Singapore Deputy PM: AI in Finance Should Focus on Better Jobs, Not Just Cost Savings

Worried about your job in the AI wave? Singapore's Deputy Prime Minister Gan Kim Yong says AI in finance isn't just about cutting costs—it's about creating better jobs.

Speaking at a DBS event, Gan urged Singapore not to slow down AI adoption out of fear, or risk losing national competitiveness. This comes after Standard Chartered announced plans to cut over 7,000 jobs while accelerating AI use. HSBC's CEO also noted that generative AI will eliminate some roles but create new ones.

A DBS report ranks Singapore third among 15 global AI finance hubs, behind New York and San Francisco. DBS CEO Piyush Gupta called AI an "amplifier" for small economies, helping limited workforces do more. She stressed that companies must prioritize people during AI transformation.

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