A report released on August 4 by Sumsub, a London-based compliance software company, and the Singapore FinTech Association found that 94% of Singapore businesses use or are piloting multi-step AI systems. However only 29% can produce an audit trail for AI-driven decisions.

The study surveyed 720 senior professionals across nine Asia-Pacific markets.

It found that 70% of Singapore businesses assign responsibility for AI outcomes to a specific person or team. Another 16% significantly increased the scope or autonomy of their AI systems in the past year.

Singapore scored 65.6 on the benchmark, vs. an Asia-Pacific average of 67.1.

The report said Singapore’s lower ranking reflected its more advanced regulatory foundation, citing the Infocomm Media Development Authority’s Model AI Governance Framework for Agentic AI, launched in 2026.

🔗 Source: Sumsub