Malaysia Launches First Future Skills Framework to Future-Proof Financial Sector Talent

(from left to right) Edward Ling, Chief Executive, AICB; Datuk Yvonne Chia, FCB, AICB Council Member, Independent Non-Executive Chairman, Standard Chartered Bank Malaysia Berhad; Dato’ Mohd Muazzam Mohamed, Group CEO, Bank Islam Malaysia Berhad; Datuk Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia; YB Tuan Steven Sim Chee Keong, Minister of Human Resources, Malaysia; Tan Sri Azman Hashim, Chairman, Asian Institute of Chartered Bankers; Antony Lee, CEO, AIG Malaysia Insurance Berhad; Paul Low, CEO, The Malaysian Insurance Institute; Yusry Yusoff, CEO, Islamic Banking and Finance Institute Malaysia; and Thomas Mathew, Group CEO, TalentCorp Malaysia Berhad, at the official launch of the Future Skills Framework (FSF) on 22 July 2024.

Kuala Lumpur, 22 July 2024 – Malaysia has taken a significant step towards ensuring the sustainability and growth of its financial sector with the launch of the country’s first Future Skills Framework (FSF). This initiative aims to equip the financial workforce with the necessary skills to thrive in an evolving industry landscape.

The financial sector, contributing 6.7% to Malaysia’s GDP in 2023 and employing over 168,000 workers, is pivotal to the nation’s economic stability. However, with rapid advancements in technology and changing market demands, there is an urgent need for a future-ready workforce. The FSF addresses this by identifying 159 job roles and 157 skills that will be in demand over the next three years, offering nearly 1,000 capacity-building programs.

Key Trends and Skills:

GenAI and Digital Transformation: Emphasizing the importance of adapting to new technologies.

Cybersecurity and Sustainability: Highlighting the need for robust security measures and sustainable practices.

Customer and Employee-Centricity: Focusing on enhancing customer experiences and employee satisfaction.

The FSF was launched by the Asian Institute of Chartered Bankers (AICB), in collaboration with the Islamic Banking and Finance Institute Malaysia (IBFIM) and The Malaysian Insurance Institute (MII). The framework aligns with Bank Negara Malaysia’s Financial Sector Blueprint 2022–2026, which underscores the importance of nurturing future-fit talents.

Edward Ling, Chief Executive, Asian Institute of Chartered Bankers, said, “As Malaysia aims for a 35% skilled workforce by 2030, the Future Skills Framework (FSF) marks a pivotal step in advancing a future-ready financial sector workforce. The FSF offers a transformative solution, emphasising a ‘Skills-First’ strategy that will revolutionise talent development and mobility across job roles and the financial services sub-sectors. AICB is proud to lead this initiative, reflecting our commitment to addressing the industry’s evolving needs, setting high standards for skills mastery, and fostering continuous learning for the sector’s growth and professional excellence.”

Yusry Yusoff, Chief Executive Officer, Islamic Banking and Finance Institute Malaysia, also added, “It is our aspiration that the Future Skills Framework (FSF) will enable IBFIM to support the development of highly skilled Islamic finance professionals, equipping them with the multifaceted skillsets required for future needs.”

Paul Low, Chief Executive Officer, The Malaysian Insurance Institute, said, “The Future Skills Framework (FSF) supports the professional development of our members in the insurance sector and aligns our global standards and best practices. MII remains committed to ensuring that the training and educational programmes we offer are relevant, well-tailored, and in alignment with the ever-changing needs of the insurance industry.”

The FSF also seeks to align educational training with the specific requirements of the financial sector, bridging the gap between employer demands and workforce skills. It identifies 15 Power (fundamental) skills, which are relevant for all job roles, complementing 142 Prime (technical) skills. Financial institutions can customise the FSF to meet their unique requirements, using it as a guide for further validation and strategic planning in enhancing talent development.

This initiative is also supported by the Human Resource Development Corporation (HRDCorp) and Talent Corporation Malaysia Berhad (TalentCorp). With effect from 22 July 2024, the public can access the FSF via the websites of AICB, IBFIM, and MII.

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