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SINGAPORE: More than 80,000 finance workers in 23 financial institutions will be trained in critical artificial intelligence skills by 2028, Deputy Prime Minister Gan Kim Yong said on Thursday (Sep 24).<\/p>\n
Speaking at the Institute of Banking and Finance’s (IBF) annual Distinction Evening, Mr Gan officially launched a collaborative initiative formed by these financial institutions to assess how AI is changing jobs and to test practical approaches to training and job redesign.<\/p>\n
Called the IBF AI Workforce Co-Lab, the 23 institutions have committed to training their entire Singapore workforce in AI skills through IBF-recognised programmes, said Mr Gan, who is also chairman of the Monetary Authority of Singapore (MAS).<\/p>\n
More than half of their employees have already been trained, he said, adding that the training will give employees a common foundation for working with AI.<\/p>\n
The 23 institutions, which cut across the banking, insurance and asset management sectors, include DBS, OCBC, UOB, AIA Singapore and Prudential.<\/p>\n
Employees will also need skills suited to their specific roles, so the Co-Lab will develop pathways to help workers acquire the necessary skills.<\/p>\n
“I encourage more financial institutions to join the Co-Lab and make the commitment to your people,” he said.<\/p>\n
IBF chief executive Carolyn Neo said the pioneer institutions who formed the Co-Lab employ around 40 per cent of the financial services workforce. They have adopted AI use cases and are committed to workforce development initiatives, she added.<\/p>\n
The announcement comes as AI becomes more pervasive in workplaces, including financial institutions.\u00a0<\/p>\n
Mr Gan said AI is already changing operations in customer service, financial advisory, credit underwriting, fraud detection, market analysis and software development.<\/p>\n
There are “tremendous opportunities” to use AI to raise productivity, serve clients better, strengthen risk management and develop new areas of growth, he said.<\/p>\n
Roles will expand and change as AI adoption grows, so developing Singapore’s workforce must be part of the effort from the outset.<\/p>\n
“We want AI to translate into better careers for Singaporeans and a more productive workforce,” he said, adding that this will require commitment and action by financial institutions, and partnership and support from the government and unions.<\/p>\n
Financial institutions must plan for their people as they plan for AI by identifying how jobs will change, preparing employees early and helping them benefit from new opportunities.<\/p>\n<\/div>\n
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SINGAPORE: More than 80,000 finance workers in 23 financial institutions will be trained in critical artificial intelligence skills by 2028, Deputy Prime Minister Gan Kim…<\/p>\n","protected":false},"author":1,"featured_media":87592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--5w230UeH--\/c_crop,h_1125,w_1999,x_1,y_104\/c_fill,g_auto,h_676,w_1200\/fl_relative,g_south_east,l_mediacorp:cna:watermark:2021-08:cna,w_0.1\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2026\/09\/24\/jia_6110.jpg?itok=3iSyh_Fs","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[8889,4787,6184,6182,4131,673,8340,4041],"class_list":["post-87591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-finance","tag-industry","tag-initiative","tag-job","tag-launches","tag-training","tag-transformation","tag-workers","wpcat-2-id"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/87591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=87591"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/87591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/87592"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=87591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=87591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=87591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}