MAS and Local Polytechnics Sign Memorandum of Understanding to Promote Skills Development in Financial Technology
Singapore, 3 October 2016… The Monetary Authority of Singapore (MAS) and the five local polytechnics1 have agreed on a framework to review and enhance the polytechnics’ curricula in the next three years to prepare and equip their graduates with the skill sets necessary to take on the new FinTech-related jobs emerging in the financial sector. MAS and the polytechnics signed a Memorandum of Understanding to guide this effort.
2 More than 2,500 students who are enrolled in the banking and IT-related courses in the polytechnics each year will benefit from this initiative. The MOU covers the following areas:
Curriculum reviews. MAS will work with the polytechnics to shape curriculum and engender greater alignment with the financial sector’s needs when it comes to financial technology developments.
Internships. MAS will facilitate introductions for final year polytechnic students who wish to explore internship opportunities in FinTech-related roles within the FinTech community, such as start-ups, financial institutions, and regulatory bodies. MAS will also recommend mentors from various industry practitioners, including venture capitalists and incubators, to the students.
Joint Projects with FinTech Community. MAS will facilitate introductions between final year students and potential partners for final year projects. The students will have the opportunity to work with the FinTech community on joint projects that allow them to apply their technical skills. This includes areas like agile software development, mobile applications development, user interface/user experience, cloud application development, data analytics, Application Programming Interface development, and cybersecurity.
3 MAS’ Chief Fintech Officer, Mr Sopnendu Mohanty, said, “This MOU signifies the concerted effort being taken by MAS and the local polytechnics to nurture a pool of skilled manpower for the growing FinTech community in Singapore and will be a key area of focus in the financial sector’s SkillsFuture drive”.
4 Mr Clarence Ti, Principal of Ngee Ann Polytechnic, which is the SkillsFuture Sector Coordinator for Accountancy and Financial Services, said, “In 2017, we are going to start 100 FinTech internships and build a pool of 100 FinTech mentors. A new microsite www.polyfintech100.sg will allow companies to register their interest to provide internship or mentorship. Our partnerships with the industry will help ensure that polytechnic students acquire relevant skills to meet the evolving needs of the FinTech sector.”
1 Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic and Temasek Polytechnic