The Asian Institute of Chartered Bankers (AICB) has introduced FSF Xcel, Malaysia’s first industry-wide digital skills assessment platform for the financial sector. The platform aims to benchmark workforce capabilities and accelerate upskilling across the industry, supporting Malaysia’s shift towards a more adaptive, sustainable, and future-ready financial ecosystem.
FSF Xcel builds on the Future Skills Framework introduced in 2024 by translating the framework into structured, industry-validated assessments. These assessments allow financial institutions to identify skill gaps, map learning and career pathways, and strengthen talent strategies for the future. Covering 159 job roles and 157 critical skills, the platform evaluates both technical expertise and behavioural competencies. Developed in partnership with Accendo Technologies, a Malaysian AI-powered talent intelligence company, FSF Xcel combines global best practices with local insights to enhance Malaysia’s financial talent pipeline.
The financial sector contributed an estimated 6.7 percent to Malaysia’s GDP in 2024 and employs nearly 167,000 professionals, making it a key driver of economic growth and stability. Aligned with Bank Negara Malaysia’s Financial Sector Blueprint 2022–2026, FSF Xcel supports the transition to a digitally fluent and innovation-driven workforce. The platform provides real-time analytics and a shared competency framework to guide workforce planning, benchmark capabilities, and advance professional development across the sector, reinforcing Malaysia’s ambition to build talent readiness for a digital economy.
Edward Ling, Chief Executive of AICB, stated that FSF Xcel is more than a skills assessment platform, describing it as a catalyst for transformation. The platform equips employees and employers with data-driven insights to identify, measure, and strengthen capabilities, fostering a culture of continuous learning and professional excellence. YBhg. Datuk Dr Yvonne Chia, Chairperson of the MyMAHIR Future Skills Talent Council for the financial sector, highlighted the urgency of the initiative, noting that nearly 40 percent of today’s skill sets are expected to evolve or become obsolete by 2030. She emphasised that FSF Xcel enables financial institutions to respond with agility and reinforces Malaysia’s position as a regional hub for skilled and innovative financial professionals.
Sharma Lachu, Founder and CEO of Accendo Technologies, expressed confidence that the partnership with AICB would drive the creation of an industry-wide Digital Talent Passport, allowing individuals and organisations to thrive amid continuous change. The initiative is informed by AICB’s 2025 Workforce Baseline Study, which gathered input from 99 financial institutions, achieving a 68 percent response rate. The study revealed strong demand for a standard digital assessment platform, with 96 percent of respondents interested in adopting such a tool to close skill gaps in line with the FSF. It also found that approximately 40,000 employees may see their roles evolve due to automation, highlighting the need for targeted upskilling and reskilling.
The findings reflect global trends identified in the World Economic Forum’s Future of Jobs Report 2025, which predicts that 39 percent of current skill sets will become outdated by 2030 and points to skill gaps as a major barrier to business transformation in Malaysia. FSF Xcel is scheduled for progressive rollout across financial institutions starting in the fourth quarter of 2025, with AICB collaborating closely with Bank Negara Malaysia, Accendo Technologies, industry associations, and learning partners to ensure effective adoption and implementation.