IBF and MAS Launch New Skills Maps to Enhance Capabilities of Family Office Professionals
Singapore, 29 November 2021… The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) launched today two skills maps for family office professionals under the Skills Framework for Financial Services
2. The skills maps are the Family Office Executive Skills Map, which is geared towards entry-level professionals, and the Family Office Management Professional Skills Map, which is targeted at management-level professionals. The skills maps contain the new Family Governance and Philanthropy Advisory technical skills and competences, which aim to equip family office professionals with the necessary skills to support the governance needs and philanthropic aspirations of family offices.
3. The new skills maps complement the that was launched in July 2020 for private banking professionals advising family offices. Together, the three skills maps form a comprehensive suite of family office capabilities guides aimed at enhancing the specialist skillsets of family office professionals and their advisors, to better serve Singapore’s growing family office ecosystem. The new skills maps were co-created over the past year with representatives from private banks and family office professionals, legal and tax advisors, and SkillsFuture Singapore.
4. The skills maps also expand the career pathways
5. Ms Gillian Tan, Assistant Managing Director (Development and International), MAS said, “The new Family Office Skills Maps and Technical Skills and Competencies launched today will ensure that financial sector professionals are well-equipped to comprehensively support the specialised needs of family offices based in Singapore, including succession planning and philanthropy, and strengthen Singapore’s competitiveness as a wealth management hub.”
6. Mr Ng Nam Sin, Chief Executive Officer, Institute of Banking and Finance Singapore said, “With more family offices setting up in Singapore, the development of the skills maps ensure that Family Office professionals in Singapore are familiar with the skills and competencies needed to excel in their job roles and the possible career pathways. Training providers can also be part of the ecosystem and use the skills maps to design quality training curriculum. The launch of the new Family Office skills will provide a clear roadmap for both professionals and financial institutions to plan their skills journey.”
7. Training programmes accredited by IBF under the skills maps will be able to benefit from the IBF-Standards Training Scheme grant which offsets training expenses
At the 2023 Global Insurance Forum, Mr Lawrence Wong, Deputy Prime Minister, Minster for Finance and Chairman of the Monetary Authority of Singapore, shared how the insurance industry can further deepen its value to society by supporting the transition to net-zero, harnessing technology particularly artificial intelligence, and developing the talent needed to make these possible.
At the Asian Financial Leaders Programme Graduation Dinner, Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies noted that with the financial sector being such a substantial part of the Singapore economy, it is critical that we invest in developing our talent; ensure that our policy and regulations are responsive and innovative; and build a core team that has the right values, competencies and strategic grasp of issues.
Closing remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Institute of Banking and Finance Distinction Evening 2023