MAS Launches Grant Scheme to Encourage Hiring and Training of Polytechnic Talent for the Financial Sector
Singapore, 24 April 2023… The Monetary Authority of Singapore (MAS) today announced the launch of the Polytechnic Talent for Finance Scheme to encourage financial institutions to hire and train polytechnic students and graduates.
2 Speaking at a event today, Mr Alvin Tan, Minister of State, Ministry of Culture, Community and Youth, and Ministry of Trade and Industry, and Board Member of MAS, shared that the financial sector offers good jobs and rewarding careers for polytechnic graduates. Financial institutions can do more to tap on polytechnic graduates as a talent source to expand the overall pipeline of talent in the sector.
3 MAS, through the Financial Sector Development Fund, will set aside S$8 million over the next three years for the Polytechnic Talent for Finance scheme. The scheme, which will be administered by the Institute of Banking & Finance (IBF), comprises three tracks:
- For polytechnic students: Internships to equip them with skillsets to be job-ready, and hired upon graduation. The scheme will fund 80% of monthly internship stipends, capped at S$1,000 per month, for up to 12 months for qualifying interns.
- For polytechnic graduates: Apprenticeships to provide them with an alternative pathway to secure good jobs immediately after obtaining their polytechnic diplomas, receive training and eventually take on university graduate-equivalent roles. The scheme will provide salary support of up to S$2,000 per month, for up to 12 months. For apprentices that are placed into university graduate-equivalent roles within three years from the start of the apprenticeship programme, the scheme will provide salary support for an additional period of up to 12 months.
- For finance professionals who are diploma holders: Sponsorships to fulfil their academic aspirations to pursue relevant post-diploma and degree-equivalent programmes whilst continuing to be employed. The scheme will fund 50% of tuition fees, capped at S$10,000.
4 Ms Gillian Tan, Assistant Managing Director (Development and International), MAS, said, “Polytechnic graduates are a valuable talent pool for the financial sector. The PTFS, which was co-created by MAS, the polytechnics and financial institutions, will enable our polytechnic talent to take up meaningful jobs and position them for success in financial sector careers.”
5 Mr William Lim, Director, School of Business & Accountancy, Ngee Ann Polytechnic (NP), which is the appointed Sector Coordinator for the Accountancy & Financial Services sector, said, “The PTFS initiative builds upon our existing efforts to develop a sustainable pipeline of talent, as well as support upskilling and reskilling needs. Through this collaborative effort, we look forward to strengthening the industry-academia nexus and creating more opportunities for polytechnic students and graduates to pursue their professional development and careers with financial institutions.”
Notes to editor
NP was appointed by the Ministry of Education in 2015 as Sector Coordinator for the Accountancy & Financial Services sector, to help strengthen industry linkages to raise the capabilities of polytechnics and ITEs, and enhance students’ work readiness. Together with representatives from the other polytechnics and ITEs, NP coordinates joint industry outreach to raise awareness of polytechnics’ and ITE’s capabilities, as well as industry engagements to ensure relevance with industry needs and consistency across courses within the cluster. It also supports relevant agencies to identify emerging industry trends and practices, as well as support SkillsFuture Singapore and relevant agencies and professional organisations in the development of the Sectoral Skills Framework.
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