Monetary Authority of Singapore (MAS) and Institute of Banking and Finance (IBF) have on Tuesday launched the Young Talent Program for AI in Finance (YTP-AIF), with plans to offer more than 1,000 internship and traineeship positions through structured programs over the next year starting from August.
The announcement was made by Singapore’s Deputy Prime Minister Gan Kim Yong at the Financial Industry Fiesta 2026, held at Singapore Management University (SMU).
This program is designed to equip students with both applied artificial intelligence (AI) and financial sector skills that are in demand, he said in his speech.
According to him, participants will get to work on industry-relevant projects from financial institutions, and receive mentorship from industry practitioners.
“Those who perform well will be given internship and traineeship opportunities with financial institutions involving AI applications,” he said.
The pilot run will commence in August, with around 20 participating financial institutions, he added.
He also noted that IBF has brought together key financial institutions, as well as SMU, NTU and technology partners to codevelop and deliver the program.
SMU and NTU will recognize the curriculum delivered them for academic credits, allowing their students to gain valuable applied experience while progressing in their studies, he added.
“We hope to bring more institutions and firms on board over time, and potentially extend the model to other emerging growth areas,” he said.
He also said AI-related roles are not limited to specialists in technology.
“We do need people who can build AI systems. But we also need talent who can bridge technology and business – people who understand AI well enough to work with technical teams, and who also understand the business sufficiently to apply AI to real business problems,” he said.
He opined that workers who are comfortable using AI, and who also have strong domain knowledge, will have a clear advantage.
He also cited UOB’s Artificial Intelligence and Data Analytics Program as a good example of how to prepare young talent for this.
According to him, the two-year program is co-developed with NUS, with funding support from Infocomm Media Development Authority (IMDA) and MAS, and administered by IBF.
“Fresh graduates hired into the program receive certifiable AI skills, undergo specialized on-the-job training, and are mentored by senior data practitioners,
“This is a useful model because it combines formal learning with applied experience in real business environments,” he explained.
He also said the government will support more of such programs, so that financial institutions can build a stronger pipeline of AI enabled talent.
He also encourages more institutions to partner with universities, polytechnics and training providers to create structured pathways for young talent and mid-career workers alike.
“This is especially important because the AI transition is not only about future graduates, it is also about the existing workforce that are already in the financial sector, many of whom will need to refresh their skills, redesign their roles, and learn how to work effectively with new AI-enabled tool,” he said.
He also opined that technologies like AI are transforming how companies operate and changing the nature of work.