Kroll: Singapore stands out in AI readiness and financial resilience
A newly released survey shows that Singapore has the highest level of AI preparedness in the Asia-Pacific region, with most business leaders confident in their ability to integrate AI into business functions. With the rise in AI and its use in cybercrime, more Singaporean businesses have also reported facing greater cybersecurity risks.
The survey, conducted by global advisory firm Kroll, found that 64% of business leaders in Singapore said they are confident about integrating AI into business functions. That figure far exceeds the average of 34% for the wider Asia-Pacific region.
Besides AI, Singaporean business leaders also reported the highest levels of overall financial confidence in the region, with 52% of businesses saying they felt well-prepared for debt service and in facing financial risks. The survey results highlight Singapore’s position as a leading financial hub amid shifting market conditions.
The rise of AI-powered cybercrime
As AI-powered tools become ubiquitous in Asia and around the world, cyber financial crime, which increasingly uses AI technology, has become a growing risk for many businesses. There have been positive steps taken to tackle cybercrime, but Singaporean businesses noted struggling with the increase in AI-fueled fraud.
“Singapore city state police force data suggests that the city recorded around $860 million in scam-related losses in 2024. Given the nature of scams, the real total will probably never be known. This is around a 70% increase from 2023,” said Maurice Burke, managing director at Kroll.
“The bad actors and their toolkits continue to grow in sophistication; they’re leveraging AI and using better and better digital deception techniques. Businesses – and individuals – must defend themselves. Detection systems must continue to improve; internal processes must be robust and clear; intelligence-driven risk assessments are critical.”
Indeed, cybersecurity was one of the top concerns from the respondents. Around half of the business leaders surveyed said they faced an increase in risks from malware, email breaches, and website breaches. That includes AI-driven attacks involving deepfakes.
Financial confidence
The survey also showed an impressive amount of financial confidence in Singapore, echoing a recent report from PwC. In the face of global economic turmoil, Singapore has managed to distinguish itself as one of the most resilient markets in the world, with companies working hard to ensure long-term stability.
M&A activity is also a notable theme in Singapore, with 26% of firms saying they are very likely to consider an acquisition and 12% likely to consider restructuring in order to drive growth as market pressures grow.
“Long-standing geopolitical tensions in APAC have shifted into high gear since the beginning of the year and the start of the current administration’s second term,” said Jon Rowell, Kroll’s head of Asia Pacific.
“The weaponizing of tariffs and the local reactions, particularly from China, have many companies concerned about the impact on their businesses, including around valuation, supply chain disruptions, locational strategies, cost optimization, compliance, and investment or divestment considerations.”
Businesses in APAC are increasingly reckoning with technological disruption, economic uncertainty, and regulatory shifts. Singapore has positioned itself to enjoy a significant advantage in both AI readiness and financial resilience, according to the sentiment gathered by Kroll’s study.
“Singapore’s ability to sustain financial confidence alongside AI-driven transformation reflects the necessity of proactive financial strategies,” said Annabelle Cai, managing director at Kroll.
“Companies that embrace financial agility, whether through capital structuring, strategic investments, or operational efficiencies, will be best positioned for long-term success in an increasingly complex global and regional economy.”
