Singapore Banks Promise AI Training for 80,000 Workers

Major financial institutions in Singapore have promised to train more than 80,000 local workers in AI skills by 2028, aiming to reduce job risks for white-collar roles as AI spreads. The first group of 23 banks, insurers and asset managers has joined the plan, and more than half of their staff have already taken part in training programs approved by industry groups.

Singapore Deputy Prime Minister and Monetary Authority of Singapore Chairman Gan Kim Yong said AI should help Singaporeans build better careers and create a more productive workforce. The institutions will also study how jobs are changing and test different training and job redesign plans, starting with roles such as managers, wealth managers and operations staff.

Finance makes up about 14% of Singapore's economy and employs around 200,000 people. The plan builds on efforts launched a year ago, when three local banks promised to train all 35,000 of their Singapore staff. MAS Managing Director Chia Der Jiun said teaching new skills is only one part of the work, and workers also need support as roles and tasks change.

The comments came days after Singapore Prime Minister Lawrence Wong and other world leaders issued a joint statement calling for stronger controls and international oversight of frontier AI models.