{"text":[[{"start":7.4,"text":"Singapore’s central bank has warned of a threat to the global economy if the artificial intelligence boom falters and said advances in AI models and quantum computing posed significant cyber security risks for financial institutions."}],[{"start":21.700000000000003,"text":"The Monetary Authority of Singapore, which is also the city-state’s financial regulator, said global growth, investment and financial market performance were deeply tied to the semiconductor and data centre sectors and any slowdown could have far-reaching consequences."}],[{"start":39,"text":"“If . . . there is a major retrenchment in AI investment, it could sharply weaken global growth through a fall in business investment and semiconductor demand and negative wealth effects,” warned Chia Der Jiun, the authority’s managing director."}],[{"start":53.4,"text":"“A sharp tightening of global financial conditions could result.”"}],[{"start":57.6,"text":"The warning came as shares in Asia’s biggest chipmakers were battered on Tuesday as fears over the durability of the AI boom intensified."}],[{"start":66.5,"text":"Chip and memory stocks, which powered global markets higher in the first half of the year as investors bet they would be the biggest beneficiaries of vast AI spending, have borne the brunt of a sell-off in recent weeks. "}],[{"start":79.35,"text":"Speaking at the publication of MAS’s annual report on Tuesday, Chia said that even if heavy AI investments paid off and resulted in widespread productivity gains, inflation could rise and there would be higher demand for energy."}],[{"start":93.35,"text":"He added that in the short term the authority expected AI investment to continue to boost the global economy. “Beyond that, it’s something we are all watching,” Chia said. “If the market does not get it right, you can go down a bad path . . . There is a lot of uncertainty around it.”"}],[{"start":109.5,"text":"MAS said trade-dependent Singapore’s economy had proved resilient in the first half of the year despite the disruption caused by the war in the Middle East."}],[{"start":119.8,"text":"The economy grew 6 per cent in the first half of 2026 compared with the same period last year, up from 5 per cent growth in the second half of 2025."}],[{"start":130.15,"text":"MAS said while some energy-related industries such as chemicals manufacturing had dropped more than 10 per cent, they were offset by a surge in technology sectors."}],[{"start":140.20000000000002,"text":"The regulator pointed to Asia’s growing dependence on global technology investment, with more than 70 per cent of export growth this year tied to AI-driven electronics, compared with 46 per cent in 2024."}],[{"start":152.25000000000003,"text":"MAS also highlighted the threat to financial institutions from cyber criminals’ increased use of AI and future adoption of quantum computing."}],[{"start":161.45000000000002,"text":"Chia said criminals were using AI to create more sophisticated phishing attacks and deepfake impersonations to improve the persuasiveness of scams."}],[{"start":171.4,"text":"Meanwhile, hackers were using frontier AI models to find and exploit vulnerabilities in financial institutions. He said banks and investment groups needed to harness the same technology to improve their defences."}],[{"start":184.5,"text":"MAS announced a task force to help financial institutions improve their resilience to cyber and AI-driven threats."}],[{"start":191.7,"text":"“Frontier AI is increasing the severity, scale and sophistication of cyber threats,” said Vincent Loy, chief technology officer at MAS. “The financial sector must respond with urgency and through strong collaboration.”"}],[{"start":213.2,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1785236979_6780.mp3"}