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Singapore must strengthen its position as a trusted AI financial hub: DPM Gan
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DPM Gan Kim Yong (left) and DBS CEO Tan Su Shan spoke at the launch of a new DBS study on May 20.
PHOTO: LIANHE ZAOBAO
Published May 20, 2026, 03:11 PM
Updated May 20, 2026, 03:15 PM
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SINGAPORE - Singapore must strengthen its position not only as a leading financial centre in Asia, but a trusted artificial intelligence (AI) financial hub, said Deputy Prime Minister Gan Kim Yong.
“Our goal should be to be the trusted AI financial hub – a place where financial institutions can innovate with confidence, where risks are managed seriously, and where clients know that technology is being used responsibly,” said DPM Gan, who was speaking at the launch of a new study by DBS Bank on May 20.
The study, titled The Trusted AI Financial Hub, ranked Singapore among the world’s most AI-ready financial hubs out of 15 cities.
The Republic topped the rankings for trust, scoring 19 out of 20, but lagged in terms of talent, scoring 15 out of 20 compared with perfect scores for New York and San Francisco.
Dr Vishal Kapoor, lead thematic researcher at DBS Group Research, said Singapore scores strongly on trust infrastructure because it has spent years building not just AI capabilities, but also coherent governance, digital identity infrastructure and industry-wide adoption in a “coordinated way”.
“The next phase for Singapore will be deepening the talent pipeline further – particularly in specialised AI research, fintech innovation and stronger industry-university collaboration – so we can continue scaling both capability and adoption,” said Dr Kapoor.
At the launch event at Shangri-La, DPM Gan said the Government will do its part to strengthen AI literacy across the workforce, as well as build sector-specific AI capabilities.
