AICB Unveils FSF Xcel to Boost Skills in Malaysia’s Financial Sector

The Asian Institute of Chartered Bankers (AICB) has launched FSF Xcel, a groundbreaking digital skills assessment platform designed to enhance workforce capabilities within Malaysia’s financial sector. Introduced on October 14, 2025, this initiative aims to accelerate the upskilling of professionals and support the country’s transition to a more adaptive and sustainable financial ecosystem.

Following the successful establishment of the Future Skills Framework (FSF) in 2024, FSF Xcel operationalizes this framework through structured, industry-validated assessments. This allows financial institutions to effectively identify skill gaps, map career pathways, and develop talent strategies in alignment with future needs. The platform encompasses 159 job roles and 157 critical skills, integrating both technical and behavioural competencies essential for the industry.

Developed in collaboration with Accendo Technologies, a Malaysian AI-powered talent intelligence company, FSF Xcel combines global best practices with local insights to bolster Malaysia’s financial talent pipeline. The financial sector plays a vital role in the nation’s economy, contributing approximately 6.7% to Malaysia’s GDP and employing nearly 167,000 professionals as of 2024.

Driving Change in the Financial Sector

The launch of FSF Xcel aligns with the Financial Sector Blueprint 2022–2026 established by Bank Negara Malaysia (BNM). The platform seeks to foster a digitally fluent, innovation-driven workforce, enhancing the sector’s resilience and adaptability in an evolving economic landscape. By offering real-time analytics and a shared competency language, FSF Xcel provides institutions with valuable tools for workforce planning, capability benchmarking, and professional development.

Edward Ling, Chief Executive of AICB, emphasized the platform’s transformative potential, stating, “FSF Xcel is more than a skills assessment platform — it is a catalyst for transformation. By equipping both employees and employers with data-driven insights to identify, measure, and strengthen their capabilities, it fosters a culture of continuous learning and professional excellence.”

YBhg. Datuk Dr Yvonne Chia, Chairperson of the MyMAHIR Future Skills Talent Council and AICB Council Member, added, “In a world where nearly 40% of today’s skill sets are expected to evolve or become obsolete by 2030, FSF Xcel empowers financial institutions to respond with agility and foresight.”

Addressing Urgent Skills Gaps

The initiative is backed by AICB’s 2025 Workforce Baseline Study, which achieved a 68% response rate from 99 financial institutions across the sector. The findings revealed a strong demand for a standardized digital assessment platform, with 96% of respondents expressing interest in adopting such a solution. Furthermore, the study indicated that around 40,000 employees may see their roles evolve due to automation, highlighting the pressing need for targeted upskilling and reskilling efforts.

These insights align with global trends identified in the World Economic Forum’s Future of Jobs Report 2025, which forecasts that 39% of current skill sets will become outdated by 2030. The report also identifies skill gaps as the primary barrier to business transformation in Malaysia.

FSF Xcel is set to be gradually implemented across financial institutions starting in Q4 2025. AICB will collaborate closely with Bank Negara Malaysia, Accendo Technologies, industry associations, and learning partners to support the platform’s adoption and effective implementation throughout the sector.

The launch of FSF Xcel marks a significant step towards ensuring that Malaysia’s financial sector is equipped with a skilled, versatile, and innovative workforce capable of thriving in an increasingly digital economy.