Singapore's regulators and its financial advisory industry are both taking steps to reinforce the human side of financial advice at the same moment AI use among consumers is accelerating.
New survey data from MDRT shows why: Singaporeans are willing to let AI shape their savings habits, but draw a firm line when it comes to long-term financial planning.
The Monetary Authority of Singapore (MAS) closed a consultation on proposed Guidelines on AI Risk Management on January 31, 2026, having opened it that November.
The guidelines would apply to all financial institutions, including insurers, and set supervisory expectations for AI oversight, governance, and life-cycle controls, building on MAS's existing FEAT principles of fairness, ethics, accountability, and transparency introduced in 2018.
As of this writing, the guidelines have not been finalized; once issued, MAS has proposed a 12-month transition period for institutions to align their practices.
Hong Kong has moved in parallel. Its Insurance Authority joined the HKMA, SFC, and MPFA in March 2026 to launch the GenAI Sandbox++, covering multiple financial sectors including insurance, with a focus on risk management, anti-fraud measures, and customer experience. Regulators in both markets are treating AI oversight as an active supervisory matter rather than a background consideration.
Among Singaporeans who acted on AI-generated financial advice or used it as a starting point, 60% said it changed how they save or budget, and 47% chose or switched a financial product, such as a loan, credit card, or insurance plan, based on AI input.
Forty percent said AI-generated advice factored into major decisions, including large investments or property purchases, and 22% used it in connection with opening or closing a financial account.
That reliance thins out fast once the stakes rise. Only 31% of AI users said they would trust the technology to review a long-term financial plan, and just 37% felt at ease using it for personalized financial advice.
Laura Hoi, a 22-year MDRT member with six Court of the Table qualifications, pointed to what AI cannot do on its own.
"AI is only as effective as the information it receives. It may not identify gaps in our thinking or ask follow-up questions that uncover important aspects of our financial situation," she said.
Among the 36% of Singaporeans who have not acted, or would not act, on AI-generated financial advice, 45% cited a lack of human oversight or reassurance — the same concern now sitting at the center of MAS's proposed guidelines.
Fear of bias or errors and concern over generic or automated responses were tied at 36% each, followed by data privacy and security worries at 33%, difficulty explaining a personal situation clearly at 29%, and technical glitches at 26%. Overall, 81% of Singaporeans described their approach to AI as measured, using it to build knowledge rather than to replace professional advice.
The regional picture points the same direction. Sun Life Asia's Financial Resilience Index, drawn from more than 6,000 respondents across six markets in May 2026, found that the share of people using generative AI for financial advice at least occasionally jumped from 18% to 60% in a single year, yet wider access to AI-generated information did not translate into higher financial confidence across the broader population.
Singapore's advisory industry is responding by adding capacity rather than cutting it. FWD Singapore signed a long-term distribution partnership with Ascend Asia Financial Services Group on July 23, 2026, gaining access to a network of more than 2,000 financial consultants across Ascend Asia's four member firms.
The deal follows Life Insurance Association Singapore's full-year 2025 results, which showed the independent financial adviser channel remained the largest life insurance distribution channel by weighted new business premiums for a second consecutive year.
That investment in human capacity lines up with what the MDRT survey found on preferred contact methods: 42% of Singaporeans working with financial advisors still prefer face-to-face meetings for complex financial topics, 41% for important financial decisions, and 38% for reviewing long-term plans — a figure that rises to 50% during periods of market volatility.
Hoi said the industry's task is to combine both channels rather than choose between them.
"I believe the future is about combining the speed and accessibility of AI with the empathy, judgment, and long-term perspective that only trusted human relationships can provide to help people make more informed and confident financial decisions," she said.
The MDRT survey was conducted online by market research and insights agency Opinium between April 6 and April 9, 2026, fielded in English among a sample of 2,000 Singaporean adults weighted to be nationally representative based on age, race, and gender.
