Landmark partnership to level up skills for Singaporeans to seize FinTech jobs
Financial sector, local universities and Government collaborate to accelerate career development of FinTech professionals
SINGAPORE, 16 November 2017 – The Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore (MAS), together with SkillsFuture Singapore (SSG), six local universities, and five financial associations1, today sealed a landmark Memorandum of Intent (MOI) for the TechSkills Accelerator (TeSA) FinTech Collective, to jointly develop industry-ready professionals in meeting the strong demands of emerging infocomm technology (ICT) skills. The TeSA FinTech Collective was first announced by Mr Ong Ye Kung, Minister for Education (Higher Education and Skills) and Second Minister for Defence, at the Singapore FinTech Festival welcome dinner on 13 November 2017.
Singapore’s first nationwide collaboration between industry and universities
2 By aligning ICT skills taught by the universities with industry’s requirements, the TeSA FinTech Collective will better equip Singaporeans with the right skills to take up ICT jobs. Initiatives under the Collective include research collaborations in FinTech with the universities, new courses2 in FinTech specialisations, mentorships and hackathons with finance professionals to help students understand FinTech trends. The Collective will also enhance existing programmes which provide career guidance and skills certification.
Collaboration opportunities: institutions’ curricula to be enhanced to ensure graduates and trainees are more future-ready
3 Everyone, from undergraduate and postgraduate students, to professionals can benefit from the diverse range of opportunities. Under the Collective, there will be professional education training (PET) for university students to learn from industry-ready school curricula. Polytechnic graduates, as well as ICT professionals will also benefit from continuing education training (CET) initiatives enhanced for upskilling and reskilling. There will be various outreach efforts for students and professionals to learn about emerging FinTech trends so as to guide their skills development. Through the various insights from industry-wide network of financial institutions, the Collective will also cover in-demand technologies such as blockchain, cybersecurity, artificial intelligence and data science.
4 “There are many exciting opportunities for Singaporeans looking for a career in infocomm technology, fueled by the strong demand in every sector as companies embrace digitalisation. We are very encouraged by the support from all six local universities and the industry associations to ensure that we have the right talent to accelerate the growth of the FinTech sector, a key part of Singapore’s digital economy,” said Mr Tan Kiat How, Chief Executive, IMDA.
5 Ms Jacqueline Loh, Deputy Managing Director, MAS, said “As financial institutions and FinTechs tap on emerging technologies to create more innovative services, the need for professionals with strong technology skillsets and a good understanding of financial products and processes will grow significantly. This unprecedented, large scale collaboration among the government, financial industry, and universities will help to build a deep FinTech talent pool in Singapore.”
6 In 2016, the financial sector was the second biggest hirer of ICT professionals in Singapore, right after the ICT sector itself3. There are more than 24,300 ICT professionals employed in the financial sector, a sharp increase of more than 25% from the 19,100 in 2015. In 2016, total demand for ICT jobs in the finance sector stood at more than 26,200, an all-time high. With this hotbed of opportunities, aspiring students joining the finance industry and existing ICT professionals can leverage the various training opportunities brought together by the TeSA FinTech Collective.
7 The TeSA Fintech Collective is part of the TechSkills Accelerator, an initiative of SkillsFuture that aims to accelerate professional development and enhance employability outcomes for ICT professionals.
1 The Collective comprises the following institutions and financial associations: Nanyang Technological University, Singapore (NTU Singapore), National University of Singapore (NUS), Singapore Institute of Technology (SIT), Singapore Management University (SMU), Singapore University of Social Sciences (SUSS), Singapore University of Technology and Design (SUTD), General Insurance Association of Singapore (GIA), Life Insurance Association of Singapore (LIA), Singapore Fintech Association (SFA), The Association of Banks in Singapore (ABS), Investment Management Association of Singapore (IMAS), SkillsFuture Singapore (SSG), Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). 2 Details of the new courses will be released at a later date. 3 Based on IMDA’s Infocomm and Media Manpower Survey for 2016
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.
For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook @IMDAsg and Twitter @IMDAsg.
About the Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
For more news and information, visit www.mas.gov.sg or follow MAS Twitter @MAS_sg.