Minister Josephine Teo says this development aligns with Singapore’s push to be a leading financial hub in the region
[SINGAPORE] UBS, on Monday (Oct 6), launched its Singapore pilot for a new artificial intelligence (AI) tool that aims to boost the productivity of advisers.
The AI solution, which focuses on periodic know-your-client reviews and source-of-wealth corroboration, is expected to drastically cut down the time taken to review each client. This will provide advisers with more client-facing time, a press statement noted.
This development comes as Singapore aims to further push its status as a leading financial hub in the region, said Minister for Digital Development and Information Josephine Teo, who attended the launch.
She added that more than 30 financial institutions in the Republic have a dedicated AI team. Some of these institutions are being developed as centres of excellence.
There are more than 50 AI centres of excellence in Singapore, Teo noted.
“One of the ways in which we want to help is by using AI to a broader and deeper extent.
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“We see this as a very good way of showcasing the capabilities here, and to also promote the continued development of the AI ecosystem in Singapore.”
In response to a query about how such efforts can help grow talent in Singapore, the minister noted that the skills obtained through hands-on experiences gained from working with AI teams, such as developing solutions to different problems, will complement the skills obtained through educational institutions.
The UBS’ AI and Transformation Factory, was launched in November last year, making it the bank’s first and largest innovation factory in the world. It is not considered an AI centre of excellence.
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The innovation factory houses UBS’ transformational AI initiatives and is expected to develop modular, innovative solutions that are scalable beyond the region.
In addition to the innovation factory in Singapore, UBS has three others, each located in the United States, Hong Kong and Switzerland.
More than half of the employees in the 150-strong team at the facility in Singapore today have come from non-tech functions. Roles at the hub include that of product owners and data scientists.
UBS noted that since 2025, summer interns and graduate trainees have joined the innovation factory to build AI solutions for the bank and gain hands-on experience in various domains, including technology and compliance.
