Singapore, 31 January 2018…The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) today announced that IBF will expand its mandate to provide career advisory and job placement services for the financial sector.

IBF will set up a dedicated Career Centre providing advisory services for professionals in the financial industry. The Centre, targeted to be set up by July 2018, will allow IBF to provide a comprehensive suite of services ranging from setting competency standards and promoting skills development, to career advisory, job matching and placements. 

As an immediate priority, IBF will focus on developing and implementing professional conversion programmes which will help reskill professionals who are affected by changes in their job roles as financial institutions’ business models and processes undergo transformation.  IBF will also provide job placement assistance to individuals, and match them with appropriate job opportunities elsewhere in the financial sector. By working with partner agencies, e2i, NTUC and WSG, IBF can also help industry professionals to be placed in other sectors. Similarly, professionals from other sectors can be placed in the financial sector.

Given the need to strengthen IBF’s management bench in view of its expanded role, Mr Ng Nam Sin, currently Assistant Managing Director overseeing Corporate Services, Human Resources and Information Technology, at MAS, will take on a concurrent appointment as Chief Executive Officer (CEO) of IBF with effect from 1 February 2018.

Mr Ng was previously the Assistant Managing Director responsible for the financial sector development function of MAS. During that time, he was closely involved in the work of IBF.  Nam Sin’s extensive management experience at a senior level and deep familiarity with the financial industry and human resource issues makes him well suited to take on the expanded leadership role at IBF.

IBF’s current Chief Executive Officer, Ms Lydia Wee, will assume the role of Deputy Chief Executive of the expanded IBF.

IBF Chairman and MAS Managing Director, Mr Ravi Menon, said, “The jobs and skills agenda is central to the transformation of our financial sector. With digitalisation and automation, job roles in the sector are rapidly changing. IBF will take a more integrated approach to skills development, career planning, and job placement, to help the financial sector workforce remain versatile and resilient amidst change.”

Incoming IBF CEO, Mr Ng said, “IBF has been doing a very good job on the skills and training front. By expanding its mandate to jobs and careers, IBF can better support the growth and development of professionals in the industry. IBF will continue to work closely with its partners, e2i, NTUC and WSG as it expands its career advisory and job placements function.”

The functions of the Financial Industry Career Advisory Centre (FiCAC) will be subsumed under the IBF Career Centre when the latter is fully set up. Till then, individuals seeking career advisory and job placement services should continue to approach FiCAC.

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About the Monetary Authority of Singapore
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.

About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial sector. IBF represents the interests of close to 200 member financial institutions covering banks, insurance companies, securities brokerages and asset management firms. In partnership with the financial industry and training providers, IBF is dedicated to empowering practitioners with capabilities to support the growth of the financial industry. 

IBF is currently the national accreditation and certification agency for financial industry competency in Singapore under the IBF Standards. The IBF Standards represent a set of competency standards developed by the industry, for the industry. It provides a practice-oriented development roadmap for financial sector practitioners to attain the necessary skills to excel in their respective job roles.

Covering 12 industry segments and more than 50 specialisations, there is currently a comprehensive suite of accredited training and assessment programmes to guide a financial sector practitioner from the completion of licensing examinations through to professional certification. Working hand-in-hand with the individual practitioner and the industry, IBF aims to elevate individual competency and raise industry standards.