|
A framework of strategies was formulated in 2000 for manpower development in the financial sector. The strategies are directed towards enhancing the quality of human capital and developing a sound, supporting infrastructure to sustain Singapore's competitiveness in this area.
The initiatives involve:
a) The setting up of a Financial Network for Excellence in Training (F-NExT).
b) The deployment of a $0.5 billion Financial Sector Development Fund (FSDF) to support training programmes to enhance manpower capabilities.
F-NExT
MAS, together with the Institute of Banking and Finance (IBF) and the Singapore College of
Insurance, undertook a study of the financial training infrastructure last year. The review highlighted that there was scope for greater collaboration between leading training institutes and the industry in the provision of training for financial executives. The networking of institutions and industry members would serve to increase the dynamism of the training culture, allowing it to grow in tandem with Singapore's development as an international financial centre. As a result of the review, F-NExT was set up to serve as a platform to proactively identify training demands in critical and specialised areas, and facilitate collaborative efforts to meet these needs.
This will be achieved through alliances and partnerships to create top quality programmes directly relevant to the needs of the industry. The network will be overseen by a collaborative council which will consist of prominent industry figures and representatives from selected top financial training institutions. IBF will act as the Central Executive for F-NExT.
In addition, a Standards Committee will also be incorporated
within the network to advise MAS on industry benchmarks
pertaining to qualifications, to ensure that financial
sector professionals attain minimum standards of competence.
FSDF
With the successful listing of SGX, about $0.5 billion was transferred to the FSDF. The following are three manpower development schemes supported under this Fund:
a) The Executive Development Scheme (EDS) which encourages Singapore-based financial institutions to develop the skills and capabilities of their executive staff in key areas of expertise by defraying the cost of locally-based training.
b) The Global Enrichment Initiative (GEI) which helps financial executives tap world-class know-how in other leading financial
centres, by co-funding overseas training costs.
c) The Training Infrastructure Scheme (TIES) which supports the development of a dynamic training environment through defraying the costs incurred by training providers in the establishment or expansion of training facilities.
|