Singapore Financial Sector to Train 80,000 Staff in AI

The Institute of Banking and Finance (IBF) launched the IBF AI Workforce Co-Lab, a collaborative initiative with 23 financial institutions aimed at training over 80,000 Singapore-based employees in artificial intelligence skills by 2028. Participating firms, including DBS, OCBC, UOB, Goldman Sachs, UBS, AIA, Schroders, and SGX, represent roughly 40 percent of the local financial services workforce.

The program establishes three role-specific training pathways tailored for leaders, wealth managers, and operations staff to facilitate job redesign. To support these transitions, IBF is introducing a Job Redesign Playbook for Financial Services and a pilot program with Ngee Ann Polytechnic focused on change management and skills mapping.

Deputy Prime Minister Gan Kim Yong announced an enhancement of a tripartite Memorandum of Understanding between IBF, the National Trades Union Congress (NTUC), and seven industry associations to expand career support. The initiative emphasizes equipping workers with foundational AI skills and building a talent pipeline as roles evolve and AI is integrated into professional duties.