SINGAPORE - PayPal will introduce financial technology modules at tertiary institutions here over the next three years under a programme that will benefit more than 1,700 students in information and communications technology courses.
The American online payment company will work with five polytechnics and the Institute of Technical Education (ITE) to introduce industry-based applied learning through four modules, it was announced on Friday (Feb 15).
Students will use their technical knowledge by applying PayPal's payment solutions in industry projects or internships.
The programme will start with Singapore Polytechnic and the ITE this year before it is rolled out to the other schools over the next three years.
Singapore Polytechnic principal and chief executive Soh Wai Wah said the programme will strengthen Singapore's financial technology ecosystem. "Fintech is fast gaining momentum in today's economy and the polytechnics and ITE are committed to nurture a pool of skilled talents for the sector."
PayPal Pte Ltd CEO David Stock said the programme will help meet demand for talent and assist small and medium-sized enterprises (SMEs) here.
"We want to help empower local tech talents with industry knowledge and cultivate a future-ready workforce that can meet the needs of SMEs which are looking to digitise their businesses," added Mr Stock, who also noted that the idea started from a conversation he had with Education Minister Ong Ye Kung three years ago.
PayPal's international headquarters, which is in Suntec City, has been based in Singapore for more than a decade.
The company's payment platform has 267 million active account holders and is available in more than 200 markets.
The initiative with the local schools comes amid a push for a national cashless system. More than 80 per cent of consumers here have adopted e-payments, and almost 60 per cent of merchants accept such payments.
The memorandum of understanding between PayPal and the educational institutes was signed at the Suntec Convention Centre on Friday.
Mr Ong, who is also a board member at the Monetary Authority of Singapore, was on hand to watch the event.
He noted: "The e-payment landscape is changing quickly, and we have yet to fully realise its potential in Singapore.
"Programmes such as this will help by expanding the pool of talent who can support companies looking to digitalise their business, including embarking on e-payments."