23 financial institutions commit to train 80,000 Singapore staff in AI skills by 2028
IBF’s AI co-lab begins with pathways for leaders, wealth managers and operations staff
The Institute of Banking and Finance (IBF) has launched an AI co-lab in collaboration with 23 financial institutions in Singapore, aiming to train 80,000 staff in critical AI skills by 2028, according to Deputy Prime Minister Gan Kim Yong. These 23 institutions, comprising banks, insurers, and asset managers, represent approximately 40% of the financial services workforce in Singapore.
The co-lab identifies three role-specific pathways: leaders, wealth managers, and operations staff. The first pathway equips leaders with skills to identify AI applications, establish governance, and lead workforce transformation. Wealth managers will develop advisory expertise alongside AI competency, while the operations pathway focuses on redesigning operational jobs and developing progression pathways.
The initiative, known as the IBF AI Workforce Co-Lab, aims to enhance Singapore's workforce adaptation to AI and create opportunities for young talent development.
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