The Asian Institute of Chartered Bankers (AICB) has officially launched FSF Xcel, Malaysia’s first industry-wide digital skills assessment platform for the financial sector. Introduced on 13 October 2025, the initiative marks a major milestone in benchmarking workforce capabilities and accelerating upskilling across the industry, in line with Malaysia’s vision for a more adaptive, sustainable, and future-ready financial ecosystem.
Building on the success of the Future Skills Framework (FSF) introduced in 2024, FSF Xcel operationalises the framework through structured, industry-validated assessments that help financial institutions identify skill gaps, design learning pathways, and strengthen talent strategies. Covering 159 job roles and 157 critical skills, the platform assesses both technical capabilities and behavioural competencies essential for a modern financial workforce. Developed in collaboration with Accendo Technologies, a Malaysian AI-powered talent intelligence company and the official delivery partner of FSF Xcel, the platform combines global best practices with local insights to enhance Malaysia’s financial talent pipeline.
The financial sector remains a key pillar of Malaysia’s economy, contributing approximately 6.7% to the nation’s GDP in 2024 and employing nearly 167,000 professionals. In alignment with Bank Negara Malaysia’s Financial Sector Blueprint 2022–2026, FSF Xcel supports the transition towards a digitally fluent and innovation-driven workforce one that embraces data, agility, and lifelong learning. The platform’s real-time analytics provide financial institutions with a unified competency language to guide workforce planning, benchmark performance, and nurture professional development. This collective approach strengthens Malaysia’s position as a leader in developing future-ready financial talent for the digital economy.
According to Edward Ling, Chief Executive of AICB, FSF Xcel represents more than a technological advancement; it is a catalyst for transformation within the financial industry. He said, “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. Developed for the industry, with the industry, FSF Xcel reflects our shared commitment to building a resilient, competitive, and future-ready financial workforce.”
YBhg. Datuk Dr Yvonne Chia, FCB, Chairperson of the MyMAHIR Future Skills Talent Council – Financial Sector and AICB Council Member, shared similar sentiments. “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. It reinforces Malaysia’s position as a regional hub for skilled, versatile, and innovative financial professionals,” she said.
From the perspective of technology collaboration, Sharma Lachu, Founder and CEO of Accendo Technologies, emphasised the power of partnership in driving transformation. “FSF Xcel proves that vision can be translated into action. We are confident that Accendo’s partnership with AICB will drive the impetus for an industry-wide Digital Talent Passport, allowing individuals and organisations to thrive in this ever-changing world,” he said.
The launch of FSF Xcel is backed by findings from AICB’s 2025 Workforce Baseline Study, which saw a 68% response rate from 99 financial institutions nationwide. The study revealed that 96% of respondents expressed strong interest in adopting a standardised digital assessment platform aligned with the FSF to close skill gaps and enhance workforce readiness. It also found that approximately 40,000 employees are expected to see their roles evolve due to automation, underscoring the growing urgency for targeted upskilling and reskilling initiatives across the sector.
These insights reflect global trends highlighted in the World Economic Forum’s Future of Jobs Report 2025, which projects that 39% of current skill sets will become obsolete by 2030 and identifies skill gaps as one of the most significant barriers to business transformation in Malaysia.
FSF Xcel will be rolled out progressively across financial institutions starting in the fourth quarter of 2025. AICB will continue to work closely with Bank Negara Malaysia, Accendo Technologies, industry associations, and learning partners to ensure smooth adoption and implementation. Through this collaborative effort, Malaysia’s financial sector is set to take a decisive step forward in cultivating a skilled, future-ready workforce equipped to lead in an evolving global economy.
