Technology will transform Singapore’s finance sector and workers must upskill, says EY

EY has released a report on behalf of the state of Singapore revealing how technology is set to transform the finance sector.

The report, published on Thursday as a result of a nine-month study, revealed many repetitive tasks done by finance workers in Singapore will become obsolete as technology evolves.

As such, workers will have to upskill. It was found that of 121 positions, 100 included tasks that will be displaced by automation of enhanced by data analytics within five years.

The report added that new skills will be needed to cope with changes brought about by technology, such as lateral thinking.

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As the report was revealed, Singapore’s Manpower Minister Josephine Teo said that the study will help workers to understand what skills they will need in the future. It was also announced that a professional conversion programme will be put in place to help employees develop in various areas.

Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), said: “Many of the jobs we have been doing all these years have not disappeared, but the tasks we do within (these) jobs have changed substantially because of technology.”