Singapore Banks Pledge AI Upskilling for Entire Staff by 2028
Source: CNA Tech
A major IBF-led initiative will see 23 financial institutions, including Singapore's largest banks, provide AI training to all their staff by 2028.
A major coordinated push to upskill Singapore's financial sector in artificial intelligence has been launched. The Institute of Banking and Finance (IBF) announced a new collective initiative where 23 leading firms will ensure all their employees receive AI training within five years.
The programme, known as the IBF AI Workforce Co-Lab, involves a broad coalition from banking, insurance, and asset management. Deputy Prime Minister Gan Kim Yong revealed the effort during an IBF event, urging the wider industry to participate alongside the founding institutions.
These pioneer members, which include DBS, OCBC, UOB, AIA Singapore, and Prudential, represent about 40 percent of Singapore's financial workforce. The collaboration aims to jointly analyse AI's transformative impact on roles and develop practical, shared models for workforce development and job restructuring. Over half of the employees at these firms have already started AI learning modules.
The initiative signals a decisive industry-wide commitment to future-proofing jobs against rapid technological change. Rather than isolated efforts, this structured co-lab approach is designed to pool resources and best practices, potentially creating a new standard for large-scale tech upskilling across the financial services landscape.
Why it matters for Singapore: This represents a tangible execution of Singapore's national AI strategy, embedding it directly into a core economic sector. By institutionalizing training at scale through IBF, the city-state aims to maintain its competitive edge as a global financial hub, ensuring its talent pool can harness, rather than be disrupted by, AI advancements.
