MAS Chairman: «We Have to Keep the People Relevant»

Singapore’s Deputy Prime Minister and MAS chair Gan Kim Yong spoke about the dire need for companies to invest in training workers in the midst of rapid technological developments, especially in AI, despite the constant temptation to delay such efforts. With the rapid development of technology and innovations, jobs are also constantly evolving. In the past few years, the roles that have been the most sought after have been in constant flux, from computer scientists and data analysts to the current demand for artificial intelligence (AI) engineers. «I think that jobs will always evolve. I think the pace of this evolution of jobs is getting faster and faster. It is important for us to understand that the job will change and it's very hard to keep the same job relevant for a long period of time,» said Gan Kim Young, Singapore’s Deputy Prime Minister, during a fireside chat with DBS CEO Tan Su Shan at the Singapore FinTech Festival (SFF) 2025. «But even if jobs are evolving […] we have to keep the people relevant.» Training as an Investment According to Gan, companies need to view training as a form of investment that will yield returns over time. He noted local efforts to support such endeavors, such as the SkillsFuture initiative to subsidize training courses or the development of talent programs by CTCs (Company Training Committee). However, the reality is that companies prioritize other matters that provide immediate benefits in various market conditions, whether positive or negative. «When the economy is doing very well, our labor market is very tight. Even if the workers want to go for training, the employers will say, 'can you hang on a little while longer because I need to deliver this contract'. And when the recession came, […] then the employer says, 'but now I'm struggling to survive. I don't have spare money to send you for training'. So we never get this chance of going for training,» observed Gan, who is also the chairman of the Monetary Authority of Singapore. «But we have to change our mindset. We have to make time. We have to accept that training and upgrading is an investment.» Three Levels of AI Aside from workers and training specifically, Gan spoke about viewing the emergence of AI from three levels in the context of the Singapore market. Firstly, authorities want to ensure that there is a basic understanding and AI literacy for companies of all sizes as well as their customers. Secondly, they aim for the development of AI capabilities to integrate into existing systems. Thirdly, the highest level is for the development of new AI applications and tools that have actual practical use cases for Singaporeans. «Maybe by next year – our [Fintech Festival] here – we will send our avatars. We’ll have a virtual audience. We'll all have coffee, play golf, do whatever we like. That's the dream,» Gan added. finews.asia is the official media partner of SFF 2025.