MAS, IBF working on gen AI job impact map

Separately, the IBF has given out skills badges to 3,000 professionals.

The Monetary Authority of Singapore (MAS) and the Institute of Banking & Finance (IBF) are developing a job transformation map exploring the impact of generative AI on jobs and skills.

The GenAI JTM will assess not just the impact but also aim to prepare Singapore’s financial sector workforce to use AI to “augment their effectivenesss,” said Chia Der Jiun, managing director of MAS.

“Looking ahead, the financial sector will continue to evolve, driven by key structural drivers including sustainability and technology innovations such as GenAI,” said Chia, speaking at the IBF’s 50th anniversary evening gala held on 13 September 2024.

Chia said that the partnership between IBF, trade unions, and financial institutions is important in supporting workforce transformation amidst the evolving financial sector landscape and ensuring that Singapore is in a position to thrive.

IBF has earlier launched the IBF Golden Jubilee ITE Scholarship, which benefited 54 students of the Institute of Technical Education (ITE). recipients received a study award, and a 5-month internship in the financial sector that will begin in October 2024. 

Chia also highlighted the IBF Skills Badge, which recognises individuals’ mastery of sustainable finance skills. To date, about 3,000 professionals have received their skills badge, he said.

IBF is also exploring a Work-Study Diploma in finance to create alternative career pathways for ITE students.