SINGAPORE, September 25 — Singapore’s financial sector is poised to equip over 80,000 employees with Artificial Intelligence (AI) proficiencies by the year 2028. This announcement was made by Deputy Prime Minister Gan Kim Yong on Thursday.
Speaking at the “IBF Distinction Evening” gala, he revealed that 23 prominent financial institutions spanning banking, insurance, and asset management have pledged their participation in this initiative. These entities will channel their training efforts through the newly established “Institute of Banking and Finance (IBF) AI Workforce Co-Lab.”
Gan, who also serves as the Minister for Trade and Industry and Chairman of the Monetary Authority of Singapore (MAS)—the nation’s central bank—noted that these institutions have committed to training their entire domestic workforce via IBF-certified programs. He added that more than half of these employees have already completed the training regimen.
The “AI Workforce Co-Lab” is designed to unite employers and partner organizations to evaluate shifting paradigms in the nature of work. Furthermore, it will pilot practical methodologies for adapting training modules and operational frameworks, subsequently disseminating these valuable insights across the broader financial ecosystem.
According to Gan, AI has already begun reshaping the operational landscape of financial institutions across diverse domains, including customer service, financial advisory, loan approvals, fraud detection, market analysis, and software development.
“Through the strategic application of AI, we endeavor to forge enhanced career pathways for Singaporean citizens and cultivate a deeply productive workforce,” he remarked.
He underscored that realizing this vision necessitates collaborative synergy between the government and labor unions, coupled with the steadfast dedication and proactive engagement of financial institutions.
(RSS/Xinhua)
