Plans to raise overall competency of financial industry

THE Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) will work together to implement three plans to raise the competency of the financial industry, said Acting Minister for Culture, Community and Youth Lawrence Wong.

Mr Wong, who is also on the board of the MAS, was speaking at the IBF dinner this evening, at Marina Bay Sands.

First, the Financial Industry Competency Standards framework will be enhanced and updated to suit the rapidly changing financial landscape.

There will also be a new program to upskill information technology practitioners in the financial industry, a result of a partnership between the Infocomm Development Authority of Singapore and the MAS.

Lastly, the Financial Training Scheme, which is a training programme administered by the MAS to incentivise continual developent of the financial sector workforce in niche and growing areas, will be strengthened. The IBF has been appointed to review the quality of the FTS training providers.

These plans follow Deputy Prime Minister Tharman Shanmugaratnam's announcement last year that the Government had plns to work with the industry to build a pipeline of Singaporean leaders in the financial sector.

"We want a strong core of homegrown financial specialists and leaders, a pool of Singaporean talent who are committed to our nation's development, who are passionate about our country's success and who will help us develop our value proposition as a premier financial centre," said Mr Wong.