Twenty-three financial institutions in Singapore committed to train more than 80,000 local employees in artificial intelligence by 2028. The pledge forms part of the AI Workforce Co-Lab led by the Institute of Banking and Finance Singapore. Participating organisations include banks, insurers and asset managers.
More than half of the targeted employees have already been trained, according to IBF. The Co-Lab aims to give employees a common AI foundation across functions while developing role-specific skills. Deputy Prime Minister Gan Kim Yong announced the initiative at the IBF Distinction Evening on 24 September.
TRAINING TIED TO JOB DESIGN
IBF and the participating firms will co-create practical approaches to job redesign and training. The Co-Lab has three pathways: Co-Lab@Leaders; Co-Lab@Wealth Managers, under which 10 private banking employers committed to upskilling relationship managers; and Co-Lab@Operations, which covers the redesign of operational roles. IBF lists AI principles, AI governance and prompt design among the skills covered.
IBF said it will share insights and findings from the Co-Lab with the wider sector.
PLANNING FOR PEOPLE
“Financial institutions must plan for their people even as they plan for AI – identify how jobs will change, prepare employees early, and help them benefit from these new opportunities,” Gan said.
IBF also launched a pilot Young Talent Programme for AI in Finance to help undergraduates build AI and finance skills.