Here’s What You Need to Know About Singapore’s Talent in Finance Programme

Here’s What You Need to Know About Singapore’s Talent in Finance Programme

by October 4, 2022

The Monetary Authority of Singapore (MAS) says that leadership development is an important area of focus for the Talent and Leaders in Finance (TLF) programme under the Financial Services Industry Transformation Map 2025.

The Financial Sector Development Fund (FSDF) has set aside S$400 million to support the programme till 2025 to nurture more Singaporean specialists and leaders in finance.

Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS said in a parliamentary response that the new Overseas Networks and Expertise (One) Pass programme is essential to help attract high-quality global talent that can take on some of these leadership roles.

He stressed the need to groom and develop as many Singaporeans as possible so they have a strong chance to take on these senior leadership roles that are being creating and anchored in the country.

As many financial institutions serve the region using Singapore as a base, having deep knowledge of the region’s operating environment is critical for taking on senior leadership roles, Tharman added.

MAS will provide funding support for financial institutions to develop more high-potential Singaporeans to grow their leadership capabilities through overseas postings and other development programmes.

This will help them take on global and regional leadership roles.

The regulator is also stepping up its efforts to foster a strong network of Singaporean leaders in finance and enable a community of leaders to mentor its next generation leaders.

MAS’ efforts has borne fruit as it estimates that more than 3,500 Singapore citizens held senior roles in the financial sector in 2021, more than double compared to 2016.

Breakdown of the TLF programme

At the entry level, TLF will focus on ensuring polytechnic and university students are well-equipped with the needed skills.

MAS is working with financial institutions and institutes of higher learning to structure internships with clearly defined goals to acquire skills and to update course curriculum so its students are equipped with in-demand skills.

The programme will also co-fund job rotation schemes that provide training and mentorship for new entrants joining financial institutions.

Meanwhile, at the mid-career level, TLF will provide opportunities for finance professionals to reskill and upskill themselves, so as to help them respond to the fast-changing demands of their roles.

These include subsidised course fees and career conversion programmes, and defraying expenses so as to encourage financial institutions to send their employees on overseas stints.

Technology and sustainability as key focus areas under the TLF programme

The programme will help develop them in the two key growth areas of technology and sustainability.

MAS is working closely with the industry to identify talent needs in these areas and develop relevant training programmes.

In the technology sphere, the Institute of Banking & Finance and MAS studied the impact of data analytics and automation on job roles in the financial sector.

They then used this information to launch career conversion programmes that enable existing professionals to acquire skills for new job roles.

More than 4,400 individuals in consumer banking, operations and insurance roles have been trained or are undergoing training, and more than 2,100 individuals from this group have successfully taken on new job roles.

The Technology in Finance Immersion Programme (TFIP) has helped 600 workers with no prior work experience in the areas offered under the programme, acquire skills to start a career in fields such as software engineering, data analytics, and agile IT project management.

In the sustainability sphere, MAS has developed the Sustainable Finance Technical Skills and Competencies (TSCs), which define the standards of proficiency and knowledge that workers need to perform various job roles in sustainable finance in close consultation with industry.

Training providers and financial institutions can use these TSCs to develop relevant training programmes.