More than 80,000 finance workers across 23 financial institutions in Singapore will be trained in critical artificial intelligence skills by 2028.
The initiative, launched by the Institute of Banking and Finance (IBF), aims to give employees a common foundation in AI while developing role-specific skills as technology changes the nature of work across the sector.
Building an AI-ready workforce
The 23 institutions have committed to training their entire Singapore workforce through IBF-recognised programmes. More than half of their employees have already completed AI training.
The institutions span banking, insurance and asset management, and include DBS, OCBC, UOB, AIA Singapore and Prudential.
The initiative will also develop training pathways based on employees’ roles, with the focus shifting from general AI literacy to skills required for AI-enabled jobs.
"We want AI to translate into better careers for Singaporeans and a more productive workforce," Deputy Prime Minister Gan Kim Yong said.
Preparing employees early
The IBF AI Workforce Co-Lab will assess how AI is changing jobs and test practical approaches to training and job redesign.
Financial institutions will also be encouraged to identify how roles are likely to change and prepare employees before those changes take place.
"AI may bring even greater changes, and will require more effort from our tripartite partners to prepare our workforce," Gan said.
Training for changing roles
The workforce initiative will focus on three areas: building critical AI skills across the workforce, developing professionals for specific AI-enabled roles and strengthening the pipeline of AI- and job-ready young talent.
Training will also support employees as their existing roles evolve. Operations staff, for instance, may need capabilities in process improvement, risk oversight and validating AI-generated outputs.
The changes could involve taking on additional responsibilities within existing roles, moving into related positions or transitioning into new AI-focused jobs.