Singapore Finance Sector to Train 80,000 Workers in AI

Financial institutions across Singapore are set to train more than 80,000 local employees in artificial intelligence (AI) by 2028, according to Deputy Prime Minister Gan Kim Yong. This initiative is part of a broader government effort to limit potential job displacement within the finance industry due to technological advancements.

Over half of the employees at the initial cohort of 23 participating banks, insurers, and asset managers have already completed industry-recognized courses. Future training will focus on studying the impact of AI on jobs and testing new training and job redesign approaches for all roles, including leaders, wealth managers, and operations staff.

This push builds on a prior industry commitment where Singapore's three local banks pledged to train all 35,000 of their employees nationwide in AI. Additionally, the Monetary Authority of Singapore (MAS), the country's central bank and financial regulator, runs the Veritas initiative to help financial institutions assess AI systems against principles of fairness, ethics, accountability, and transparency.

The collective effort aims to ensure Singapore's financial sector remains competitive amidst digital transformation, while simultaneously upskilling its workforce.