More than 80,000 financial sector employees in Singapore to receive AI training by 2028 — Channel NewsAsia
In Singapore, 23 financial institutions will train more than 80,000 employees in key artificial intelligence skills by 2028. Singapore Deputy Prime Minister Gan Kim Yong, who also chairs the Monetary Authority of Singapore, announced the launch of the joint IBF AI Workforce Co-Lab initiative on September 24.
According to Channel NewsAsia, the institutions committed to training all of their staff in Singapore through programs recognized by the Institute of Banking and Finance. More than half of the employees at these organizations have already completed the relevant training.
Initiative participants
The Co-Lab includes companies from the banking and insurance sectors, as well as asset management. They include DBS, OCBC, UOB, AIA Singapore and Prudential. According to Carolyn Neo, chief executive of the Institute of Banking and Finance, the pioneering institutions that created the Co-Lab employ about 40% of the country's financial services workforce.
Co-Lab participants will assess how AI is changing jobs and test practical approaches to staff training and job redesign. Learning pathways tailored to the specifics of employees' work will also be developed.
More current news is available on the UA.News Telegram channel Telegram.
Training areas
The strategy provides for three areas: equipping employees with basic AI skills, upskilling specialists for specific roles using AI, and building a pipeline of young talent ready to work with AI.
A training track has been developed for leaders on identifying useful AI applications, proper governance and workforce transformation. Practical courses are being prepared for wealth managers that will combine AI skills, client engagement and advisory expertise.
Employees in operational units will need competencies in process improvement, risk control and verification of AI-generated results. According to Gan Kim Yong, this will mostly mean expanding responsibilities in current roles, although some employees may move into adjacent or new roles related to artificial intelligence.
