Singapore’s financial sector has initiated a significant workforce development program, with 23 major banks, insurers, and asset managers pledging to provide AI-related training to their local staff. According to Deputy Prime Minister Gan Kim Yong, the goal is to ensure that the entire local workforce within these participating firms is trained in AI competencies by 2028.

The initiative is framed as a proactive measure to address the potential for job disruption caused by the rapid integration of artificial intelligence in the financial industry. The participating firms have reportedly already begun the process, with more than half of the targeted employees having completed programs recognized by the relevant industry association.

Beyond direct training, the firms involved have committed to conducting ongoing studies on how AI will impact specific job roles. This research is intended to help institutions adapt their internal structures and support employees as their daily responsibilities evolve. The government’s involvement underscores a broader national strategy to maintain Singapore’s competitiveness as a global financial hub while managing the social and economic risks associated with automation and machine learning.