individuals must advocate for themselves. Detection systems must continue to improve. Internal processes must be robust and clear.
In fact, cybersecurity was one of the biggest concerns from respondents. Approximately half of the business leaders surveyed say they face increased risks from malware, email breaches and website breaches. This includes AI-driven attacks, including deepfakes.
Economic trust
The survey also showed impressive financial trust in Singapore, reflecting recent reports from the PWC. Faced with global economic turmoil, Singapore has been able to distinguish itself as one of the most resilient markets in the world.
M&A activities are also prominent in Singapore, with 26% of companies saying they are very likely to consider taking over to drive growth as market pressures grow.
“The longstanding geopolitical tensions at APAC have shifted to high gear from the beginning of the year and the beginning of the second term of the current administration,” said John Lowell, Kroll's Asia-Pacific Head.
“Weaponization of tariffs and regional responses, especially from China, is concerned about the impact on companies, including assessments, supply chain disruptions, location strategies, cost optimization, compliance, investment or divestment considerations.”
APAC companies are increasingly considering technological disruptions, economic uncertainties and changing regulations. According to sentiment gathered by Kroll's research, Singapore has set itself up to enjoy great benefits in both AI preparation and financial resilience.
“Singapore's ability to maintain financial trust along with AI-driven transformation reflects the need for a proactive financial strategy,” said Annabelle Cai, managing director at Kroll.
“Companies that embrace financial agility through capital structure, strategic investment, or operational efficiency will be best positioned for long-term success in an increasingly complex global and regional economies.”
