The second wave of the Responsible AI Pulse survey by the EY organisation has revealed that Singapore respondents are experiencing the benefits of broader AI technology adoption. The majority achieved efficiency and productivity gains (90%) and improved innovation (83%). Some also report revenue growth (37%) and cost savings (47%).
Manik Bhandari, EY Asean Data and Artificial Intelligence Leader, underscores the importance of responsible AI governance in Singapore.
He says: “As organisations in Singapore explore the full potential of AI, from real-world applications to intelligent agents, grounding innovation in responsible principles is critical. With transparent, well-governed AI systems, organisations can safely scale AI across more products, markets and customer segments. This contributes to sustained growth and creates new revenue streams. AI systems that follow responsible principles also require less remediation for security gaps, bias correction and regulatory non-compliance, leading to improved bottom-line efficiency.”
AI risks
All Singapore organisations surveyed reported financial losses from AI-related risks. The majority (63%) reported losing over US$1 million.
Biased outputs (67%), hallucinations or misinformation in AI-generated content (63%) and legal liability in AI use (63%) were reported as the most common AI risks in Singapore.
“Most leaders recognise the importance of responsible AI, yet many are still navigating how to put it into practice. As AI capabilities accelerate faster than the governance tools and safeguards to manage them, organisations are under pressure to innovate responsibly. Embedding transparency, fairness and privacy from the start is essential. In Southeast Asia, responsible AI will define how organisations innovate and drive progress that benefits both business and society,” Bhandari said.
