Chairman, Council Members and CEO of the Institute of Banking and Finance,
Distinguished Guests,
Ladies and Gentlemen,

1. Good evening. I am pleased to join you at the IBF Distinction Evening.

2. Tonight, we recognise individuals and organisations who are committed to developing our people and strengthening Singapore’s financial sector.

3. The professionalism of our people, and the trust they build with clients, are central to our success as a financial centre. The emergence of AI makes investing in people even more important.

4. AI is already changing how financial institutions operate – from customer service and financial advisory, to credit underwriting, fraud detection, market analysis and software development.

a. Some larger institutions are integrating AI across functions.

b. Some FinTech firms have been built around AI from the outset.

5. These reflect the tremendous opportunities to use AI to raise productivity, serve clients better, strengthen risk management, and develop new areas of growth.

6. As AI adoption grows, some roles will expand, while others will change. Developing our workforce must be part of this effort from the outset.

7. We want AI to translate into better careers for Singaporeans and a more productive workforce. This requires commitment and action by financial institutions, as well as partnership and support from the Government and unions.

a. Financial institutions must plan for their people even as they plan for AI – identify how jobs will change, prepare employees early, and help them benefit from these new opportunities.

b. The Government, IBF and our unions will support this effort.

8. The financial industry, together with IBF and the unions, has a strong track record of equipping its workforce with skills for new growth areas.

a. In sustainable finance, for example, since the Sustainable Finance Jobs Transformation Map was launched in 2024, professionals from over 200 financial institutions have undertaken training in sustainable finance.

b. To date, we have recorded over 21,000 training completions across nearly 220 IBF-recognised courses.

c. This has helped professionals apply sustainable finance knowledge in their work, including in priority roles such as relationship and risk management.

d. AI may bring even greater changes, and will require more effort from our tripartite partners to prepare our workforce.

9. Our strategy to support the financial sector workforce comprises three “Ups”.

a. We will uplift the workforce across the sector with the critical AI skills needed to work effectively and responsibly alongside AI.

b. We will upskill finance professionals for specific AI-enabled roles, so that they continue to progress as jobs evolve.

c. And we will upbuild a stronger pipeline of AI- and job-ready young talent.

10. Tonight, I am pleased to announce several initiatives that will inject fresh momentum to our efforts.

Strengthening tripartite collaboration

11. We are enhancing the tripartite MOU between IBF, the NTUC Financial and Professional Services Cluster of Unions, and seven industry associations spanning banking, insurance, asset management, securities, financial advisory and FinTechs.

a. The enhanced partnership will focus on helping the workforce adapt to AI, through wider industry outreach and greater access to training and career support. It will also create opportunities to develop programmes tailored to the needs of each sub-sector.

b. Together, the associations represent over 800 financial institutions and FinTech firms, accounting for more than 70% of the sector’s workforce.

Launch of IBF AI Workforce Co-Lab

12. I am also pleased to launch the IBF AI Workforce Co-Lab, with 23 pioneer financial institutions across banking, insurance and asset management.

a. The Co-Lab will bring employers and partners together to assess how jobs are changing, and test practical approaches to training and job redesign.

b. IBF, industry associations and unions will share their findings with the wider sector.

13. The 23 pioneer institutions have committed to train their entire workforce in Singapore, totalling over 80,000 employees, in critical AI skills by 2028 through IBF-recognised programmes. To date, more than half of their employees have already been trained.

14. This will give employees across different functions a common foundation for working with AI. I encourage more financial institutions to join the Co-Lab and make this commitment to their people.

15. Employees will also need skills suited to their particular roles, to combine the use of AI with deeper professional expertise. The Co-Lab will assess how AI changes specific roles, and develop pathways for employees to acquire skills needed for these new roles.

16. Tonight, we are launching three pathways: Co-Lab@Leaders, Co-Lab@Wealth Managers and Co-Lab@Operations.

Co-Lab@Leaders

17. Leaders set the direction and lead. Co-Lab@Leaders will equip them to identify valuable applications of AI, establish sound governance, and lead workforce transformation.

a. As they develop their AI strategies, leaders should consider which jobs will change, where new opportunities will emerge, and how to prepare employees for them.

b. These decisions will shape both business performance and their employees’ prospects.

Co-Lab@Wealth Managers

18. In wealth management, rising demand across Asia creates opportunities for Singapore.

19. AI can help relationship managers analyse information faster and therefore spend more time with clients, while they continue to provide advice tailored to each client’s circumstances. This calls for stronger advisory expertise alongside the ability to use AI well.

a. For example, Priscilla, a UBS Client Advisor with over 20 years of wealth management experience, now uses AI tools to enhance her preparation for client meetings, analyse portfolios and conduct due diligence.

b. This gives her more time to understand her clients’ needs, provide trusted advice, build lasting relationships, and she remains responsible for the advice she gives, not the AI tools.

20. Through Co-Lab@Wealth Managers, 10 private banking employers have committed to upskill their relationship managers.

a. IBF and these institutions are working with providers such as the Wealth Management Institute on practical courses that combine AI skills with client engagement and advisory expertise.

b. This will help us capture growing demand and create more opportunities for Singaporeans.

Co-Lab@Operations

21. In operations, AI is changing how routine processes are carried out. Staff performing operational roles will need to develop capabilities in areas such as process improvement, exception handling, risk oversight and validating the AI output.

22. Co-Lab@Operations brings together major banking and insurance employers to redesign such operational jobs and develop progression pathways.

a. In many cases, this will involve higher responsibilities in an existing role.

b. In others, it may involve moving to a related role, or new work involving AI.

23. Take Reno from DBS’ Customer Service Hub.

a. Reno leads a frontline service team. AI helps his team generate call summaries and recommend follow-up actions within seconds.

b. Reno now also helps oversee the bank’s AI customer chatbot, reviewing its responses and identifying improvements.

c. His past experience with customers is valuable in this expanded role, where he helps ensure that customers continue to receive good service with AI.

24. Fahmy’s story illustrates a different pathway.

a. Fahmy joined DBS as a Customer Service Officer 13 years ago. In 2024, he became one of the founding members of the AI Workforce Team, where he picked up new skills on AI and UI/UX.

b. Today, he leads a team that develops and deploys AI to enhance customer experience.

c. Having spent years on the frontline, Fahmy brings a deep understanding of customer and staff needs, helping to shape AI solutions that better serve both groups.

Supporting job redesign and career transitions

25. We must also support finance professionals who need to make a more substantial career change.

a. After 37 years at UOB, Jenny Chan decided to make a career change.

b. Through UOB’s Better U Pivot programme in 2025, she received training and coaching to move from wholesale banking into a retail banking anti-money laundering role.

c. She now uses generative AI to automate checks and improve her team’s workflows. At home, she can confidently discuss AI with her sons. Her family calls her the “Tech Mum”.

26. To help more employers support their people, IBF is launching the Job Redesign Playbook for Financial Services, in partnership with the Skills and Workforce Development Agency and the Institute for Human Resource Professionals. This will give business leaders and HR practitioners practical guidance and assistance on job redesign as they adopt AI.

27. IBF is also working with Ngee Ann Polytechnic’s Centre for Shaping Human-First Transformation on a pilot that combines skills mapping, coaching and change management tools to help finance professionals and their managers take on new responsibilities with confidence, as AI changes how they work.

28. IBF and the Government will continue to provide resources and funding for workforce planning, training and career transitions.

Preparing young talent for careers in finance

29. Alongside our efforts to support the existing workforce, we must prepare the next generation for careers in finance.

30. As AI takes on more routine work, we must give young people opportunities to build strong foundations and develop professional expertise.

31. IBF’s pilot Young Talent Programme for AI in Finance helps undergraduates build skills in both AI and finance, and gives them first-hand experience of how AI is used in the sector.

a. The first cohort has just completed its masterclasses, and will soon begin project work under the mentorship of industry practitioners. Some will also go on to work attachments at financial institutions.

b. We hope to offer more places in future cohorts of this programme. I encourage our financial institutions to support this effort, and continue to provide opportunities for young people to enter the sector.

Conclusion

32. Ladies and gentlemen, the initiatives we announce tonight will require sustained commitment.

33. Our award recipients show what it means to invest in people. I congratulate you and thank our financial institutions, unions, industry associations and training partners for your contributions.

34. As we pursue the opportunities of AI, let us bring the same commitment to developing our workforce. Together, we can build a more competitive financial centre, and help Singaporeans at every stage of their careers share in its success.

35. Thank you, and I wish you a wonderful evening ahead.