Finance leaders in Singapore are leading the way in putting AI to work in finance amid continued investments in technological advancements.
In a new study commissioned by Airwallex and conducted by Forrester Consulting, it was revealed that organisations are increasingly discovering that fragmented financial infrastructure is becoming the biggest barrier to unlocking AI’s full potential.
The study found that 96% of Singapore finance leaders expect investment in AI-powered finance to increase over the next 12 months.
Further, 86% of Singapore respondents confirm that their organisation has adopted AI in at least some finance
workflows and 46% say their organisation plans to expand adoption in the next 12 months.
The study also revealed that 28% of Singapore respondents say their organisation uses AI to execute simple, singular actions and 31% to execute multiple pre-configured actions. Meanwhile, 18% say their organisation uses AI to execute autonomously with minimal human input.
Other key insights from the research include:
Scaling AI – not adopting it – is now the biggest challenge – 64% identify fragmented or inconsistent data across
disconnected systems as a core barrier to scaling AI. 30% do not plan to expand AI adoption over the next year, signalling a shift from deploying more AI tools towards maximising the value of existing AI investments.
Singapore is among the world’s most advanced markets for AI-driven finance – 18% report AI already runs autonomously with minimal human input across finance workflows, as 64% expect AI to handle forward-looking cash-flow forecasting and scenario modelling within the next year.
Talent remains a competitive advantage – 27% have implemented structured, enterprise-wide AI talent strategies covering role redesign, certifications and hiring; 25% have established in-house AI development capabilities within or closely aligned to finance; only 10% have yet to assess how AI will change workforce requirements.
Businesses are rethinking how they build AI – 66% of Singapore finance leaders favour a hybrid approach combining in-house expertise with external providers. The proportion planning to build AI entirely in-house is expected to decline from 32% today to 17% over the next year, reflecting growing recognition that connected financial infrastructure is critical to scaling AI.
