share on
- Singapore’s position as a trusted, agile, and globally connected hub for investment and AI innovation.
- Workforce transformation, continuous learning, and the changing expectations around jobs and employability in the AI era.
- AI resilience, cybersecurity preparedness, and stronger ecosystem partnerships to support sustainable AI adoption.
At a leaders’ dialogue attended by Human Resources Online on Wednesday (21 May), Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry joined Tan Su Shan, CEO, DBS, for a conversation on trust, AI adoption, workforce transformation, and Singapore’s long-term competitiveness.
The session also saw DBS unveil the Global AI Financial Hub Index, described as a first-of-its-kind benchmark assessing the AI readiness of global financial hubs and examining how institutional trust shapes AI deployment and financial outcomes. The index evaluates how financial institutions across global financial centres deploy, scale, and govern AI, while also measuring how effectively AI adoption translates into business value.
Throughout the dialogue, the pair explored three key themes: why investors should continue choosing Singapore, how organisations can navigate AI security and resilience, and what the future of jobs and workforce development could look like in an AI-driven economy.
Trust and adaptability remain Singapore’s competitive edge
Opening the discussion, Tan raised a question many investors in the room were asking: why should businesses continue choosing Singapore amid intensifying global competition?
DPM Gan acknowledged that financial centres worldwide are competing harder than ever, adding that Singapore could not afford to become to be complacent.
“We can no longer just become one of many financial centres; we have to have our own unique offerings.”
Instead, he pointed to trust as one of the country’s defining strengths.
According to DPM Gan, Singapore has built a reputation over decades as a reliable long-term partner across finance, business, data management, security, and partnerships. He said this trust had been reinforced during periods of crisis and uncertainty, making it difficult for others to replicate quickly.
He also highlighted Singapore’s ability to move quickly because of its size, describing the country as nimble, responsive, and efficient during periods of disruption.
“If you come to Singapore and want to register a company, it is much faster than almost anywhere else in the world,” he said.
Beyond infrastructure and connectivity, DPM Gan repeatedly returned to the importance of workforce capability. He described Singapore’s workforce as highly skilled and adaptable, crediting years of investment in upskilling and continuous learning initiatives such as SkillsFuture.
Importantly, he stressed that learning should no longer be viewed as something reserved for economic downturns or unemployment.
Instead, he urged both workers and employers to treat training as a permanent part of working life and business strategy.
“If your workforce is not upgrading, you will very soon find that you fall behind your competitors,” he said, encouraging employers to embed continuous learning into their long-term competitiveness plans.
DPM Gan also pointed to Singapore’s tripartite relationship between government, employers, and workers as another factor that continues to attract investors amid growing global volatility.
AI is changing jobs, but adaptability matters more than fear
The conversation then shifted towards concerns surrounding AI’s impact on jobs, particularly among younger workers entering the workforce.
Reflecting on a recent session with university students and graduates, DPM Gan said many young people were feeling anxious about how AI could reshape entry-level roles.
However, he noted that some level of anxiety was healthy because it reflected awareness that the employment landscape was changing rapidly.
He said the nature of work could evolve significantly between the time a student enters university and the time they graduate, making adaptability increasingly important.
To address this, DPM Gan shared that institutes of higher learning are strengthening internship and traineeship programmes to help students become more work-ready and gain earlier exposure to real working environments and technological developments.
He also encouraged employers to create more internship and traineeship opportunities, saying such exposure helps young people build domain knowledge and better understand how workplaces are evolving.
Beyond technical skills, DPM Gan stressed the need for graduates to remain open-minded, adaptable.
At the same time, he said universities and government agencies are enhancing career guidance and support systems to help young people navigate a more uncertain employment landscape.
Tan echoed the importance of internships, sharing that some DBS graduates who completed multiple internships were able to transition into full-time roles much faster because they were already familiar with the working environment.
AI resilience and ecosystem partnerships will shape the next phase
Another major focus of the dialogue centred on AI security, operational resilience, and how businesses, especially SMEs, can navigate the fast-moving AI landscape.
Addressing concerns about cyber incidents or large-scale disruptions, DPM Gan said every organisation must maintain strong business continuity planning, whether through backup systems or alternative operational processes.
He noted that resilience always comes with trade-offs, as more robust systems often involve higher costs. Organisations therefore need to balance resilience with competitiveness.
DPM Gan also spoke about Singapore’s broader resilience planning in areas such as energy security, revealing that Singapore’s power generators have been progressively converted to operate on both natural gas and diesel to ensure continuity during disruptions.
On AI leadership, DPM Gan emphasised that Singapore welcomes competition and sees collaboration, rather than zero-sum rivalry, as essential to advancing AI capabilities globally.
“Eventually, if you have healthy competition, it can be a win-win for both competitors.”
He highlighted the importance of global AI talent and cross-border partnerships, including ongoing regional cooperation through ASEAN’s proposed Digital Economy Framework Agreement.
The conversation later turned to SMEs grappling with the costs and uncertainty of AI adoption.
On this point, DPM Gan acknowledged that many businesses may hesitate because of high implementation costs and the risk that technologies could quickly become obsolete. However, he cautioned that waiting for complete certainty before acting could leave companies behind.
To support adoption, he pointed to Singapore’s sectoral Centre of Excellence for AI, including initiatives in manufacturing, which allow companies to tap on shared national resources such as compute capacity, expertise, consultants, and knowledge partners before scaling their own capabilities.
DPM Gan also encouraged larger organisations with in-house AI Centre of Excellence to open these capabilities to partners, suppliers, and wider ecosystems to help uplift industry-wide AI readiness.
In addition, he shared plans for an AI Park in one-north, designed to bring together researchers, practitioners, and businesses seeking AI solutions as part of a broader ecosystem-building effort.
Building trust in a changing AI economy
Closing the session, one message remained consistent throughout the discussion: trust, adaptability, and collaboration will become increasingly important as AI reshapes economies, industries, and jobs.
While the dialogue acknowledged growing anxieties around disruption, it also framed Singapore’s approach as one centred on long-term partnerships, continuous learning, and shared capability-building across government, businesses, and workers.
As organisations continue navigating rapid technological change, the conversation highlighted that AI readiness may depend not only on technology itself, but also on how confidently institutions, employers, and employees adapt together.
ALSO READ: DBS plans to bring in over 500 young Singapore talent in 2026 as AI reshapes banking jobs
share on
