Singapore’s financial institutions pledge to train 80,000 employees in AI skills
A coalition of 23 banks, insurers, and asset managers is betting that the future of finance runs on AI literacy, not just algorithms
Singapore just made one of the largest coordinated bets on AI workforce training in global finance. A group of 23 financial institutions, spanning banks, insurers, and asset managers, has committed to equipping more than 80,000 employees with AI skills by 2028.
The initiative, called the AI Workforce Co-Lab, was announced by Deputy Prime Minister and Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong during the IBF Distinction Evening on September 24. More than half of those 80,000 workers have already completed relevant training programs recognized by Singapore’s Institute of Banking and Finance (IBF).
What the Co-Lab actually does
The AI Workforce Co-Lab is designed to examine how AI is reshaping specific job roles across the financial sector, test training methodologies in real work environments, and facilitate job redesign as AI capabilities evolve.
The initial focus areas are AI governance leaders, wealth managers, and operational staff. The program will specifically target AI applications in advisory services and performance oversight. Five additional workforce transformation initiatives were introduced alongside the Co-Lab.
The 23 participating institutions break down into 13 banks, 6 insurers, and 4 asset managers. Collectively, they represent roughly 40% of Singapore’s financial services workforce, a sector that employs around 200,000 professionals and contributes approximately 14% to the city-state’s economy.
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Building on earlier momentum
The Co-Lab builds on the PathFin.ai program launched in 2025, which laid the groundwork for AI literacy across the sector.
Singapore’s three largest banks, DBS, OCBC, and UOB, had already committed to upskilling approximately 35,000 employees in AI-related competencies before the broader coalition formed. DBS went a step further by signing a Memorandum of Understanding with IBF to share training frameworks developed across its global workforce, a significant portion of which is based in Singapore.
The focus on job redesign rather than just skill acquisition is also worth noting. Singapore’s Co-Lab is explicitly asking how jobs themselves should change when AI handles tasks that humans used to do.