Singapore’s financial sector aims to provide artificial intelligence (AI) training to more than 80,000 employees by 2028, Deputy Prime Minister Heng Swee Keat announced. A total of 23 financial institutions from banking, insurance, and asset management have committed to training their staff through the ‘IBF AI Workforce Co-Lab’. According to Heng, AI has already transformed workflows in customer service, financial advisory, loan approval, fraud detection, market analysis, and software development.
The ambitious plan to upskill over 80,000 financial professionals in AI capabilities by 2028 was outlined by Deputy Prime Minister Heng Swee Keat. Speaking at the ‘IBF Distinction Evening’ event, he revealed that 23 financial organizations from the banking, insurance, and asset management sectors have pledged their participation. These institutions will deliver training to their employees through the newly launched ‘Institute of Banking and Finance (IBF) AI Workforce Co-Lab’.
Heng, who also serves as Minister for Trade and Industry and Chairman of the Monetary Authority of Singapore (MAS), emphasized that financial firms have committed to providing IBF-accredited training programs for all financial employees in Singapore. More than half of these employees have already completed the training. The ‘AI Workforce Co-Lab’ will bring employers and partner organizations together to assess shifts in the nature of work brought about by AI.
According to Heng, AI has significantly altered how financial institutions operate across various functions such as customer service, financial advice, loan approvals, fraud detection, market analysis, and software development. “We want to harness AI to create better career opportunities for Singaporeans and to develop a more productive workforce,” he stated. He also highlighted that, alongside the financial institutions’ commitment and initiative, collaboration from the government and labor organizations is crucial to achieving these goals.
