"Launch of IBF Careers Connect" - Opening Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Institute of Banking and Finance on 1 August 2018
Good morning and welcome to the IBF. Thanks for taking the time to be here with us, especially Mr Ong Ye Kung, Minister for Education and Board Member of MAS.
Today marks a significant milestone for IBF.
- For today, we launch, together with our tripartite partners, the IBF Careers Connect.
- With Careers Connect, IBF will now be the integrated service provider for all matters related to skills, jobs, and careers, in the financial industry.
Singapore’s financial centre is doing well.
- We are routinely ranked among the top 3 or top 5 international financial centres in the world.
- The financial sector has been growing faster than the overall economy in 6 out of the last 7 years.
- We are contributing to and benefitting from a rising Asia.
- And we are well positioned for the future - the adoption of technology has been accelerating and innovation is becoming more pervasive.
And during the last 2 years some 7,800 net jobs were created in the financial and FinTech sectors, just shy of our 8,000 jobs target.
- Creating an average 4,000 jobs a year is not easy and it is going to get tougher.
- Technology is transforming the financial industry; we need to similarly transform the financial industry workforce if we are to ensure that good growth comes with good jobs.
IBF has been working closely with the industry to systematically deepen skills across business functions in banking, insurance, and wealth and asset management, with particular focus on digital technologies.
But we cannot look at skills in isolation from careers. And we cannot look at careers in isolation from job roles.
- And the reason is this: although the financial sector is creating jobs on a net basis, the gross flows are large – there is a lot of churn and finance professionals are moving into and out of jobs, as job roles change.
- Looking ahead, we expect a higher frequency of job changes throughout a person’s career in the financial industry.
- Thus, we need to look at skills development, career pathways, and job placements in an integrated manner.
And that is what IBF will do, with Careers Connect complementing its existing functions in skills certification and training facilitation.
But while IBF is the single point of contact for all matters relating to skills, careers, and jobs in the financial industry, behind IBF stand our tripartite partners who make it all possible. And I want to acknowledge our partners here:
- SkillsFuture Singapore (SSG);
- Workforce Singapore (WSG);
- Employability and Employment Institute (e2i) and NTUC;
- The various financial industry associations, and of course MAS.
Thank you all for making this possible.
And it is now my pleasure to invite Minister Ong Ye Kung to address us.