Singapore finance sector to train 80,000 staff in AI by 2028

SINGAPORE: Singapore's financial industry will train more than 80,000 employees in critical artificial intelligence (AI) skills by 2028, Deputy Prime Minister Gan Kim Yong said on Thursday.

The commitment involves 23 financial institutions across banking, insurance and asset management participating in the newly launched Institute of Banking and Finance (IBF) AI Workforce Co-Lab, he said at the IBF Distinction Evening.

The institutions have committed to train their entire workforce in Singapore through IBF-recognised programmes, with more than half of their employees already trained, said Gan, who is also the Minister for Trade and Industry and the Chairman of the Monetary Authority of Singapore.

The Co-Lab will bring employers and partners together to assess how jobs are changing and test practical approaches to training and job redesign, with findings to be shared with the wider financial sector.

Gan said AI was already changing how financial institutions operate, including customer service, financial advisory, credit underwriting, fraud detection, market analysis and software development.

"We want AI to translate into better careers for Singaporeans and a more productive workforce. This requires commitment and action by financial institutions, as well as partnership and support from the Government and unions," he said.

By RSS/Xinhua