Singapore urges financial firms to use AI to create better jobs

Singapore’s banks and financial firms should use artificial intelligence to create better jobs and train workers for higher-value roles, not just cut costs, Deputy Prime Minister Gan Kim Yong said on Wednesday.

Gan’s comments come a day after Standard Chartered said it would cut more than 7,000 ‌jobs over four ⁠years ⁠as it steps up AI adoption. HSBC CEO Georges Elhedery said on Wednesday that ​generative AI would “destroy certain jobs” and “create new jobs”, while urging staff to embrace ​the change.