Industry and academia are joining forces to equip Singaporeans with the skills to take up infocomm technology jobs in the financial sector.
A memorandum of intent was signed by the Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore yesterday, and is part of the TechSkills Accelerator (TeSA) FinTech Collective.
It involves six local universities and five financial associations, which will come together to conduct research in fintech, draw up new courses, provide mentorship and make university curricula more industry-ready.
The partners include Nanyang Technological University, National University of Singapore, General Insurance Association of Singapore, and the Association of Banks in Singapore.
IMDA chief executive Tan Kiat How, speaking at the Singapore Fintech Festival yesterday, said over 42,000 new information and communications technology (ICT) professionals will be needed over the next three years, in industries like finance, healthcare and logistics.
The new partnership will include fintech research collaborations with the universities, new courses in fintech specialisations, mentorships and hackathons with finance professionals, to help students understand fintech trends.
It will cover areas such as blockchain, cyber security, artificial intelligence and data science, and help the curricula in universities to become more industry-ready. It will also allow students to benefit from professional education training. Poly graduates and ICT professionals will also gain from continuing education initiatives.
There will also be outreach efforts to expose students and professionals to emerging fintech trends and guide their skills development.
MAS deputy managing director Jacqueline Loh said: "This unprecedented, large-scale collaboration among the Government, financial industry and universities will help to build a deep fintech talent pool in Singapore."
Mr Tan said: "We are very encouraged by the support from all six local universities and the industry associations to ensure we have the right talent to accelerate the growth of the fintech sector, which is a key part of Singapore's digital economy."
The financial sector employed 24,300 ICT professionals last year, up more than 25 per cent from 19,100 in 2015.
Total demand for ICT jobs in the financial sector also hit an all-time high of 26,200, according to the joint media statement.
The TeSA Fintech Collective was announced at the Singapore FinTech Festival on Monday.