New initiatives to boost financial sector to be introduced
The Monetary Authority of Singapore will introduce initiatives to boost skills and expertise across all levels in the financial sector.
SINGAPORE: The Monetary Authority of Singapore (MAS) will introduce new initiatives to strengthen the Republic’s financial sector for future progress, as the country marks 50 years of independence.
“Taking into account market developments over the years and global regulatory changes over the last decade, we will rationalise the distinction between the domestic and international within the banking system,” explained Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Tuesday (Jun 30) at the Association of Banks in Singapore’s (ABS) annual dinner.
“Second, we will introduce several manpower and talent development initiatives to ensure a strong Singaporean core across the range of activities in the financial sector,” he added.
Mr Tharman said existing MAS rules that distinguish between offshore and domestic banking activities have become less relevant. Banks will no longer be required to segregate their domestic and offshore operations into separate accounting entities. The MAS will announce further details in a consultation paper by August.
As for initiatives to build up skills and expertise across all levels of the financial sector workforce, MAS will introduce the Financial Sector Earn and Learn Programmes for fresh polytechnic graduates.
The programme will allow them to gain employment experience at a financial institution and receive training which counts towards a Specialist or Advanced diploma. At least 200 places will be available for polytechnic graduates in the coming year.
Meanwhile, the Asian Financial Leaders Programme has been launched for finance professionals aspiring to C-suite roles.
Said Mr Tharman: “This programme will take advantage of Singapore’s strong and expanding linkages in the region, including ASEAN, China and India, and aim to strengthen those links through leadership development.
“The Asian Financial Leaders Programme is aimed at equipping finance professionals aspiring to C-suite roles with the knowledge and capabilities to operate effectively across diverse business, regulatory, and legal environments. Participants will be given the opportunity to learn from and interact with top policy-makers from the region and to also build networks with fellow financial sector leaders.”
Mr Tharman said the efforts to develop professional talent and skills in the financial industry are also aimed at developing a strong core of Singaporean leaders in the sector, and this will help define Singapore’s continued success as a financial centre.
The incoming chairman of ABS, Mr Wee Ee Cheong, added that upgrading skills will help banks deal with ongoing changes in the industry and stay competitive.
He said: “If we want to stay relevant in the global arena, we cannot afford to be inward-looking. The competition is out there. We are where we are today because we are a place where talent, wealth and knowledge gather. And in our inter-connected world, none of these have boundaries.
“So as we build the Singapore core, we must be receptive to, attract and retain, the best ideas, talent and capital, wherever they are from. If we don’t, others will.”
