{"id":250415,"date":"2026-05-20T09:48:00","date_gmt":"2026-05-20T13:48:00","guid":{"rendered":"https:\/\/news-you-need.com\/index.php\/2026\/05\/20\/singapore-wants-banks-to-use-ai-to-create-jobs\/"},"modified":"2026-05-20T10:25:22","modified_gmt":"2026-05-20T14:25:22","slug":"singapore-wants-banks-to-use-ai-to-create-jobs","status":"publish","type":"post","link":"https:\/\/news-you-need.com\/index.php\/2026\/05\/20\/singapore-wants-banks-to-use-ai-to-create-jobs\/","title":{"rendered":"Singapore Wants Banks to Use AI to Create Jobs"},"content":{"rendered":"

Singapore Wants Banks to Use AI to Create Jobs<\/a><\/p>\n

https:\/\/www.pymnts.com\/news\/artificial-intelligence\/2026\/singapore-wants-banks-use-ai-create-jobs\/<\/a><\/p>\n

Publish Date: 2026-05-20 09:48:00<\/a><\/p>\n

Source Domain: www.pymnts.com<\/a><\/p>\n

Singapore\u2019s government wants the country\u2019s banks and financial firms to rethink their use of artificial intelligence.<\/p>\n

Rather than simply using AI to cut jobs, these organizations should deploy the technology to create better jobs and train employees for better roles, according to Deputy Prime Minister Gan Kim Yong, Reuters reported Wednesday (May 20).<\/p>\n

\u201cFor Singapore, the answer cannot be to \u2060hold back change,\u201d \u2060Gan said at the DBS Leaders Dialogue event, per the report. \u201cIf we slow AI adoption, we will weaken our competitiveness and ultimately hurt workers more, not less.\u201d<\/p>\n

His comments came one day after Standard Chartered, a bank that counts Singapore as one of its main hubs, said it would cut around 8,000 jobs by the end of the decade as its AI usage increases.<\/p>\n

\u201cIt\u2019s not cost-cutting; it\u2019s replacing, in some cases, lower-value human capital with the financial capital and the investment capital we\u2019re putting in,\u201d CEO Bill Winters said in remarks he would later try to walk back following online outrage.<\/p>\n

As Bloomberg News reported, some of that outrage came from Singapore President Halimah Yacob, who blasted the CEO\u2019s terminology in a Facebook post, calling it \u201cdisturbing\u201d to speak of workers in such clinical terms.<\/p>\n

Advertisement: Scroll to Continue<\/p>\n

Gan said Singapore\u2019s evolution as a financial hub would depend on safe and secure enterprise-wide adoption of AI, while making sure it creates good jobs, according to the Reuters report.<\/p>\n

\u201cWhen firms implement AI, they should not only ask, \u2018How much cost can we save?\u2019\u201d he said, per the report. \u201cThey should also ask, \u2018What new roles can we create? How can existing workers be trained for them\u2026\u2019\u201d<\/p>\n

DBS Group CEO Tan Su Shan said Singapore\u2019s small size could become an asset, with AI serving as a \u201cgreat multiplier,\u201d according to the report.<\/p>\n

\u201cSmall amplified by AI means our limited workforce can now do many more things than we could before,\u201d Tan said, per the…<\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore Wants Banks to Use AI to Create Jobs https:\/\/www.pymnts.com\/news\/artificial-intelligence\/2026\/singapore-wants-banks-use-ai-create-jobs\/ Publish Date: 2026-05-20 09:48:00 Source…<\/p>\n","protected":false},"author":1,"featured_media":250416,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.pymnts.com\/wp-content\/uploads\/2026\/05\/Singapore.jpeg","fifu_image_alt":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-250415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence"],"_links":{"self":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/250415"}],"collection":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/comments?post=250415"}],"version-history":[{"count":1,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/250415\/revisions"}],"predecessor-version":[{"id":250417,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/posts\/250415\/revisions\/250417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media\/250416"}],"wp:attachment":[{"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/media?parent=250415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/categories?post=250415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news-you-need.com\/index.php\/wp-json\/wp\/v2\/tags?post=250415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}