Singapore banks put AI to the test

For Singapore banks, AI may spell layoffs or upskilling. For founders, hard truths. Plus, our take on OpenAI's latest move into ecommerce.

Read from your browser Daily Newsletter Welcome to Tech in Asia's daily newsletter, your essential dose of Asia's tech and startup buzz. Not yet a subscriber? Register here. Got a story tip? Send it to editors@techinasia.com. IN FOCUS Singapore's banks face an AI reckoning Easier AI products don't mean easier startups OpenAI enters the ecommerce battle Hello Betamax, Augment, not replace. It feels like leaders from every industry insist AI will be a helpful sidekick, not a threat to jobs. But the reality is much more brutal. Take Singapore's banking industry, as today's first Top Story dives into. DBS says it'll add 1,000 roles because of AI, yet it'll also cut 4,000 contract and temporary staff over the next three years. For the 4,000 people affected, augmentation won't feel much different from replacement. But experts stress that many banking jobs will evolve rather than vanish, since AI struggles with complex problem-solving and human connection. Perhaps the answer lies in upskilling, with banks like DBS, OCBC, and UOB rolling out training programs to help staff work alongside the very tools reshaping their jobs. Are these employees being upskilled to thrive alongside AI or trained to accelerate the demise of their own jobs? One hopes it's the former. The tension between augmentation and replacement is also featured in our second Top Story. An Insights writer shares how he walked away from his AI startup after seeing that its solution could augment a video game marketer's work but couldn't replace ad testing and media spend. AI may speed things up, but it can't always change what really drives the bottom line. Peter Cowan, engagement editor TOP STORIES 1️⃣ Employees brace for change as Singapore banks embrace AI Global banks look set to face sweeping job cuts over the next few years as AI takes over tasks. How are Singapore's lenders preparing for the shift? The likes of DBS, OCBC, and UOB are cutting back on contract roles while pouring resources into upskilling programs, new AI-driven positions, and AI-powered tools like speech-to-text software. The positions that are least at risk are those requiring emotional intelligence. It seems a human touch is still required for tough conversations, like telling someone they've run out of money. 2️⃣ Hard truths from building a startup in the AI boom The rise of AI has made it easier than ever to spin up products, but that doesn't mean building a successful startup has gotten any simpler. This piece from Palash Kala features candid reflections on why walking away from his startup - even if it had cash to burn - was the right move. Kala's startup was about to pivot again after realizing its AI agent for creating playable ads for mobile games didn't solve a real pain point, and he lacked the "irrational desire" to keep pushing. He now offers sharp advice for building in the AI boom: find conviction, pick the right niche, and recognize when accuracy expectations will sink your product. SPOTLIGHT ChatGPT, my wallet says no How many of us would trust AI with our credit cards? Not me. OpenAI has launched a direct shopping feature in ChatGPT for US users. For now, consumers must explicitly confirm every step of the process, but even OpenAI admits this is only "the early stage of the AI commerce future." What does taking a slice of the ecommerce pie have to do with OpenAI's stated mission to "ensure artificial general intelligence benefits all of humanity?" Perhaps less than it does with the firm's US$2.5 billion cash burn in the first half of this year. The Information reported that OpenAI's revenue in the same period hit US$4.3 billion, 16% more than in all of 2024. Taking on Google and Amazon in ecommerce is another way to grow that figure. For all the talk of benefiting humanity, the playbook here looks purely commercial. And for users like me, I don't really need another way to shop for things I don't need. 2025 Tech in Asia Conference Report is out Download it for eye-opening employee sentiment data! When it comes to work arrangements, ideals don't always match reality. Hybrid may now be the norm across Southeast Asia, but not everyone's happy with the setup. While nearly half (47.1%) of the employees we surveyed said they prefer working on-site just once or twice a week, only 30.8% actually do. Meanwhile, almost a quarter are stuck in the office five days a week, though fewer than 10% actually want that. Here's the kicker: 53.8% of respondents said they'd consider switching jobs if forced to work on-site full time. This means companies that push too hard may risk losing their best talent. This tension between flexibility and control, as shown by our survey results, will be front and center at Tech in Asia Conference 2025. From leadership lessons to workforce realities, this is where Southeast Asia's future of work gets unpacked. Get the full report now and enjoy a special offer on tickets. TRENDING NEWS 1️⃣ Saudi fund leads $36b bid to take Electronic Arts private: sources Saudi Arabia's Public Investment Fund currently holds a US$5 billion stake in the California-based game publisher. 2️⃣ Samsung backs S Korean AI chip maker's round at $1.4b valuation Rebellions secured US$250 million in a series C round to expand its chip production and product development efforts. 3️⃣ China stock rally seen slowing as AI optimism cools: survey In a Bloomberg survey of 16 analysts and fund managers, many respondents noted that China's AI and tech sector has become crowded. 4️⃣ Indian fintech firm Recur Club nets $50m for AI debt platform Recur Club's platform connects firms looking for debt financing with over 100 institutional lenders. 5️⃣ JD.com unveils open-source AI engine using Chinese chips The Chinese ecommerce giant says xLLM is already used in its retail business for AI assistants, customer service, and supply chain operations. EVENTS HAPPENING You can also check out our curated list of trending tech events and Tech in Asia's signature events. Networking High Tea | Tech in Asia Conference 2025 Spend an afternoon with Tech in Asia and Cheung Kong Graduate School of Business on October 22 for an intimate gathering that explores how Southeast Asia can tap into China's AI edge to unlock cross-border opportunities and fresh growth strategies. Seats are limited! Pro Pass holders enjoy priority access, while General Pass holders can upgrade for a higher chance of entry. Secure your spot on the guest list now! Calling all early-stage startup founders! | Startup CFO Summit Join five CFO mentors from leading companies - Airwallex, Advance Intelligence Group, Eureka Robotics, Carousell, and PropertyGuru in Singapore on October 28 as they share strategies on fundraising, reporting, and scaling finance operations. Seats are limited, and registrations are reviewed to ensure an intimate, high-impact experience. Apply now to secure your spot! Get unscripted insights at Tech in Asia Conference 2025 At VC Talks, investors go unfiltered on dealflow, term sheets, and portfolio bets. Hear raw insights and frameworks to level up your fundraise. The conference is just three weeks away. Less than 10 VIP & Startup Factory spots are left, so secure your ticket now! WHO'S HIRING You can post a job here or search for jobs here. Head of Product Growth Kompas.id at Kompas Gramedia | Jakarta, Indonesia Senior Finance Accounting Staff at Deliveree On-Demand Logistics (Southeast Asia) | Jakarta, Indonesia Student Success (Customer Service) - Yogyakarta Office at Cakap | Yogyakarta, Indonesia ADVERTISE | SUBSCRIBE | HIRE | FIND JOBS P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Tech in Asia thanks our partners for supporting our newsletters. 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