Singapore’s largest financial institutions have pledged to train more than 80,000 local employees in artificial intelligence skills as the country seeks to protect employees from potential disruption.
The first group of 23 banks, insurers and asset managers have committed to train all of their staff in Singapore by 2028, and more than half have already completed recognized programs industry associationThis was stated by Vice Prime Minister Gan Kim Yong. Firms will also study how jobs are changing and test approaches to training and job redesign, starting with the roles of executives, asset managers and operations staff, said Gan, who is also chairman of the Monetary Authority of Singapore.
“We want AI to improve the careers of Singaporeans and make the workforce more productive,” Gan said in his speech at the Banking and Finance Dinner on Thursday.
The breakthrough in Southeast Asia’s financial hub comes as banks increasingly use AI in areas ranging from compliance to wealth advisory. While this improves efficiency, it also raises concerns that technology could replace jobs faster than workers can be retrained.
This question is even more relevant in the field of finance, key sector that accounts for makes up about 14% of Singapore’s economy and employs about 200,000 professionals. The current initiative expands on efforts announced a year ago, when Singapore’s three local banks pledged to train all 35,000 of their employees in the country to be AI-ready.
“Providing workers with new skills is only part of the equation,” MAS managing director Chia Der Jun said at the same event. “We also need to support workers as jobs and challenges evolve.”
Their comments come days after Singaporean Prime Minister Lawrence Wong joined a group of world leaders in releasing joint declaration calling for control and international oversight of advanced AI models. The statement warns that capable artificial intelligence systems are bypassing testing security measures, exploiting vulnerabilities and gaining unauthorized access to real systems.
“We must continue to look for practical ways to build common ground and involve more countries,” Wong wrote in a Facebook post, explaining Singapore’s support for the joint statement. “AI has enormous promise, but it must always remain under human control and oversight.”
Photography: Singapore panorama; Photo credit: Ezra Akayan/Getty Images
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