DBS & IBF partner on AI skills & jobs in Singapore

DBS has signed a memorandum of understanding with the Institute of Banking and Finance Singapore, marking IBF's first such arrangement with a financial institution.

The partnership sets out three areas of work focused on artificial intelligence and workforce development in Singapore's financial sector: foundational AI training, support for employees whose roles are being reshaped by AI, and programmes to expand the pipeline of younger entrants into the industry.

Under the first area, DBS and IBF plan to offer IBF-recognised programmes covering AI governance, responsible AI, prompt engineering and practical applications of the technology. They also plan to develop courses aligned with industry needs.

The second area focuses on job redesign and reskilling. DBS will draw on its own efforts to retrain employees whose work has been significantly altered by AI, while IBF will contribute through its Job Redesign and Reskilling Career Conversion Programme.

The third is aimed at students and early-career talent. DBS will support applied exposure to AI in finance through initiatives including IBF's Young Talent Programme for AI in Finance, where it is a pioneer partner.

DBS also plans to take in more than 500 local young people through its Management Associate, internship and traineeship programmes in 2026. It described the intake as part of a broader effort to widen entry routes into financial services as AI changes the shape of work.

Separate from the agreement, DBS has launched a Career Advisory Service for staff across its six core markets. The service starts with more than 100 internal Career Advisors and combines human guidance with AI-based career tools already used by the bank.

These include iGrow, which recommends learning and job opportunities based on employees' skills, aspirations and learning history, and iCoach, a generative AI coaching platform. The advisory model is intended to help employees assess their strengths, consider different career options and turn them into plans.

DBS said it has already provided foundational AI training to all 40,000 employees globally, including 14,800 in Singapore. More than 11,000 employees have also been upskilled for roles significantly reshaped by AI.

Workforce shift

The arrangement comes as banks and other financial institutions assess how far AI will alter job structures, training needs and hiring patterns. In Singapore, where financial services remain a major employer, industry bodies and firms have placed growing emphasis on structured retraining and skills recognition as automation and generative AI tools spread across front-office, middle-office and support functions.

For DBS, the agreement extends a workforce strategy that places training and internal mobility alongside technology adoption. The aim is not only to prepare existing employees for revised tasks, but also to create clearer pathways for people entering the sector.

Lee Yan Hong outlined how the bank views AI's role in the workplace.

"We see AI as a cognitive enhancer - augmenting what people can do by automating the mundane, taking away repetitive and administrative tasks, summarising and synthetising large amount of data at speed. By removing the toil, AI creates capacity, giving people back time and energy to apply higher order skills such as critical thinking, problem solving and relationship building, so they can solve more complex problems, make better decisions and deliver greater value. At DBS, we use AI to create capacity to drive growth for the bank and for our people. Our ambition is to be an AI-enabled bank with a heart, keeping the human in the lead as work evolves.

"Our philosophy has always been to save people, not jobs. Jobs will change and tasks will evolve, but we are determined to bring everyone along our workforce transformation, from those starting their careers to experienced colleagues navigating their growth with us. Our strategic partnership with IBF brings together our collective expertise and commitment to develop future-ready capabilities at scale - equipping our colleagues with the skills, confidence and opportunities to thrive alongside AI, while strengthening the young talent pipeline for the wider financial sector," said Lee Yan Hong, Head of Group Human Resources at DBS.

IBF said the agreement could serve as a model for broader cooperation between financial institutions and the training body as AI adoption gathers pace. It pointed to course recognition, structured training support and on-the-job learning as areas where it expects to work with firms on workforce change.

"This comprehensive MOU with DBS puts people at the heart of AI transformation, spanning uplifting essential AI skills, upskilling for new or redesigned roles, and upbuilding the young talent pipeline. IBF and DBS will continue to testbed and co-develop workforce interventions to build a skilled and future-ready workforce in an evolving AI-enabled world.

"As a lighthouse financial institution, DBS is showing how our workforce can be supported alongside AI adoption. IBF seeks to strengthen DBS's workforce initiatives through course recognition, support for structured and on-the-job training and workforce transformation. It is through such collaborations between IBF and financial institutions that we can help employees grow and progress in their job roles alongside AI adoption. Technology creates possibilities, but partnership turns them into opportunities for people. IBF looks forward to working with more financial institutions and partners to scale these benefits across the industry," said Carolyn Neo, Chief Executive Officer of the Institute of Banking and Finance Singapore.