AI reshapes finance jobs as 23 firms train 80,000 workers by 2028

More than half of the committed workforce already completed training.

Singapore’s Institute of Banking and Finance (IBF) has launched an artificial intelligence (AI) co-lab with 23 financial institutions to assess how jobs are changing and test practical approaches to training and job redesign.

The IBF AI Workforce Co-Lab spans the banking, insurance and asset management sectors, with participating institutions committing to train their entire Singapore-based workforce—more than 80,000 employees—in critical AI skills by 2028.

More than half of the employees have already undergone training, Deputy Prime Minister and Minister for Trade and Industry, and Monetary Authority of Singapore Chairman Gan Kim Yong said during the IBF Distinction Evening on 24 September.

“We want AI to translate into better careers for Singaporeans and a more productive workforce,” Gan said.

The initiative includes three pathways focused on leaders, wealth managers and operations staff.

The leaders’ pathway will help executives identify AI applications, establish governance and plan workforce transformation, whilst the wealth management programme will combine AI skills with client engagement and advisory expertise.

Ten private banking employers have committed to upskill their relationship managers through the wealth management pathway.

In operations, the co-lab will focus on capabilities such as process improvement, exception handling, risk oversight, and validating AI-generated outputs.

Gan also announced an enhanced tripartite partnership between IBF, the NTUC Financial and Professional Services Cluster of Unions, and seven industry associations.

The enhanced memorandum of understanding will focus on helping the workforce adapt to AI through wider industry outreach and greater access to training and career support, whilst creating opportunities to develop programmes tailored to each sub-sector.

Gan said the strategy is built around three priorities: uplifting the workforce with critical AI skills, upskilling professionals for AI-enabled roles and upbuilding the pipeline of young talent for finance careers.

The workforce push also includes a new Job Redesign Playbook for Financial Services, which IBF is launching with the Skills and Workforce Development Agency and the Institute for Human Resource Professionals.

The playbook will provide business leaders and human resource practitioners with practical guidance and assistance on redesigning jobs as financial institutions adopt AI.

IBF is also collaborating with Ngee Ann Polytechnic’s Centre for Shaping Human-First Transformation on a pilot combining skills mapping, coaching and change management tools.

Gan said the pilot will help finance professionals and their managers take on new responsibilities with confidence as AI changes how they work.