KUALA LUMPUR (July 22): There are 159 roles and 157 skills that will be in demand for the next three years in Malaysia’s financial sector, according to the Future Skills Framework (FSF), a joint industry document launched on Monday.
The FSF — developed by Asian Institute of Chartered Bankers, Malaysian Insurance Institute and the Islamic Banking and Finance Institute Malaysia — categorises skills into the so-called Prime Skills Clusters with 142 job-specific technical skills and Power Skills Clusters that has 15 fundamental competencies across all roles.
That includes “emerging roles” such as artificial intelligence and machine learning in the prime skill cluster, as well as “sustainability awareness” in the power skill cluster.
The document, which is aimed to be a reference point for policy makers, employers, and employees in the financial sector, also highlights potential career development pathways and provides access to nearly 1,000 capacity building programmes.
Implementing the FSF is a critical step for the industry in building a strong foundation for skills development and job-skills matching, addressing the challenges and opportunities within the financial sector workforce, said Bank Negara Malaysia (BNM) governor Datuk Shaik Abdul Rasheed Ghaffour.
The financial sector workforce remained a net job creator, expanding by almost 3% in the last two years even amid ongoing digitalization efforts, he noted. Most employment is targeted at highly skilled workers, averaging more than 95% of total job vacancies and newly created positions, he said.
“To ensure that we remain ready to meet the evolving demands of the economy, the way we approach talent development must keep pace with the changes around us,” the governor said in his keynote address at the launch of the FSF. “For this, we need a whole-of-industry and nation approach.”
Officiated by Human Resources Minister Steven Sim Chee Keong, the FSF is in line with BNM's Financial Sector Blueprint 2022–2026, which emphasises the importance of nurturing future-fit talents to increase the financial sector’s competitiveness.