80,000 to get critical AI skills training under S’pore finance sector’s workforce transformation initiatives

Singapore's banks and financial institutions will receive support for workforce transformation with five new initiatives launched on September 24, according to the Institute of Banking and Finance (IBF). These measures were announced during the IBF's awards dinner. The key focus is on an AI workforce co-lab that will bring together companies and partners to assess job changes, test training approaches, and share findings with the wider finance sector.

Over 80,000 local employees across 23 partners in the financial sector have committed to training in critical AI skills by 2028 through IBF-recognised programmes. These partners include banks, insurers, and asset managers, accounting for 40% of the financial sector workforce. In addition to the co-lab, IBF has established three pathways for employees to develop new skills tailored to specific roles, such as leaders, wealth managers, and operations staff.

Deputy Prime Minister Gan Kim Yong emphasized that AI will change some roles while expanding others, and workforce development must be part of this effort. He stressed the importance of planning for people as financial institutions plan for AI. The initiatives also include a playbook for job redesign, a pilot program with Ngee Ann Polytechnic, and a partnership with the National Trades Union Congress Financial and Professional Services Cluster of Unions and seven industry associations.