DBS, IBF sign first MOU on AI skills for finance sector

More than 11,000 employees have been upskilled in AI-reshaped roles.

DBS has signed an agreement with the Institute of Banking and Finance Singapore (IBF) to develop skills and workforce programmes for Singapore’s financial sector as artificial intelligence (AI) reshapes jobs and work practices.

The memorandum of understanding (MOU) is the first between IBF and a financial institution.

It covers three pillars: Uplift, Upskill, and Upbuild, which focus on developing foundational AI skills, supporting employees moving into redesigned roles, and strengthening the pipeline of young talent for the financial sector.

Under Uplift, DBS and IBF will develop IBF-recognised programmes covering AI governance, responsible AI, prompt engineering, and practical AI applications.

DBS said it has equipped all 40,000 of its employees worldwide, including 14,800 in Singapore, with foundational AI skills. It has also upskilled more than 11,000 employees in roles that have been reshaped by AI.

Under Upskill, the two organisations will test and develop workforce measures under IBF’s Job Redesign and Reskilling Career Conversion Programme, which will support employees taking on redesigned jobs and new ways of working.

Under Upbuild, the partnership will also support young talent through initiatives including IBF’s Young Talent Programme for AI in Finance, for which DBS is a pioneer partner.

DBS has committed to welcoming more than 500 local young talent in 2026 through its Management Associate, Internship and Traineeship programmes.

“This comprehensive MOU with DBS puts people at the heart of AI transformation, spanning uplifting essential AI skills, upskilling for new or redesigned roles, and upbuilding the young talent pipeline,” said Carolyn Neo, CEO of IBF.

DBS has also launched a Career Advisory Service for employees across its six core markets. The service combines AI-powered career tools, including iGrow and iCoach, with guidance from more than 100 Career Advisors within the bank.

Lee Yan Hong, Head of Group Human resources at DBS, said AI can automate routine and administrative tasks and give employees more time for critical thinking, problem solving, and relationship building.

“Our philosophy has always been to save people, not jobs,” she said. “Jobs will change and tasks will evolve, but we are determined to bring everyone along our workforce transformation, from those starting their careers to experienced colleagues navigating their growth with us.”

The DBS-IBF partnership will also allow IBF to support DBS’ workforce initiatives through course recognition, structured and on-the-job training, and workforce transformation.