UOB CEO Wee Ee Cheong: «Speed Without Security is Fragile»
UOB CEO Wee Ee Cheong spoke about the dangers of rapid technological adoption, noting that security and trust is of utmost importance for the financial services industry to avoid unwanted risks and outcomes.
While there are innumerable benefits to the adoption of artificial intelligence (AI), there are an equal, if not more, number of risks involved. This ranges from hallucinations resulting in inaccurate outputs, the violation of data privacy, the emergence of sophisticated scams and more. According to UOB CEO and deputy chairman Wee Ee Cheong, rapid adoption requires safeguards.
«Speed without security is fragile. Only trust will build relationships that lasts,» said Wee during a speech at the Singapore FinTech Festival (SFF) 2025, highlighting the need for regulatory clarity and harmonization of industry standards.
AI: Not a Human Replacement
In addition, Wee also highlighted the broader societal concerns amid the proliferation of AI capabilities, noting that technology is not a substitute for humans.
«AI cannot replace empathy in advice, ethics in decisions, leadership and judgment, ultimately, trust built over time,” Wee said. “AI should help people to do more and do it faster, not replace them,» he explained.
«Mindset-First Approach»
Wee advocated that the financial sector adopt a «mindset-first approach» that focuses on solving problems while being guided by purpose and value rather than a «technology-first approach» that promotes development for the sake of development.
At UOB, he highlighted examples such as a program that has supported 1,000 SMEs in Southeast Asia with the early stages of AI adoption and efforts to upskill the bank’s 32,000 workers via an innovation academy.
«If we all work together, we will shape a financial industry that is resilient, adaptive and aligned with society's evolving needs and value,» Wee added.
- finews.asia is the official media partner of SFF 2025.
