Singapore, November 11, 2026 — Singapore CFOs are becoming less defensive in their business outlook, with technology-led growth emerging as a priority as concerns over the global economy and geopolitical instability ease, according to Deloitte’s latest Asia Pacific CFO Pulse Survey (October 2026 edition).
While caution towards the global economy remains, sentiment among Singapore CFOs has improved. Net optimism towards the global economy rose by 22 percentage points, from -41% in May to -19% in October. Confidence in Singapore’s economy also increased, from +26% to +31%, while confidence in respondents’ own organisations edged down slightly from +37% to +33%, remaining in positive territory.
Singapore CFOs are also more optimistic about their domestic economy than their counterparts across the rest of Southeast Asia (SEA), comprising Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Net optimism towards their respective home economies across these markets stands at +7%.
Ho Kok Yong, CFO Program Leader, Deloitte Asia Pacific and Southeast Asia, said, “Singapore CFOs are looking beyond short-term volatility, but they are not taking an ‘all-in’ approach to growth. Technology, innovation and partnerships are moving to the forefront of the agenda, while expectations for capital spending and hiring remain measured. The focus is increasingly on choosing where to invest, what to scale and where there is sufficient evidence of value.”
Technology Emerges as Leading Growth Priority
Technology is now the leading expected source of business growth among Singapore CFOs, with 39% identifying its application, including digital transformation and AI, as a key growth driver over the next 12 months. Innovation and new products, alongside the growth of partnerships, channels and distributors, were each cited by 31% of respondents. The changing priorities come as concerns over geopolitical instability begin to ease.
Although it remains the leading anticipated source of disruption, the proportion of Singapore CFOs identifying it as a top risk fell from 85% in May to 56% in October. Supply chain disruption was identified as a key risk by 47% of respondents, while 39% cited AI and technology-led disruption. Singapore CFOs place greater emphasis on technology-led growth than their counterparts elsewhere in Southeast Asia. Across the region, increased operational efficiency is the leading growth priority, cited by 47% of CFOs.
Growth Expectations Remain Tempered by Spending Caution
Despite improving sentiment and a stronger focus on growth, Singapore CFOs remain measured in their expectations for business expansion. Half (50%) of respondents expect revenue growth over the next 12 months, while 44% anticipate profit growth. However, only 36% expect capital expenditure to increase, and 22% expect headcount growth.
The finance function also continues to play a central role in helping organisations navigate uncertainty. Maintaining liquidity and financial flexibility was identified by 53% of respondents as the area where finance creates the most value during disruption, followed by forecasting and scenario analysis at 42%. Meanwhile, nearly two-thirds (64%) of Singapore CFOs said business resilience considerations have become more important in major investment and capital allocation decisions, highlighting the continued need to balance growth opportunities with risk management.
Kok Yong added, “Growth and business resilience are increasingly part of the same capital-allocation conversation. CFOs need to invest in capabilities that support growth while retaining the flexibility to respond as conditions change. That can mean strengthening liquidity, forecasting, technology and data capabilities, and organisational agility, even where an investment may not deliver the highest short-term financial return.
“As technology becomes more important to the growth agenda, the same discipline applies to AI. The conversation is increasingly shifting from adoption to accountability, with CFOs looking for clearer evidence of where AI is creating measurable business value and where further investment is justified.”
More Singapore CFOs Report Value from AI Investments
Singapore organisations are reporting improved returns from AI investments, with 53% of CFOs saying their organisations are now seeing value from AI, up from 41% in the May 2026 survey. However, measuring the impact of these investments remains a challenge. While 36% said AI investments were meeting or exceeding expectations, an equal proportion reported that the impact remained unclear or difficult to quantify.
CFOs across the other Southeast Asian markets reported stronger outcomes, with 64% saying their organisations were realising value from AI investments. Kok Yong said, “The difference does not necessarily mean Singapore organisations are further behind. As AI adoption matures, CFOs may apply greater scrutiny to what constitutes meaningful business value. The focus increasingly moves beyond adoption towards demonstrating measurable financial and operational outcomes.” The findings indicate that Singapore organisations are making progress in translating AI investments into business results, although many are still working to establish clear measures of value and return on investment.
Survey Findings and Scope
Deloitte’s Asia Pacific CFO Pulse Survey examines the sentiments and key issues facing CFOs across the region. For its October 2026 edition, the survey gathered responses from 363 CFOs, including 36 in Singapore and 55 across Southeast Asia excluding Singapore. The latter group comprised respondents from Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
The survey covered 10 questions on CFOs’ views of sentiment, performance and resilience, alongside qualitative insights into issues shaping their priorities. It was open from 18 August to 7 September 2026. CFOs from companies with revenue of more than US$500 million accounted for 41% of respondents. Participants represented the consumer; energy, resources and industrials; life sciences and healthcare; financial services; technology, media, entertainment and telecommunications; and government and public sector industries.
The previous edition, released in May 2026, included 462 CFOs across Asia Pacific, of whom 27 were based in Singapore. As the two surveys involved different respondent samples, comparisons reflect movements in aggregate results rather than changes in the views of the same individuals. Some questions allowed respondents to select multiple answers. Percentages may not add up to totals due to rounding.
