Malaysia unveils future skills framework to future-proof financial sector talent

The framework identifies 159 relevant job roles and 157 skills that will be in demand for the next three years, potential career development pathways, and access to nearly 1,000 capacity-building programmes.

The Asian Institute of Chartered Bankers (AICB), in collaboration with the Islamic Banking and Finance Institute Malaysia (IBFIM) and The Malaysian Insurance Institute (MII), launched Malaysia's first Future Skills Framework (FSF) on 22 July 2024. 

Officially launched by YB Tuan Steven Sim Chee Keong, Minister of Human Resources and Datuk Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, the FSF will be accessible to the public via the websites of AICB, IBFIM, and MII starting from 22 July 2024.

This initiative aims to future-proof the Malaysian financial sector's workforce over the next three years by promoting skills mastery and continuous learning, and is supported by the Human Resource Development Corporation and Talent Corporation Malaysia. 

According to the ⁠World Economic Forum's The Future of Jobs Report 2023, employers estimate that by 2027, 44% of workers' core skills will be disrupted and six in 10 workers will require training, yet only half have access to adequate training opportunities.

The FSF identifies 159 relevant job roles and 157 skills that will be in demand for the next three years, potential career development pathways, and access to nearly 1,000 capacity-building programmes. Among others, it highlights the growing demand for skills in frontier technologies, sustainability, and Shariah compliance.

The FSF also aims 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 relevant for all job roles, complementing 142 Prime (technical) skills.

Financial institutions will be able to customise the FSF to meet their unique requirements, using it as a guide for further validation and strategic planning in enhancing talent development.

The financial sector in Malaysia is seen as a cornerstone of the country's economic growth and stability, contributing an estimated 6.7% to GDP in 2023, ⁠with projected growth of 4.3% in 2024.

As the sector continues to expand, employing 168,832 workers as of Q1 2024, the organisations behind the framework acknowledged that developing a future-ready workforce equipped with in-demand skills is crucial for Malaysia's sustained growth and innovation.

This aims to align with key trends such as:

• GenAI, 
• digital transformation, 
• cybersecurity, 
• sustainability, 
• customer-centricity, and 
• employee-centricity, which are fundamentally reshaping business models and job roles in the Malaysian financial sector.

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