New AI workforce co-lab launched to train over 80,000 S'pore workers in AI skills by 2028

The Institute of Banking and Finance (IBF) and 23 pioneering financial institutions have launched an AI workforce Co-Lab to train over 80,000 Singaporean employees in critical AI skills by 2028. Deputy Prime Minister and Minister for Trade and Industry (Trade) Gan Kim Yong announced the Co-Lab on September 24, emphasizing its goal to assess how jobs are evolving and explore practical strategies for training and job redesign.

So far, more than half of the targeted workforce has been trained through IBF-recognized programs. The Co-Lab comprises three pathways: Co-Lab@Leaders, Co-Lab@Wealth Managers, and Co-Lab@Operations. The first pathway empowers leaders to guide AI workforce transformation, identify AI applications, and establish governance structures.

Co-Lab@Wealth Managers aims to assist Singapore's rising wealth management demand, leveraging AI to enhance relationship managers' client interactions and advisory expertise. Meanwhile, Co-Lab@Operations will facilitate the redesign of operational roles in banking and insurance, fostering higher responsibility roles within existing positions or transitioning to new AI-integrated roles.

The Co-Lab aligns with the emergence of AI in financial institutions, which is transforming routine processes and necessitating staff development in areas such as process improvement, exception handling, risk oversight, and AI output validation. A pilot Young Talent Programme for AI in Finance has also been introduced to provide undergraduate students with AI and finance skills, hands-on experience with AI applications in finance, and job attachments at financial institutions.

The launch of the Co-Lab represents a tripartite collaboration between IBF, the NTUC Financial and Professional Services Cluster of Unions, and seven industry associations, aiming to support the workforce's adaptation to AI through industry outreach, training, and career support.