In a refreshing departure from the wave of AI-driven job cuts sweeping through global finance, Singapore is charting an inspiring new course that puts people first. The city-state's three major banks are embarking on an ambitious mission to retrain their entire domestic workforce of 35,000 employees over the next two years, proving that technological progress and job security can go hand in hand.

Kelvin Chiang, head of financial crime compliance analytics at Bank of Singapore, exemplifies this forward-thinking approach. When his team developed AI models that could complete in 10 minutes what previously took private bankers an entire day, he didn't just deploy the technology—he partnered with Singapore's banking regulator to ensure proper safeguards. After presenting to the Monetary Authority of Singapore, Chiang left the meeting encouraged by their embrace of innovation paired with responsibility.

What makes Singapore's approach truly remarkable is the deep collaboration between government and industry. Minister for National Development Chee Hong Tat, who serves as deputy chairman of MAS, is actively coordinating with DBS Group Holdings, OCBC, and United Overseas Bank to ensure workers gain new skills rather than lose their livelihoods.

"The government is doing something about it because they realize that this capability and this change is actually infusing potentially a lot of fear," explains Violet Chung, senior partner at McKinsey & Co. By taking proactive steps, Singapore is offering a compassionate alternative to the aggressive job cuts seen in the United States and Europe.

The results are already transforming work in positive ways. David, a 39-year-old wealth manager with 16 years of experience, now completes customer order forms in just 10-12 minutes instead of an hour. This efficiency means more face time with clients and better service—a win-win situation. According to Bain & Co. senior partner Mohan Jayaraman, relationship managers can now serve 60-70 customers instead of 50, increasing their earning potential while improving customer coverage.

Singapore's National Jobs Council partners with the Institute of Banking and Finance to actively foster job growth and career development. The institute even offers banks up to 90 percent salary support to reskill mid-career staff, demonstrating a genuine commitment to worker welfare.

The banks themselves are leading by example. OCBC and United Overseas Bank have pledged no AI-related job cuts. DBS has committed to retaining all permanent staff while naturally reducing temporary contracts as they expire. Meanwhile, employees are gaining powerful new tools: DBS staff now use an internal AI assistant handling over 1 million prompts monthly, while United Overseas Bank has given all employees access to Microsoft Copilot.

Young professionals like Vania Lim, a 22-year-old AI intern at HSBC Holdings, see exciting opportunities emerging in digital assets and innovative wallet applications. Even veteran employees like Woon Leng, who has served customers for over 40 years, are embracing tools like ChatGPT to better serve their clients.

Singapore's approach offers a hopeful blueprint for the world: technology doesn't have to displace workers—it can empower them. By investing in people alongside innovation, Singapore is proving that progress and compassion aren't mutually exclusive.