Singapore’s financial institutions pledge to train 80,000 employees in AI skills

Singapore just made one of the largest coordinated bets on AI workforce training in global finance. A group of 23 financial institutions, spanning banks, insurers, and asset managers, has committed to equipping more than 80,000 employees with AI skills by 2028. The initiative, called the AI Workforce Co-Lab, was announced by Deputy Prime Minister and Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong during the IBF Distinction Evening on September 24. More than half of those 80,000 workers have already completed relevant training programs recognized by Singapore’s Institute of Banking and Finance (IBF). What the Co-Lab actually does The AI Workforce Co-Lab is designed to examine how AI is reshaping specific job roles across the financial sector, test training methodologies in real work environments, and facilitate job redesign as AI capabilities evolve. The initial focus areas are AI governance leaders, wealth managers, and operational staff. The program will specifically target AI applications in advisory services and performance oversight. Five additional workforce transformation initiatives were introduced alongside the Co-Lab. The 23 participating institutions break do...