Singapore 5 November 2007...MAS has launched the second phase of the Finance Scholarship Programme (FSP). This phase caters to outstanding individuals who are not sponsored by financial institutions. It will provide scholarships for these individuals to pursue specialised Masters programmes in top-ranked universities.
2 The FSP is a postgraduate scholarship programme supported under the Financial Sector Development Fund (FSDF). It was specially designed to groom a critical mass of specialists in targeted fields such as risk management, quantitative finance, financial engineering and actuarial science. This new FSP individual track will complement the existing company-sponsored track, and further accelerate the development of specialised skills that is necessary to support the long-term growth of Singapore's financial services sector. It will tap on an existing budget of S$30m that has been set aside from the FSDF to fund the programme over the next 5 years.
3 Fresh graduates, as well as working professionals, who need not be employed in the financial sector, are eligible for the programme. The scholarships will co-fund up to 70% of qualifying expenses incurred by the scholars during the course of studies, including tuition fees, relocation expenses, and cost-of-living expenses. Upon graduation, these scholars will return to Singapore to contribute in their respective fields of specialisations with Singapore-based financial institutions.
4 Said Mr Ong Chong Tee, Deputy Managing Director, Monetary Authority of Singapore, "As the financial sector moves up the value-chain and assumes more complex and sophisticated activities, we will need to develop a critical mass of specialists with cutting-edge capabilities who can take the industry to the next level.”
5 Ms Euleen Goh, Chairman of the Financial Industry Competency Standards Committee and Chairman of IE is the Chief Ambassador for the FSP. Ms Goh said, “With strong growth and a rapid pace of change, this programme is an important track for developing a new pool of specialists who will support the next phase of growth and development in the financial sector. It reflects Singapore’s commitment to invest in people and continuously upgrade the talent pool.”
Note to editors:
1. Financial Sector Development Fund
The Financial Sector Development Fund (FSDF) was set up to facilitate the development and enhancement of talent and infrastructure for Singapore's financial centre. For more information on the FSDF, please contact the FSDF Secretariat at fsdf@mas.gov.sg
2. Finance Scholarship Programme
The Finance Scholarship Programme (FSP) was launched in 2006 under the Financial Sector Development Fund (FSDF). The objective is to further develop specialised skills to support the long-term growth of Singapore's financial services sector.
For more information on the FSP, please refer to the MAS press release dated 29 June 2006 at https://www.mas.gov.sg/news/media-releases/2006/mas-launches-finance-scholarship-programme.