Singapore expects slower financial sector growth

It will focus on responsible AI adoption.

Singapore’s financial sector growth is not expected to continue at the pace seen in recent years due to ongoing global uncertainties, according to the Monetary Authority of Singapore (MAS).

Speaking at the MAS Annual Report 2024/2025 media conference, Managing Director Chia Der Jiun said MAS will focus on strengthening the competitiveness and capabilities of the financial sector whilst enhancing the resilience and security of digital financial services.

He outlined three key priority areas, namely responsible AI adoption in finance, supporting Asia’s low-carbon transition, and boosting digital financial service resilience.

Chia noted that AI adoption in financial services is expanding rapidly worldwide, being used for automation, customer management, advisory services, and risk detection.

MAS is pursuing multiple initiatives to develop these AI skills and capacities.

It is also taking a long-term view on sustainability, remaining steadfast in supporting Asia’s transition to a low-carbon economy despite current global uncertainties and challenges in climate action.

Given the pervasiveness and essential role of digital services in consumers’ daily transactions, ensuring their continuous availability is mission critical for FIs, Chia noted.

“Any prolonged disruption not only brings significant inconvenience to customers but also risks undermining public trust and confidence in FIs,” he said.

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