ROBUST, TRUSTED, AND
PURPOSEFUL FINANCIAL CENTRE
- A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
- Growing Our Core Industry Pillars
- Box 2: Singapore as a Global Insurance Marketplace
- New Growth Areas
- Enhancing Workforce Competencies
- Box 3: Milestones in Developing the RMB Market in Singapore
A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
ENHANCING WORKFORCE COMPETENCIES
In 2013, MAS partnered with the Institute of Banking and Finance (IBF) to update competency roadmaps for finance professionals under the IBF Standards (previously known as Financial Industry Competency Standards). Programmes accredited under the IBF Standards now include functional training at both foundational and advanced levels. New foundation level programmes have been developed in technology, compliance, corporate banking, wealth management and insurance. MAS also worked with IBF to implement the new Continuous Professional Development (CPD) framework for private banking professionals. Almost all of private banking professionals undertook more than 12 hours of CPD in 2013, with more than half going beyond the minimum requirement.
MAS has worked with key financial institutions to develop promising young Singaporean talents for future positions of leadership in the financial services sector through structured programs that provide opportunities to rotate in various business lines. They are also given regional and international exposure through overseas secondments. MAS will also continue to work with financial institutions to develop specialist leaders through scholarships. Looking ahead, a new Asian Financial Leaders Programme will be launched to equip local practitioners with Asia-relevant leadership capabilities and prepare them for regional or global leadership positions.