In remarks at the Institute of Banking and Finance Distinction Evening, the Monetary Authority of Singapore unveiled initiatives to prepare financial sector employees for AI driven changes to jobs. Central to the strategy is the new IBF AI Workforce Co-Lab, through which 23 financial institutions across banking, insurance and asset management have committed to train their entire Singapore workforce of more than 80,000 employees in critical AI skills by 2028. More than half of those employees have already received training. The Co-Lab will assess how roles are changing and test approaches to training and job redesign. Initial pathways will target leaders, wealth managers and operations staff, covering AI governance and workforce planning, AI enabled advisory work, and operational capabilities such as process improvement, exception handling, risk oversight and validation of AI outputs. Ten private banking employers have committed to upskill relationship managers, while major banking and insurance employers will develop redesigned operational roles and career pathways. The broader package includes an enhanced agreement between IBF, unions and seven industry associations representing more than 800 financial institutions and FinTech firms, as well as an IBF job redesign playbook and a pilot combining skills mapping, coaching and change management tools. A separate young talent pilot will give undergraduates training and project experience in AI and finance.

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