Singapore urges financial firms to use AI to create better jobs

Sure, here are four key points based on the provided article:

Focus on Job Creation through AI: Deputy Prime Minister Gan Kim Yong emphasized that Singapore’s banks and financial firms should use artificial intelligence to create better jobs and retrain workers for higher-value roles rather than just cutting costs.
Singapore’s Position in AI Financial Hubs: A DBS report highlighted that Singapore ranks third among 15 AI financial hubs globally. It is positioned closely after New York and San Francisco in combining AI capability with institutional trust at scale.
Advancing AI Adoption for Competitive Edge: Gan mentioned that slowing AI adoption in Singapore could weaken the country’s competitiveness, ultimately harming workers. Instead, the focus should be on widespread AI adoption that helps create new job roles.
Human Element in AI Development: DBS Group CEO Tan Su Shan stressed that Singapore’s small workforce could be amplified by AI to accomplish more. It underscores the importance of incorporating humans in planning and using AI responsibly to ensure its benefits reach all stakeholders.

For more detailed information, please refer to the original article from Reuters by Yantoultra Ngui.

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