Singapore Finance Sector to Train 80,000 Workers in AI Skills by 2028
Twenty-three financial institutions have committed to train more than 80,000 Singapore-based employees in critical AI skills by 2028. Here is what the IBF AI Workforce Co-Lab means for finance professionals, employers, and the future of work.
JobSingha Team
Insights and expertise from a team of career and industry writers.
Singapore's Finance Sector Commits to AI Training for 80,000 Workers by 2028
What the IBF AI Workforce Co-Lab means for finance professionals and employers
Overview
On September 24, 2026, Deputy Prime Minister Gan Kim Yong announced at the Institute of Banking and Finance (IBF) Distinction Evening that 23 financial institutions have committed to training their entire Singapore workforce—more than 80,000 employees—in critical AI skills by 2028.
The participating institutions include DBS, OCBC, UOB, Goldman Sachs, UBS, JPMorgan Chase, AIA, Prudential, Schroders, and SGX, representing approximately 40% of Singapore's financial services workforce.
As of September 2026, more than half of these 80,000 employees have already completed their AI training.
The IBF AI Workforce Co-Lab
The IBF AI Workforce Co-Lab is a sector-wide initiative designed to assess how AI is changing jobs and test practical approaches to training and job redesign.
The strategy is built on three pillars:
1. Uplift – Core AI Skills for All Employees
All employees across participating institutions receive foundational AI training through IBF-recognised programmes, focusing on working effectively with AI tools in their daily roles.
2. Upskill – Specialised AI Pathways
Three role-specific pathways were launched on September 24, 2026:
Pathway
Target Group
Focus Areas
Co-Lab@Leaders
Senior executives and managers
Identifying practical AI applications, building governance frameworks, leading workforce transformation
Co-Lab@Wealth
Wealth managers and relationship managers
Using AI to accelerate analysis and administrative work, enabling more time for client engagement and advisory (10 private banks committed)
Co-Lab@Operations
Operations and frontline staff
Process improvement, exception handling, risk oversight, and validation of AI-generated output
3. Upbuild – Developing Future Talent
The IBF Young Talent Programme for AI in Finance, launched as a pilot in August 2026, provides undergraduates with masterclasses, project work, and industry attachments to build AI and finance skills before entering the workforce.
Tripartite Support and Resources
An enhanced memorandum of understanding now links IBF, NTUC's Financial and Professional Services Cluster of Unions, and seven financial industry associations representing more than 800 institutions and over 70% of the sector's workforce.
To support employers, IBF launched the Job Redesign Playbook for Financial Services, developed in partnership with the Skills and Workforce Development Agency and the Institute for Human Resource Professionals. The playbook provides practical guidance for HR teams on restructuring roles as AI adoption increases.
Context: AI's Current Role in Financial Services
DPM Gan noted that AI is already being applied across core financial functions, including:
Customer service automation
Credit underwriting
Fraud detection
Market analysis
Software development
The objective is to ensure AI adoption improves productivity while creating better career opportunities for the workforce, rather than simply replacing existing roles.
"As AI adoption grows, some roles will expand, while others will change. Developing our workforce must therefore be part of this effort from the start. We want AI to translate into better careers for Singaporeans and a more productive workforce."
— DPM Gan Kim Yong, September 24, 2026
Implications for Finance Professionals
For individuals working in finance, the initiative signals that AI fluency will become a baseline expectation rather than a differentiator. With more than half of the 80,000 employees already trained, the timeline for sector-wide upskilling is compressed.
Roles are being redesigned rather than eliminated, with examples including:
Frontline staff taking on AI oversight responsibilities
Operations employees transitioning to process improvement and exception handling roles
Wealth managers using AI tools to handle routine tasks, allowing greater focus on advisory work
Professionals who proactively develop AI-adjacent skills relevant to their function will be better positioned for these evolving roles.
Implications for Employers
For hiring managers and HR teams, the initiative highlights the importance of:
Updating job descriptions to reflect how roles have evolved with AI adoption
Identifying which tasks are now handled by AI versus those requiring human judgement
Screening candidates for their ability to work alongside AI tools effectively
The Job Redesign Playbook provides a structured approach for employers navigating these changes.
How JobSingha Supports This Transition
For employers: JobSingha's Fit Score enables you to post roles reflecting current requirements and see candidates ranked against those specific criteria. This reduces manual resume screening and helps identify candidates whose skills match your redesigned roles.
For job seekers: JobSingha is built exclusively for finance careers. Your Fit Score updates as you add new skills and certifications, giving you visibility into where you stand relative to role requirements and what skills would strengthen your profile.
Key Takeaways
Scale: 23 institutions, 80,000+ employees, 40% of Singapore's finance workforce
Timeline: Full training completion targeted by 2028; more than 50% already trained as of September 2026
