Financial institutions in Singapore will train more than 80,000 local employees in AI by 2028 as the government seeks to limit job disruption in finance, Deputy Prime Minister Gan Kim Yong said.

Gan said more than half of employees at the first group of 23 participating banks, insurers, and asset managers had completed industry-recognized courses.

The firms will study how AI is changing jobs and test training and job redesign for workers, including leaders, wealth managers, and operations staff.

The push builds on an earlier industry effort in which Singapore’s three local banks pledged to train all 35,000 of their employees in the country in AI.

The Monetary Authority of Singapore, the country’s central bank and financial regulator, also runs the Veritas initiative to help financial institutions assess AI against fairness, ethics, accountability, and transparency principles.

🔗 Source: Bloomberg