New basic training course on fintech launched

A new short training course on fintech has been launched to help junior executives in the banking and financial services industry better understand how key technology trends will impact the way they work.

The pilot run of the FinTech Foundation Programme started yesterday with about 20 students. The next run will be next month.

The course, which is held over three evenings and one full day, has been developed by the National Trades Union Congress (NTUC), Banking and Financial Services Union, Singapore FinTech Association (SFA) and Ngee Ann Polytechnic.

The programme organisers said they aim to hold the course at least once a month for up to 30 people each time.

National Trades Union Congress assistant secretary-general Patrick Tay said with widespread digital transformation in banking and finance, professionals, managers and executives in the industry must ensure they have the necessary knowledge and skills to stay relevant and competitive.

"We have received ground feedback that there is growing interest in fintech, but workers are overwhelmed by how technical current courses are and the costs involved in undergoing such programmes," he said.

The course fees for the new programme range from $71 to $321 after various subsidies for Singaporeans and permanent residents. For example, Singaporeans aged below 40 who are sponsored by small and medium-sized enterprises pay $121. The full fee is $1,070.

LONG-TERM BENEFITS

The FinTech Foundation Programme will not only introduce workers to the world of fintech but also plug them into the ecosystem. This is especially useful for workers who are keen to pursue a career in fintech.

SFA PRESIDENT CHIA HOCK LAI

Participants can also use SkillsFuture Credit to pay for the course.

SFA president Chia Hock Lai said Singapore is one of the world's leading fintech hubs and there will be new opportunities and job roles arising from technology.

"The FinTech Foundation Programme will not only introduce workers to the world of fintech but also plug them into the ecosystem. This is especially useful for workers who are keen to pursue a career in fintech."

More information about the FinTech Foundation Programme is available at www.ntuc.co/fintech-foundation.

Participants who have completed the programme can move on to a FinTech Fundamentals Programme by Singapore Polytechnic and a FinTech Deep Dive series on topics like blockchain, big data and artificial intelligence.

One of those who attended the first day of class is Mr Phua Tien Tim, 65, a junior officer working in branch operations at United Overseas Bank.

He said he learnt how fintech is rapidly changing and challenging traditional roles in banking.

In his four decades in the industry, he has seen manual systems progress to full online banking. "Fintech is just another change and step that I will learn to conquer," he said.

SFA and NTUC's Employment and Employability Institute also organised a career fair last night for jobs in the fintech industry. About 100 jobseekers attended the event at M Hotel Singapore.

A version of this article appeared in the print edition of The Straits Times on March 28, 2019, with the headline 'New basic training course on fintech launched'. Print Edition | Subscribe