Singapore’s finance firms pledge to train 80,000 local staff in AI skills

Singapore’s major financial institutions have pledged to train more than 80,000 local employees in AI skills as the country moves to cushion white-collar workers from potential job disruption.

A pioneer batch of 23 banks, insurers and asset managers has committed to train all their Singapore staff by 2028, and more than half of them have already gone through programmes recognised by an industry association, according to Deputy Prime Minister Gan Kim Yong.

The firms would also study how jobs were changing and test approaches to training and job redesign, starting with roles for leaders, wealth managers and operations staff, said Gan, who is also chairman of the Monetary Authority of Singapore (MAS).

“We want AI to translate into better careers for Singaporeans and a more productive workforce,” Gan said in a speech at a banking and finance dinner on Thursday.