Singapore urges banks to use AI for job creation
Deputy Prime Minister Gan Kim Yong told a DBS event that financial institutions should prioritize high-value roles over cost-cutting when adopting AI. He emphasized that embracing the technology is essential for maintaining the city-state's global competitiveness and institutional trust.
Singapore Deputy Prime Minister Gan Kim Yong urged financial firms to use artificial intelligence to create higher-value roles rather than focusing solely on cost-cutting. Standard Chartered PLC announced plans to cut 7,000 jobs over four years through AI adoption. Investors are monitoring how the city-state balances technological efficiency with maintaining its position as a leading global financial hub.
### Moving Beyond Cost-Cutting in Finance Gan told the DBS GROUP HOLDINGS LTD Leaders Dialogue that slowing AI adoption would weaken national competitiveness and ultimately harm the workforce. He argued that firms must prioritize retraining existing staff for new roles created by the technology. The deputy prime minister said the next phase for the financial sector depends on moving AI from experimentation to enterprise-wide adoption.
