Malaysian Financial Workforce Undergoes Significant Transformation With FSF To Boost Skills -- AICB

By Siti Radziah Hamzah

KUALA LUMPUR, Aug 7 (Bernama) -- 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.

Given its importance to the Malaysian economy, 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 the Asian Institute of Chartered Bankers (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.

AICB chairman Tan Sri Azman Hashim, envisions the FSF becoming the leading reference for financial skills development in Asia, positioning Malaysia as a regional hub for expertise. He believes this will pave the way for developing standardised learning programmes and knowledge exchange platforms within the region.

The financial sector is critical in driving Malaysia's economic growth and stability, contributing an estimated 6.7 per cent to the gross domestic product in 2023, with a growth forecast of 4.3 per cent for 2024.

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In the first quarter of 2024, 168,832 workers were employed by the financial sector. Equipping the workforce with in-demand skills is crucial for the sector's growth and sustainability.

Meanwhile, AICB chief executive officer (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.

Amid these trends and in line with the national target to achieve a 35 per cent skilled workforce by 2030, he emphasised that skills act as an accelerator, crucial for the financial sector to transition into the future successfully.

Hence, the launch of the FSF for the financial sector marks a significant step in advancing a future-ready financial sector workforce, Ling said.

"Our goals with the FSF are to bring about transformational change and future-proof the workforce. It also aims to further 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 per cent in the last five years, signifying commitment to professional development.

According to him, AICB aims for 50 per cent 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, courses and continuous professional development initiatives, such as conferences, webinars, and technical sessions.

While there were financial institutions that have initiated upskilling and reskilling interventions, the sector lacks an overarching vision of what its skills should look like in this changing environment.

The FSF project, initiated in May 2023, was led by the AICB, which provides strategic leadership to the entire project, manages industry stakeholders’ engagement sessions, and monitors the overall progress and impact of the project.

Ling pointed out that the FSF is well aligned with Bank Negara Malaysia's Financial Sector Blueprint 2022-2026, which highlights 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 Datuk Dr Nora Manaf said the FSF serves as a go-to reference for professionals, undergraduates and employees planning on new job roles in the financial sector.

"Why is it important? Because the framework breaks it down into particular roles and the skills required for each role...So, you can now identify the specific skills you need to build to close any gaps and evaluate your career options," she added.   

The FSF identifies 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 highlights the growing demand for skills in the areas of frontier technologies, sustainability, and Shariah. It identifies a total of 17 emerging job roles that are pivotal in driving the integration of future technologies, creating seamless experiences through integrated platforms, and empowering the workforce for enhanced productivity.

IBFIM CEO Yusry Yusoff said that Shariah-compliant skills covered 50 per cent of the job roles.

“It is our aspiration that the FSF will enable IBFIM to support the development of highly skilled Islamic finance professionals, equipping them with the multifaceted skill sets required for future needs," he added.

-- BERNAMA