Insights from DPM Gan Kim Yong’s Fireside Chat with DBS CEO Tan Su Shan at Singapore FinTech Festival 2025
The Singapore FinTech Festival (SFF) 2025, taking place from November 12 to 14 at the Singapore Expo, brought together global leaders to explore the intersection of finance, technology, and policy. One of the standout sessions was a fireside chat featuring Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, moderated by DBS Bank CEO Tan Su Shan. The conversation, held on the Festival Stage, addressed pressing issues like global economic shifts, the transformative power of technology, and the evolving responsibilities of governments and financial institutions. With Tan’s probing questions drawing out Gan’s forward-looking vision, the chat offered actionable insights for businesses, policymakers, and individuals navigating an uncertain world.
Embracing Investment Amid Global Caution
In an era marked by geopolitical tensions and economic volatility, many countries, economies, and companies have adopted a cautious wait-and-see approach. However, DPM Gan emphasized a different path during the chat: proactive investment where it matters most. “It is far more important to invest strategically now, rather than holding back,” he noted, urging leaders to channel resources into innovation and resilience-building initiatives. This stance aligns with Singapore’s broader strategy to position itself as a stable hub amid global realignments, encouraging public-private partnerships to drive growth even in turbulent times.
Fostering Cross-Bloc Collaborations
Singapore’s role as a bridge in international relations was a recurring theme. DPM Gan highlighted the republic’s efforts to deepen collaborations between major economic blocs, including ASEAN, the European Union (EU), and the Gulf Cooperation Council (GCC). By promoting trade agreements, joint ventures, and knowledge-sharing platforms, Singapore aims to create interconnected ecosystems that mitigate risks from fragmentation. Tan Su Shan echoed this, sharing how DBS is facilitating such ties through its regional networks, enabling seamless cross-border financial flows. These partnerships, Gan argued, are essential for sustaining supply chains and unlocking new markets in a multipolar world.
Prioritizing AI Literacy for All
Singapore’s commitment to human capital development shone through in the emphasis on widespread AI training. DPM Gan stressed that the focus must extend beyond specialists to workers and the general population alike; everyone needs to harness AI for everyday activities, from productivity tools to decision-making aids. Initiatives like SkillsFuture programs and industry-led upskilling are accelerating this, with DBS contributing through its own employee and customer education platforms. Tan shared examples of how DBS integrates AI training into daily operations, empowering staff to leverage tools like generative AI for faster, more insightful client interactions.
Jobs in Flux: Adapting to Constant Evolution
The chat didn’t shy away from the human impact of technological change. “Jobs are constantly evolving,” DPM Gan observed. “What you worked on five years ago is now no longer applicable.” This reality demands agility; workers must embrace lifelong learning to thrive in roles reshaped by automation and AI. Gan advocated for a tripartite approach, involving government, employers, and unions, to reskill the workforce proactively. Tan complemented this by discussing DBS’s internal transformations, where AI augments rather than replaces jobs, fostering a culture of continuous adaptation.
DBS’s Leadership in Custodied Digital Assets
From a banking perspective, Tan Su Shan provided a glimpse into DBS’s pioneering work in digital finance, particularly custodied digital assets. As Southeast Asia’s largest bank by assets, DBS has positioned itself at the forefront of crypto and blockchain adoption. Through the DBS Digital Exchange (DDEx), the bank reported an 80% year-on-year surge in custodied digital assets in recent quarters, alongside a threefold increase in trading volumes. This growth reflects rising institutional demand for secure, regulated custody solutions. Tan highlighted how DBS balances innovation with risk management, offering clients tools for tokenization and compliant digital asset storage.
Looking Ahead: A Call to Action
The fireside chat between DPM Gan and Tan Su Shan was more than a dialogue; it was a roadmap for resilience in a tech-driven economy. By advocating bold investments, cross-bloc ties, robust data frameworks like PURE, and inclusive upskilling, Singapore is modeling how to turn challenges into opportunities. For businesses and individuals, the message is clear: adapt boldly, learn continuously, and collaborate widely. As the FinTech Festival continues, these insights will undoubtedly inspire the next wave of innovations shaping our shared future. For those attending SFF 2025, sessions like this underscore why Singapore remains a global beacon for fintech progress.
