Deputy Prime Minister Gan Kim Yong formally announced on Wednesday that Singapore’s banks and financial companies should use artificial intelligence not just to cut costs, but to create better jobs and train employees for higher-value roles.
The recent announcement comes as Standard Chartered releases a major update to cut more than 7,000 jobs over the next four years as the company expands its use of artificial intelligence.
A prominent global bank has laid out plans to reduce its headcount, emphasizing AI as a driver to streamline operations to increase profitability and maintain competitiveness. In this regard, Gan said, “Delaying the introduction of AI will weaken competitiveness and ultimately cause more harm to workers than less.”
According to a DBS report released at the event, Singapore ranked third among 15 AI financial hubs, behind New York and San Francisco.
It is pertinent to note that the city-state was a digital platform that combined AU capabilities and institutional trade at a large scale level.
Mr Gan further clarified that Singapore’s next stage as a financial hub will depend on moving AI from experimentation to enterprise-wide implementation, ensuring that jobs are created and trust is created, and that the way AI is developed and used is safer and more secure.
“The amplification of small forces by AI means we can do more with limited workforce than before,” Tan said, adding, “Humans matter, so businesses need to take their employees and customers with them.”
