Widespread upskilling efforts get commitment from 23 financial institutions in Singapore
More than 80,000 finance employees in Singapore will receive training in critical artificial intelligence (AI) skills by 2028, Deputy Prime Minister Gan Kim Yong announced last week, as he stressed the need to develop the workforce amid AI adoption.
Gan, who spoke at the Institute of Banking and Finance (IBF) Distinction Evening on Thursday, said the initiative is part of a commitment made by 23 pioneer financial institutions under the new IBF AI Workforce Co-Lab.
"The 23 pioneer institutions have committed to train their entire workforce in Singapore, totalling over 80,000 employees, in critical AI skills by 2028 through IBF-recognised programmes. To date, more than half of their employees have already been trained," Gan said.
"This will give employees across different functions a common foundation for working with AI."
Different pathways under Co-Lab
The Co-Lab, which brings together institutions across banking, insurance, and asset management, will bring employers and partners together to assess how jobs are changing and test practical approaches to training and job redesign.
"The Co-Lab will assess how AI changes specific roles, and develop pathways for employees to acquire skills needed for these new roles," Gan said. "I encourage more financial institutions to join the Co-Lab and make this commitment to their people."
The three pathways under Co-Lab are for leaders, wealth managers, and employees in operational roles.
"Co-Lab@Leaders will equip them to identify valuable applications of AI, establish sound governance, and lead workforce transformation," Gan said.
For Co-Lab@Wealth Managers, 10 private banking employers have committed to upskill their relationship managers.
For Co-Lab@Operations, major banking and insurance employers will come together to redesign operational jobs and develop progression pathways.
"In many cases, this will involve higher responsibilities in an existing role," Gan said. "In others, it may involve moving to a related role, or new work involving AI."
AI reshaping Singapore's finance sector
The new Co-Lab comes as Gan noted how AI is reshaping Singapore's financial institutions, and stressed the need to bring workers into the transformation.
"AI is already changing how financial institutions operate – from customer service and financial advisory, to credit underwriting, fraud detection, market analysis and software development," he said.
"As AI adoption grows, some roles will expand, while others will change. Developing our workforce must be part of this effort from the outset."
According to Gan, commitment and action from financial institutions will be needed to translate AI into better careers for Singaporeans.
"Financial institutions must plan for their people even as they plan for AI – identify how jobs will change, prepare employees early, and help them benefit from these new opportunities," he said.
"The Government, IBF and our unions will support this effort."
The widespread AI training initiative in Singapore's financial sector adds to the growing upskilling momentum across the country.
Digital Development and Information Minister Josephine Teo announced in March plans to upskill 100,000 workers to become "AI Bilingual."
In May, the Infocomm Media Development Authority also announced that it will train 40,000 technology professionals over the next three years to build an AI-ready workforce.
