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Speech at 6th UOB Better U Festival

Dr Tan See Leng, Minister for Manpower, UOB Plaza

Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB
Mr Dean Tong, Head of Group Human Resources, UOB
Distinguished Guests
Ladies and Gentlemen of UOB

1. Good morning! I am delighted to join you today.

2. We live in times of global economic uncertainties and rapid disruptions. How we work and the types of jobs available can change in what feels like the blink of an eye. The rise of Generative AI offers new opportunities but also uncertainties. To keep up, both employers and workers must be agile – embracing continuous learning, adapting, and transforming together.

3. That is why I am glad to see UOB investing in developing their employees’ careers. UOB’s initiatives are closely aligned with the Government’s ongoing efforts to strengthen the career health of the Singapore workforce.

Prioritising and Strengthening Career Health

4. I am not sure how many of you are Formula One fans but enterprise and workforce transformation are like the front and rear wheels of a race car – both must turn together to navigate swiftly around the bends. Even if just one wheel is not aligned, you lose speed, control, and the chance to take the lead.

5. UOB clearly understands this. Next year, it will be rolling out a reskilling programme in partnership with the Institute of Banking and Finance Singapore (IBF) and Workforce Singapore (WSG). The programme, which is aptly called ‘Better U Pivot Programme’ will provide up to 500 opportunities over two years for employees in operations and administration roles. It will take the form of a Career Conversion Programme, where these employees can transition into growth jobs, for example, in risk and compliance, or sales and customer experience. Such a programme benefits both employees in their career prospects and the bank in its transformation efforts.

6. Sherlyn and Shu Chern, who took part in the pilot of the programme, shared with me how it helped them explore different career paths within the bank. Sherlyn and Shu Chern both joined UOB as Customer Service Assistants. Following a one-year programme which included structured training, on-the-job stints and an internship, they have officially transited to their new roles as Anti-financial Crime Operations Analysts. Congratulations and well-done to both!

Supporting Businesses to Harness AI to Boost Capabilities and Productivity

7. Another area of growth is in data and AI. The finance sector is being dramatically transformed by technology and AI. AI powered chatbots and virtual assistants are already being deployed in customer service and advisory roles. Looking forward, AI will only have greater impact and will revolutionise credit underwriting, investment management, and wealth advisory.

8. I mentioned earlier how business transformation must go hand-in-hand with workforce transformation. I am happy that, other than the ‘UOB Better U Pivot Programme’ which is for employees in operations and administration roles, UOB is also taking proactive steps by establishing the Artificial Intelligence (AI) and Data Analytics Centre of Excellence (AIDA CoE). Under this programme, UOB will partner National University of Singapore (NUS) and Infocomm Media Development Authority (IMDA), to pilot and co-develop a training programme for graduates to accelerate their development as AIDA professionals. IMDA will also work with UOB to develop AI practitioners under TechSkills Accelerator (TeSA) initiative. Those who complete the programme can look forward to joining UOB’s key services and operations.

9. Within the bank, UOB has also set up the AIDA Academy to develop confident AI users across all job functions. The goal of the academy is to cultivate a workforce that is equipped with a strong foundation in AI and data literacy, and can make informed decisions and interpretations when dealing with data-driven technologies and associated data governance guidelines and policies. I strongly encourage all of you to make full use of the resource and training available.

Supporting the Development of Local Leadership and Sustainable Finance Sector

10. Beyond investing in AI capabilities and skills, we also aim to nurture our top local talent in the corporate sphere. This is why the Government will continue to support and work with employers to empower workers to take charge of their career development and seize new opportunities. This includes supporting financial institutions to invest in local corporate leadership development, which also helps businesses in executing their growth plans and strengthening their global competitiveness. Building up local leaders requires employers to actively invest in leadership succession planning, and workers to seize opportunities outside their comfort zone.

a. A key way to support this is through overseas career development opportunities. The Monetary Authority of Singapore (MAS) has recently enhanced its successful International Postings Programme, or iPOST, to support financial institutions to send even more Singaporeans for overseas postings to acquire international capabilities.

b. Another component is strong leadership development programmes, such as the Asian Financial Leaders Programme co-funded by MAS’ Asian Financial Leaders Scheme, or AFLS. MAS has announced that it will launch two new leadership programmes, one for senior leaders and one for high-potential middle-level professionals, to expand support for financial institutions to grow their leadership pipeline. Funding for these programmes will be offered under the AFLS.

11. One area which presents significant opportunities for Singapore is sustainable finance. To support ASEAN’s transition to net zero, the region will need sizeable sustainable financing.

12. In the next decade, the sustainable finance market in ASEAN is projected to hit four to five trillion dollars. New sustainable finance-related tasks will be added to selected finance roles to a moderate or high degree, affecting more than 50,000 professionals in the financial services sector. New job roles in Sustainability Risk and Sustainability Strategy will be created.

13. As promised, the Government will help financial institutions upskill their workforce to capture these opportunities. In April 2024, the MAS and IBF, with the support of Workforce Singapore (WSG), launched the Sustainable Finance Jobs Transformation Map (JTM). This JTM outlines the impact of sustainability trends on jobs in Singapore’s financial services sector, and what are the emerging skills that the workforce will need to serve sustainable financing demands in the region.

14. MAS has also set aside S$35 million in the Financial Sector Development Fund to support upskilling and to develop specialists in sustainable finance.

Conclusion

15. In conclusion, the landscape of work is evolving rapidly, and we must all prioritise continuous learning and adaptability to be well-prepared for the future. Whether you are a youth starting your career, a mid-career worker looking at your next step, or a senior in your golden years, take charge of your career health. The Government will continue to support you in fulfilling your career aspirations.

16. Thank you, and I look forward to our discussion later.