Singapore’s Finance Firms to Train 80,000 Staff in AI Skills

Singapore's major financial institutions have pledged to train over 80,000 local employees in AI skills by 2028. According to Deputy Prime Minister Gan Kim Yong, a group of 23 banks, insurers, and asset managers has committed to training all their Singapore staff, with more than half already having gone through industry-recognised programmes.

The firms will study how AI is changing jobs and test training and job redesign for workers, including leaders, wealth managers, and operations staff. This initiative aims to cushion white-collar workers from potential job disruption caused by AI, which is increasingly being deployed in areas such as compliance and wealth advisory.

The push in Singapore's financial sector, which accounts for around 14 per cent of the country's economy and employs around 200,000 professionals, comes as part of a broader effort to ensure that AI translates into better careers for Singaporeans and a more productive workforce. The Institute of Banking and Finance's AI Workforce Co-Lab will bring together the 23 financial institutions to assess the impact of AI on skills and jobs.

Brief written by urgent.news from Insurance Journal, Tech in Asia, South China Morning Post, The Business Times - Companies & Markets — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.