On May 20, 2026, the Monetary Authority of Singapore (MAS) released a report urging financial institutions to integrate artificial intelligence (AI) to create higher-quality jobs, rather than replace workers. The initiative aligns with Singapore's national AI strategy, which aims to boost productivity and innovation in the financial sector.
The MAS report, titled 'AI and the Future of Work in Finance,' emphasizes that AI should be used to augment human capabilities, such as automating routine tasks to allow employees to focus on complex decision-making and customer service. It cites examples like AI-powered fraud detection and personalized financial advice.
According to the report, Singapore's financial sector employs over 200,000 people, and the adoption of AI could lead to the creation of new roles in data analysis, AI ethics, and cybersecurity. The MAS also plans to provide training grants to help workers upskill.
This move is part of broader efforts by the Singapore government to position the city-state as a global hub for AI innovation, with investments in research and education. The report notes that responsible AI adoption is key to maintaining trust and competitiveness.
