AICB, partners unveil framework to boost financial workforce skills
Published on: Wednesday, August 07, 2024
By: Bernama
As of Q1 2024, there are 168,832 workers employed in the financial sector. (File pic)
PETALING JAYA: The Malaysian workforce is undergoing a significant transformation, with many new job roles emerging that did not exist a decade ago, a trend that is expected to continue in the coming decades, said the Asian Institute of Chartered Bankers (AICB) chairman Azman Hashim.
“Therefore, the workforce in the financial sector will need to be equipped with skills to adapt to rapidly changing technology trends, which will help boost the country’s economic growth.
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The development of Malaysia’s first Future Skills Framework (FSF) for the financial sector by AICB, in collaboration with the Islamic Banking and Finance Institute of Malaysia (IBFIM) and The Malaysian Insurance Institute, aims to future-proof the workforce by bridging skills gaps, he noted.
Azman said the financial sector is critical in driving Malaysia’s economic growth and stability, contributing an estimated 6.7% to the gross domestic product (GDP) in 2023, with a growth forecast of 4.3% for 2024.
In the first quarter of 2024 (Q1 2024), 168,832 workers were employed by the financial sector.
Meanwhile, AICB CEO Edward Ling said that a spectrum of key trends, including green and digital transformations, as well as demographic shifts are fundamentally reshaping business models and workplaces.
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Amid these trends and in line with the national target to achieve a 35% skilled workforce by 2030, he emphasised that skills act as an accelerator, crucial for the financial sector to transition into the future successfully.
Ling said the launch of the FSF for the financial sector marks a significant step in advancing a future-ready financial sector workforce.
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“Our goals with the FSF are to bring about transformational change and future-proof the workforce.
It also aims to promote talent mobility, provide clear career development pathways, and assist in reducing unemployment in the sector, he said.
He added that the number of certified bankers grew by 43% in the last five years, signifying commitment to professional development.
Ling said AICB aims for 50% of the banking workforce to be certified with relevant skills in the next three to five years through the Institute’s suite of professional banking educational programmes and continuous professional development initiatives.
He pointed out that the FSF is well aligned with Bank Negara Malaysia (BNM)’s Financial Sector Blueprint 2022-2026, highlighting the importance of upskilling and reskilling in developing the workforce to navigate the evolving work priorities and face future challenges effectively.
Maybank Group chief human capital officer Nora Manaf said the FSF is expected to serve as a go-to reference for professionals, undergraduates and employees planning for new job roles in the financial sector.
The FSF identified 159 relevant job roles and 157 in-demand skills for the next three years, potential career development pathways, and nearly 1,000 capacity-building programmes that can be accessed.
Among others, it highlighted the growing demand for skills in the areas of frontier technologies, sustainability, and Shariah.
It has identified 17 emerging job roles that are pivotal in driving the integration of future technologies and empowering the workforce for enhanced productivity, she added.
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