Bank of Singapore is stepping up its push for scale, with CEO Jason Moo outlining plans to accelerate hiring and deepen investment in technology as the bank targets a top-five position among Asia’s private banks within the next three to five years. The bank’s assets under management have surged nearly 20% to more than US$145 billion in Q3, up from about US$120 billion when Moo took over in early 2023, despite raising its minimum account size from US$3 million to US$5 million. Asia’s continued rise in high-net-worth wealth — up 4.8% in 2024 — underpins the expansion opportunity. Relationship manager headcount has already grown from 400 to 500, and Moo expects another aggressive hiring phase in 2026. The bank is also preparing more customised offerings for ultra-wealthy clients holding US$100 million or more, strengthening its positioning in the region’s fast-growing wealth management market.

Scam and fraud claims against Singapore’s digital banks have surged, with 94 cases lodged in the first eight months of 2025 — more than double the total for 2024. Most cases involved compromised credentials and impersonation scams, with losses hitting $2.5 million. While the claims remain a small share of overall financial disputes, the proportion is rising quickly. Digital banks are responding with real-time monitoring, anti-scam prompts, and “speed bump” safeguards, even as regulators tighten sector-wide protections.

Singapore’s compact size gives it a strategic advantage in rapidly building an AI-ready workforce, said Deputy Prime Minister Gan Kim Yong at the Singapore FinTech Festival 2025. With a smaller population, Singapore can more efficiently roll out nationwide AI literacy and upskilling initiatives. Gan outlined a three-tier approach to AI development: ensuring baseline AI understanding for all companies and consumers, enabling businesses to integrate AI into their operations, and advancing cutting-edge AI technologies. He emphasised that both employers and employees must treat training as a long-term investment, as jobs continue to evolve with technological change. Keeping skills relevant, he noted, is essential for Singapore to stay competitive in the global AI race.

Singapore remains actively engaged in global discussions on artificial intelligence governance, despite differing international views on regulation. Minister for Digital Development and Information Josephine Teo highlighted Singapore’s consistent and collaborative stance at recent UN meetings, where member states agreed to launch a forum and expert panel on AI oversight. She also unveiled the Singapore Digital Gateway, a resource hub sharing the nation’s digital strategies and AI frameworks with the world.