The rapid advances in automation, artificial intelligence (AI), and digitalization are dramatically reshaping industries across the globe, and Malaysia’s financial sector is no exception to this trend. Governor of Bank Negara Malaysia, Datuk Abdul Rasheed Ghaffour, highlighted the urgency of equipping the workforce with contemporary knowledge and skills during the launch of the Future Skills Framework (FSF) for the financial sector in Kuala Lumpur. As the sector continues to evolve, approximately 168,000 individuals employed within it must adapt to remain effective and competitive. Despite significant strides towards digitalization, the financial sector workforce in Malaysia has expanded by nearly 3% over the last two years. Most of this growth has been in highly skilled roles, which now account for more than 95% of job vacancies and newly created positions.
Emphasizing Highly Skilled Roles and Job-Skills Alignment
The Future Skills Framework is a pivotal initiative aimed at strengthening skills development and ensuring job-skills alignment across the industry. The framework outlines 159 job roles and identifies 157 essential skills anticipated to be in high demand over the next three years. It also offers access to nearly 1,000 capacity-building programs, underscoring the increasing necessity for expertise in frontier technologies, sustainability, and Shariah-compliant finance. Bank Negara Malaysia’s efforts focus on ensuring that the workforce remains relevant and can adeptly navigate the complexities brought by technological advancements. Datuk Abdul Rasheed emphasized the importance of agility and resilience as key traits that the sector’s employees must cultivate to keep pace with the ongoing changes.
Abdul Rasheed stressed three primary action items for future-proofing the sector’s talent pool: accurate skills forecasting and planning, fostering industry-wide alliances for detailed job analysis, and investing in skill-development infrastructure. By implementing these strategies, Malaysia aims to create a robust ecosystem where the workforce can thrive amidst the digital shift. One suggested approach is to adopt practices from the Financial Services Skills Commission in the United Kingdom, which promotes skills forecasting at national, industry, and firm levels. This helps ensure that skill development aligns with evolving market demands, enabling individuals to seize new opportunities in an ever-changing landscape.
Building Industry-Wide Alliances and Investing in Skill Development
Malaysia’s financial sector’s successful transition hinges on building strong industry-wide alliances that can facilitate detailed job analysis and collaborative efforts in skills development. This collective approach ensures that the workforce can adapt to the dynamic requirements of the industry. By bringing together various stakeholders, the industry can establish clear pathways for skills acquisition and career progression. The FSF’s holistic strategy aims to create a workforce that is not only proficient in existing tasks but also prepared for emerging roles brought about by technological advancements.
Investment in skill-development infrastructure is another cornerstone of this comprehensive approach. Providing access to nearly 1,000 capacity-building programs is a testament to the commitment to nurturing a highly skilled workforce. These programs focus on developing expertise in critical areas such as frontier technologies, which include AI, machine learning, and data analytics. Additionally, the emphasis on sustainability and Shariah-compliant finance reflects the industry’s alignment with global trends and ethical standards. By equipping the workforce with these skills, Malaysia’s financial sector can maintain its competitive edge and drive innovation in the digital era.
Strategic Approach to Skills Development and Economic Resilience
Malaysia’s financial sector’s successful transition depends on fostering robust industry-wide collaborations for detailed job analysis and collective skill development efforts. A united approach guarantees that the workforce can adapt to the sector’s evolving needs. By uniting various stakeholders, the industry can create clear pathways for skills acquisition and career advancement. The FSF promotes a strategy to build a workforce that excels in current tasks and is ready for new roles brought about by technological innovations.
Investing in skill-development infrastructure is another key element of this multifaceted strategy. Offering nearly 1,000 capacity-building programs underscores a commitment to developing a highly skilled workforce. These programs emphasize critical areas like frontier technologies, including AI, machine learning, and data analytics. Additionally, attention to sustainability and Shariah-compliant finance aligns the industry with global trends and ethical standards. By equipping the workforce with these skills, Malaysia’s financial sector can sustain its competitive edge and foster innovation in the digital age.
