23 financial institutions to train over 80,000 Singapore finance workers in AI by 2028

Deputy Prime Minister Gan Kim Yong launched the IBF AI Workforce Co-Lab on Sep 24, with 23 financial institutions committing to train their entire Singapore workforce in AI skills by 2028. Over half of the more than 80,000 employees have already been trained, covering banks, insurers and asset manag

More than 80,000 finance workers across 23 financial institutions will be trained in critical artificial intelligence skills by 2028, Deputy Prime Minister Gan Kim Yong said on Thursday (Sep 24). Speaking at the Institute of Banking and Finance's (IBF) annual Distinction Evening, Mr Gan officially launched the IBF AI Workforce Co-Lab, a collaborative initiative formed by these institutions to assess how AI is changing jobs and to test practical approaches to training and job redesign.

The 23 institutions have committed to training their entire Singapore workforce in AI skills through IBF-recognised programmes, said Mr Gan, who is also chairman of the Monetary Authority of Singapore. More than half of their employees have already been trained, he added, noting that the training will give employees a common foundation for working with AI. The institutions cut across the banking, insurance and asset management sectors and include DBS, OCBC, UOB, AIA Singapore and Prudential.

Employees will also need skills suited to their specific roles, so the Co-Lab will develop pathways to help workers acquire the necessary skills. "I encourage more financial institutions to join the Co-Lab and make the commitment to your people," Mr Gan said. IBF chief executive Carolyn Neo said the pioneer institutions employ around 40 per cent of the financial services workforce, have adopted AI use cases and are committed to workforce development initiatives.

The announcement comes as AI becomes more pervasive in workplaces, including financial institutions. Mr Gan said AI is already changing operations in customer service, financial advisory, credit underwriting, fraud detection, market analysis and software development. There are "tremendous opportunities" to use AI to raise productivity, serve clients better, strengthen risk management and develop new areas of growth, he said.

Roles will expand and change as AI adoption grows, so developing Singapore's workforce must be part of the effort from the outset. "We want AI to translate into better careers for Singaporeans and a more productive workforce," Mr Gan said, adding that this will require commitment and action by financial institutions, and partnership and support from the government and unions. Financial institutions must plan for their people as they plan for AI by identifying how jobs will change, preparing employees early and helping them benefit from new opportunities.

In the past, the financial industry has done well to equip its workforce for new growth areas, said Mr Gan, noting that professionals in the sector have recorded over 21,000 training completions in sustainable finance since the Sustainable Finance Jobs Transformation Map was launched in 2024. "AI may bring even greater changes, and will require more effort from our tripartite partners to prepare our workforce," he said. The strategy will have three prongs: uplift the workforce with critical AI skills, upskill professionals for specific AI-enabled roles and upbuild a stronger pipeline of AI- and job-ready young talent.

At the launch, Mr Gan also outlined three pathways that the Co-Lab has developed for leaders, wealth managers and operations staff. The pathway for leaders will equip them to identify valuable applications of AI, establish sound governance and lead workforce transformation. For wealth managers, AI can help relationship managers analyse information more quickly; IBF and several private banking employers are working to develop practical courses that combine AI skills with client engagement and advisory expertise. The pathway for operations staff involves bringing major banking and insurance employers together to redesign operational jobs and develop ways for workers to progress, with staff needing capabilities in process improvement, risk oversight and validating AI output.