AI should help people do more and do it faster, not replace them: UOB’s Wee Ee Cheong
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UOB's deputy chairman and chief executive Wee Ee Cheong speaking at the Singapore FinTech Festival 2025 on Nov 12.
PHOTO: LIANHE ZAOBAO
Follow topic:
- UOB's CEO Wee Ee Cheong believes AI should augment human capabilities, not replace jobs, as he emphasised empathy and ethics in financial services.
- Data, AI and tokenisation will make finance intelligent, predictive and seamless, but security, regulation and reliability are crucial.
- UOB is upskilling its employees in AI and automation via partnerships with Workforce Singapore and others.
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SINGAPORE - Artificial intelligence (AI) should help people to do more and do their work faster, instead of displacing them and their jobs.
AI also cannot replace empathy in advice as well as ethics in decisions, leadership and judgment, said UOB deputy chairman and chief executive Wee Ee Cheong on Nov 12 at the Singapore FinTech Festival 2025.
“Ultimately, trust is built over time. We often hear about machines taking over people’s jobs, but if we believe that we are here to serve humanity, then our mindset should be to work alongside machines and use that to uplift everyone,” he said in a keynote speech.
“After all, when it comes to leadership successions, we are looking to pass the baton to people and not machines,” he added.
Regarding how innovation will reshape finance in the next decades, he said: “Data and AI will make finance more intelligent, predictive and inclusive, enabling deeper personalisation and giving 24/7 real-time access to advice and services.
“Tokenisation and near-instant settlement will connect Asean seamlessly with global markets, powering new flows of trade and investments. The opportunity is not just to digitise more, but to use technology to anticipate needs, manage risks early, and help people and businesses to grow confidently.”
He acknowledged the power of technology in finance, but cautioned that security and reliability must not be compromised.
“AI and blockchain show promise, but scaling requires clarity and harmonisation on regulations, standards and compatibility. Financial services must be more secure and trusted as systems become more connected,” he said.
Mr Wee added that banks, fintech firms, regulators and industry players must work together on shared standards, trusted digital entities and secured data networks.
“While we harness tech to increase productivity, we must never compromise security, reliability or ethics.
“While technology is reshaping finance, I believe the human touch is irreplaceable,” he said.
He urged the audience to keep themselves updated and relevant in today’s ever-changing job climate, as well as to embrace collaboration.
“Every one of us has a responsibility to ourselves and people around us to keep learning, to upskill and reskill so that we stay relevant, adaptable and ready for what’s next.
“We must empower collaboration, challenge a status quo and treat failure as learning opportunities, not setbacks. Culture and values will continue to guide innovation. Technology can help to serve people, not the other way round.”
UOB in October signed a memorandum of understanding with Workforce Singapore, the Institute of Banking and Finance and Ngee Ann Polytechnic to develop programmes and initiatives to equip employees with foundational generative AI and automation skills to enhance productivity.
Mr Wee said UOB has set up an academy for AI upskilling for its 32,000 employees.
The bank has also partnered with the Infocomm Media Development Authority and National University of Singapore to set up the AI and Data Analytics Centre of Excellence to develop talent for generative AI and automation.
Held at the Singapore Expo, the Singapore FinTech Festival 2025 runs from Nov 12 to 14, and aims to foster dialogue and collaboration relating to the development of financial services, public policy and technology.
