Singapore's major financial institutions have committed to training more than 80,000 local employees in artificial intelligence skills by 2028, Deputy Prime Minister and Chairman of the Monetary Authority of Singapore Gan Kim Yong said on Thursday.

Speaking at an Institute of Banking and Finance (IBF) event, Gan said a batch of 23 banks, insurers and asset managers has committed to train all their Singapore staff by 2028, with over half of them already being trained.

Gan officially launched a collaborative initiative named IBF AI Workforce Co-Lab, formed by the institute and these financial institutions to assess how AI is changing jobs and to test practical approaches to training and job redesign.