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Straits Times
14 hours ago
- Business
- Straits Times
DBS expects economic value from its use of AI to exceed $1 billion in 2025
Since DBS began focusing on AI, the bank has created more than 350 use cases and has 1,500 models in production PHOTO: ST FILE DBS expects economic value from its use of AI to exceed $1 billion in 2025 SINGAPORE - Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned $750 million through its use of the technology – estimates that its economic value could surpass $1 billion in 2025. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS' head of generative AI and flow of work, at SuperAI Singapore, a two-day conference held at Sands Expo and Convention Centre. The conference participants at the event discussed, however, the challenges in striking a balance between innovation and responsible use of AI when developing AI models. 'Finding that sweet spot is very hard,' said Mr Hassamal. Speaking at a panel discussion on the integration between AI and finance, he emphasised the importance of equipping employees, regardless of role, with an understanding of how the technology works. 'We need to ensure people understand how to use this technology,' said Mr Hassamal, who showcased DBS' internal generative AI chatbot, DBS-GPT, which helps its employees with content generation and writing tasks, all within a secure environment. Speaking at a separate panel, Sambit Sahu, vice-president of applied research at Capital One, noted that the AI and machine-learning space has completely changed over the past five years. Large language models have progressed from doing simple tasks, to taking a more agentic approach, he noted. One use case of AI, he suggested, is in mimicking employees' tasks, but it does it more efficiently. '(Banks) deal with huge amounts of data, text, images, audio and also visuals,' he added. Sigrid Rouam, chief AI officer at EFG Bank, pointed out that generative AI can also be put to work on compliance-related tasks, such as checking the source of money from a bank's clients. AI can also assist with non-advisory related tasks – those that take up 70 per cent of relationship managers' time, she said. 'All of this should be completely automated and streamlined.' The Monetary Authority of Singapore (MAS) warned that guardrails need to be in place amid the race to implement AI in the financial sector. Kenneth Gay, MAS' chief fintech officer, said that the central bank takes regulation very seriously, given that the regard for regulation is a competitive advantage for Singapore. Project MindForge, an initiative by MAS in 2023, examined the risks and opportunities of generative AI for banks. Mr Gay said that since financial institutions are at the stage of building and deploying generative AI applications, they are seeking more clarity from the government about the sort of specific features that should be included. He added that MAS intends to release a playbook this year that will give institutions from across the segments of the financial sectors, including banking and insurance, more clarity regarding the key risk considerations across AI's key use cases. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
a day ago
- Business
- Business Times
DBS expects economic value from its use of AI to exceed S$1 billion in 2025
[SINGAPORE] Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned S$750 million through its use of the technology – estimates that its economic value could surpass S$1 billion this year. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS' head of generative AI and flow of work, at SuperAI Singapore, a two-day conference being held at Sands Expo and Convention Centre. The conference participants at the event discussed, however, the challenges in striking a balance between innovation and responsible use of AI when developing AI models. 'Finding that sweet spot is very hard,' said Hassamal. Speaking at a panel discussion on the integration between AI and finance, he emphasised the importance of equipping employees, regardless of role, with an understanding of how the technology works. 'We need to ensure people understand how to use this technology,' said Hassamal, who showcased DBS' internal generative AI chatbot, DBS-GPT, which helps its employees with content generation and writing tasks, all within a secure environment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Speaking at a separate panel, Sambit Sahu, vice-president of applied research at Capital One, noted that the AI and machine-learning space has completely changed over the past five years. Large language models have progressed from doing simple tasks, to taking a more agentic approach, he noted. One use case of AI, he suggested, is in mimicking employees' tasks, but it does it more efficiently. '(Banks) deal with huge amounts of data, text, images, audio and also visuals,' he added. Sigrid Rouam, chief AI officer at EFG Bank, pointed out that generative AI can also be put to work on compliance-related tasks, such as checking the source of money from a bank's clients. AI can also assist with non-advisory related tasks – those that take up 70 per cent of relationship managers' time, she said. 'All of this should be completely automated and streamlined.' The Monetary Authority of Singapore (MAS) warned that guardrails need to be in place amid the race to implement AI in the financial sector. Kenneth Gay, MAS' chief fintech officer, said that the central bank takes regulation very seriously, given that the regard for regulation is a competitive advantage for Singapore. Project MindForge, an initiative by MAS in 2023, examined the risks and opportunities of generative AI for banks. Gay said that since financial institutions are at the stage of building and deploying generative AI applications, they are seeking more clarity from the government about the sort of specific features that should be included. He added that MAS intends to release a playbook this year that will give institutions from across the segments of the financial sectors, including banking and insurance, more clarity regarding the key risk considerations across AI's key use cases.
Business Times
a day ago
- Business
- Business Times
DBS expects the economic value from its use of AI to exceed S$1 billion in 2025
[SINGAPORE] Banks are ramping up their use of artificial intelligence (AI), and DBS – which has earned S$750 million through its use of the technology – estimates that its economic value could surpass S$1 billion this year. Since the bank began focusing on AI, it has created more than 350 use cases and has 1,500 models in production, said Rajeev Hassamal, DBS' head of generative AI and flow of work, at SuperAI Singapore, a two-day conference being held at Sands Expo and Convention Centre. The conference participants at the event discussed, however, the challenges in striking a balance between innovation and responsible use of AI when developing AI models. 'Finding that sweet spot is very hard,' said Hassamal. Speaking at a panel discussion on the integration between AI and finance, he emphasised the importance of equipping employees, regardless of role, with an understanding of how the technology works. 'We need to ensure people understand how to use this technology,' said Hassamal, who showcased DBS' internal generative AI chatbot, DBS-GPT, which helps its employees with content generation and writing tasks, all within a secure environment. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Speaking at a separate panel, Sambit Sahu, vice-president of applied research at Capital One, noted that the AI and machine-learning space has completely changed over the past five years. Large language models have progressed from doing simple tasks, to taking a more agentic approach, he said. One use case of AI, he suggested, is in mimicking employees' tasks, but it does it more efficiently. '(Banks) deal with huge amounts of data, text, images, audio and also visuals,' he noted. Sigrid Rouam, chief AI officer at EFG Bank, pointed out that generative AI can also be put to work on compliance-related tasks, such as checking the source of money from a bank's clients. AI can also assist with non-advisory related tasks – those that take up 70 per cent of relationship managers' time, she said. 'All of this should be completely automated and streamlined.' The Monetary Authority of Singapore (MAS) warned that guardrails need to be in place amid the race to implement AI in the financial sector. Kenneth Gay, MAS' chief fintech officer, said the central bank takes regulation very seriously, given that the regard for regulation is a competitive advantage for Singapore. Project MindForge, an initiative by the MAS in 2023, examined the risks and opportunities of generative AI for banks. Gay said that since financial institutions are at the stage of building and deploying generative AI applications, they are seeking more clarity from the government about the sort of specific features that should be included. He said MAS intends to release a playbook this year that will give institutions from across the segments of the financial sectors, including banking and insurance, more clarity regarding the key risk considerations across AI's key use cases.
Yahoo
21-04-2025
- Business
- Yahoo
SuperAI Brings the Frontier of Artificial Intelligence to Singapore: Over 7,000 Innovators to Connect on Breakthrough AI Technologies
SuperAI Singapore (18-19 June 2025) will unite Eastern and Western AI ecosystems under one roof at Marina Bay Sands, from emerging startups to established enterprise leaders Three distinct stages, alongside a Hackathon and Startup Competition with over $200,000 in prizes, will showcase innovations in robotics, healthcare, finance, and beyond First wave of speakers includes Emad Mostaque (Intelligent Internet), entrepreneur Balaji Srinivasan, and analyst Benedict Evans – with 150 more visionaries to be announced SINGAPORE, April 21, 2025 /PRNewswire/ -- SuperAI, the premier artificial intelligence conference and super-connector event, returns to Singapore for its highly anticipated second edition. Following last year's successful launch, the event is scaling significantly, transforming Marina Bay Sands' entire fifth level into a showcase of frontier technologies on June 18-19, 2025. Last year's inaugural event drew 5,000 attendees from over 90 countries. This year, SuperAI is on track to connect more than 7,000 founders, developers, researchers, investors, and enterprise leaders, converging to explore and unveil the next wave of transformative AI technologies. "The response to SuperAI Singapore has been extraordinary, already surpassing last year's demand," said Peter Noszek, Co-Founder of SuperAI. "We're seeing genuine hunger for meaningful conversations at the frontier of AI – not just theoretical potential, but real-world implementation. SuperAI will spotlight breakthroughs in robotics, healthcare, finance, and AI's broader impact across industries and society. Singapore's position at the crossroads of East and West makes it the perfect hub to unite the global AI ecosystem." The event will feature sessions exploring topics like "Robotics Renaissance: AI's Role in Automating the Physical World," "Inside China's AI Revolution," and "Human-AI Collaboration: Unlocking Creative Potential" across its expanded program. SuperAI will showcase AI development at every stage in the innovation lifecycle. Fifteen developer teams will compete in the inaugural NEXT Hackathon – in collaboration with Amazon – using generative AI-powered software development tools to build working prototypes across the event's five thematic pillars: robotics and embodied AI, healthcare and biotech, finance, climate tech, and decentralized intelligence. Meanwhile, ten frontier AI startups – selected from hundreds of global applicants – will vie for the Genesis Startup Competition's $200,000 prize pool, supported by AWS, along with enterprise matchmaking and fundraising opportunities to accelerate their growth. Elsewhere on the exhibition floor, SuperAI will offer pathways for academics, researchers, ambitious students, and curious minds through immersive and interactive experiences. Breakout AI Labs are where visitors can co-create with AI-enabled software, hardware, and their intersection in robotics. Community Hubs are exclusive, partner-led spaces designed for influential AI communities to explore specialized topics and foster meaningful connections. The first wave of speakers announced this week includes Emad Mostaque (CEO, Intelligent Internet), Balaji Srinivasan (Founder, Investor, and Author of The Network State), Benedict Evans (Analyst), and Sharon Zhou (CEO, Lamini AI). Industry data underscores AI's accelerating momentum. TechCrunch reports AI investments jumped 62% to $110B in 2024, while McKinsey finds 78% of organizations now use AI—up dramatically from just 20% in 2017. Financial thought leader Raoul Pal captures the zeitgeist: "Everybody wants to know what's going on in AI. SuperAI is the event to figure it out." For tickets, speaker updates, and partnership opportunities for SuperAI Singapore, visit Peter Noszek, Co-Founder of SuperAI, is available for an interview. About SuperAI Singapore SuperAI is Asia's largest AI event. Showcasing the transformative power of artificial intelligence, SuperAI brings together frontier technology visionaries, developers, startups, enterprises, researchers, and policymakers to shape the future. Taking place 18-19 June 2025 at the iconic Marina Bay Sands, SuperAI Singapore will convene over 7,000 attendees from more than 100 countries to explore and unveil developments in robotics, health, finance—and AI's impact across industries and society. View original content: SOURCE SuperAI
