Govt to Beef Up Financial Sector Competencies for Future Needs01 Oct 2016
THE Financial Sector Tripartite Committee (FSTC), with the help of the Singapore Workforce Development Agency (WDA), is launching the industry Professional Conversion Programme (PCP) to provide on-the-job training support for financial professionals to help them with job transitions.
Minister for National Development and Second Minister for Finance Lawrence Wong said this on Friday at the Institute of Banking and Finance (IBF) Distinction Evening, which recognises the contributions of IBF partners and stakeholders, and honours financial institutions and industry captains who have demonstrated exemplary professional excellence.
For a start, the PCP will provide support to individuals who plan to move into areas of demand such as compliance functions, Mr Wong said, adding that demand is huge, with regulatory reforms and tightening standards. He noted that some banks are already on board as a first wave, including DBS, Standard Chartered and Credit Suisse, and urged others to join the programme.
This is part of the government's effort to strengthen mechanisms to support current financial services professionals who are between jobs. It will also strengthen the linkages with institutes of higher learning (IHLs) to boost the pipeline for financial sector opportunities and provide more support for individuals in their learning and professional development.
To this end, the Monetary Authority of Singapore (MAS) is working with polytechnics and universities to ensure their curriculums meet industry needs and prepare the future workforce for the fintech (financial technology) wave. "MAS and the polytechnics will formalise their collaboration in October in a memorandum of understanding," noted Mr Wong, who said they expect 2,500 students to benefit from focused curriculum content, internship opportunities, and project work in fintech development.
He also said IBF will be launching new initiatives to empower financial sector practitioners with core capabilities to embrace technology and digital transformation, develop innovative and forward-thinking work processes, enhance customer insight, and develop entrepreneurial mindsets.
Together with the industry, IBF will offer learning modules in a set of six core capabilities including digital communications, cyber risk and governance, which will underpin a more digitalised financial sector.
IBF will also enhance the delivery of its learning modules through online and mobile applications, said Mr Wong.