22 June 2004...The Monetary Authority of Singapore (MAS) today announced a new initiative, the Financial Sector Manpower Conversion Scheme. The scheme helps to re-channel manpower quickly to new growth areas in the financial sector through customised conversion training programmes. MAS is setting aside S$2.5 million over two years for the scheme from the Financial Sector Development Fund. The funding may be increased depending on the industry's needs.  

2   The scheme gives trainees the basic skills and knowledge to improve their chances of finding employment in new growth areas. It supports up to 70% of the course fees of the conversion training programmes. It also provides on-the-job training allowances. This scheme supports financial institutions in their re-training efforts. 

3   The Financial Sector Manpower Conversion Scheme kicks off with conversion training programmes in private banking and settlement operations within the next three months. With strong growth in the wealth management industry, and the consolidation of some regional and global settlement operations into Singapore, it is estimated that these activities will need 300 professionals in the next year. The Wealth Management Institute and ACI Singapore (The Financial Markets Association) will provide the training programme for the private banking and settlement operations respectively.

4   MAS' Managing Director Mr Koh Yong Guan said, "Rapid changes and the cyclical nature of the financial sector have made it necessary for manpower to be quickly re-trained and deployed to new growth areas. MAS has been in close consultation with the industry on the development of the conversion training programme curricula. The financial institutions have been very supportive and their participation ensures that the scheme will meet their needs."

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Notes to the Editor:

1.  Financial Sector Development Fund

The Financial Sector Development Fund was set up to facilitate the development and enhancement of talent and infrastructure for Singapore's financial centre.

2.  Conversion Programme Partners

Wealth Management Institute (WMI)
The WMI is Asia's first educational institution that specialises in wealth management which offers a holistic, industry-driven approach to train wealth management professionals. For more information on WMI, visit www.wmi.com.sg .

ACI Singapore (The Financial Markets Association)
ACI Singapore (formerly known as the Forex Association of Singapore) was formed in 1973 and is affiliated to ACI  - the largest international association in the wholesale financial markets.

ACI Singapore aims to be the leading association representing the interests of the financial markets in Singapore, and to promote the educational and professional interests of the markets and the industry. For more information on ACI, visit www.acisin.com .

3.  Financial Sector Manpower Conversion Scheme Eligibility Criteria

(All applications will have to go through a formal evaluation process)

Staff sent by financial institutions or individuals
- Trainees must be executives i.e. persons earning more than S$2,500 per month and who possess  degrees, diplomas, professional qualifications or specialist skills.
-Trainees may be of any nationality but must be based in Singapore. They should preferably have financial sector experience.

For trainees sent by financial institutions, they must be subsequently placed into the new area which the conversion programme provides for.

4.  Grant Support

Course fee support
- 70% course fee capped at $7,000

Training allowance
- 50% of basic monthly salary capped at $1,000 per month for a maximum of 3 months (For applicants sponsored by financial institutions only)

On-the-job training (OJT) incentive
- 50% of basic monthly salary capped at $1,000 per month for a maximum of 3 months (OJT must be in a structured format)