Singapore’s Deputy Prime Minister Gan Kim Yong is urging financial firms to use AI for the right reasons – not just to slash costs, but to create better jobs and train workers for more advanced roles.
The city-state’s banks and financial institutions have been increasingly adopting AI to improve efficiency and reduce costs, but this focus on cost-cutting can often lead to job losses. However, Gan Kim Yong is encouraging these companies to take a more strategic approach. In an interview, he emphasized the need to focus on “upskilling and reskilling” workers, so they can take on more complex and higher-value tasks.
The aim is to enhance the competitiveness of Singapore’s financial sector, which has long been a key driver of the country’s economy. By leveraging AI to create new job opportunities and upskill workers, the government hopes to ensure that the benefits of technological advancements are shared by all.
This approach also aligns with Singapore’s broader efforts to develop a more resilient and adaptable workforce. The country has been investing heavily in education and training programs, aimed at helping workers develop the skills they need to thrive in an increasingly automated economy.
What this means is that financial firms in Singapore will need to rethink their approach to AI adoption. Rather than just focusing on automation and cost-cutting, they will need to prioritize workforce development and upskilling. This will involve investing in training programs, providing opportunities for workers to learn new skills, and creating a culture that values lifelong learning.
By doing so, Singapore’s financial sector can remain competitive, create better job opportunities, and ensure that the benefits of technological advancements are shared by all.
