Singapore’s Deputy Prime Minister Gan Kim Yong said trust, responsible AI adoption, and workforce transformation will be key to the country’s future as a leading global financial hub.

Mr. Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry, highlighted the importance of trust and artificial intelligence during the “Trust and AI: Navigating a World in Transition” Leaders Dialogue held on 20 May 2026 in Singapore. Speaking to business leaders and financial industry representatives, he said the global economy is being reshaped by geopolitical tensions, supply chain changes, capital shifts, and rapid technological developments driven by AI.

Mr Gan noted that Singapore’s strength as a financial centre depends not on its size, but on its ability to remain trusted, connected, and relevant in a rapidly changing world. He pointed to Singapore’s ranking as the world’s third-leading AI financial hub, behind New York and San Francisco, as a sign of growing confidence in the country’s financial and technology ecosystem.

The Deputy Prime Minister said Singapore’s next stage of growth will depend on three priorities — expanding AI adoption across financial institutions, ensuring AI creates quality jobs and opportunities for Singaporeans, and building strong safeguards around trust, security, and governance. He stressed that AI should move beyond small-scale experiments and become fully integrated into business operations, risk management systems, and financial services workflows.

Mr Gan acknowledged that many organisations still face challenges such as outdated systems, fragmented data, and capability gaps. However, he said Singapore can position itself as a trusted hub where regulators, banks, insurers, and technology firms work together to develop and test practical AI solutions for the financial sector.

On employment, Mr Gan said AI will change the nature of work rather than eliminate it completely. He urged companies to focus on job redesign, workforce training, and creating higher-value roles that combine AI capabilities with human judgement, client relationships, and problem-solving skills.

Source: PMO