SINGAPORE - Finance professionals will be able to upgrade their skills and remain relevant to the industry under a framework launched on Friday (Sept 27).

Education Minister Ong Ye Kung has urged financial institutions to use the skills framework to develop their staff even as the Government rolls out initiatives to develop talent.

Mr Ong told the Institute of Banking and Finance Singapore's annual gala dinner on Friday it was erroneous to think that there would be a huge shake-out and massive replacement of workers in the industry.

He said: "Despite technological advancement, the basic functioning of the industry still depends predominantly on traditional professional and technical skills, institutional knowledge and customer relationships.

"What has changed is that all workers performing these tasks need to now familiarise themselves with technology."

Mr Ong, who is also on the board of the Monetary Authority of Singapore (MAS), said this did not mean that workers needed to unlearn and relearn skills to stay relevant.

But it was imperative for workers in all industries, including in the financial industry, to augment and adapt, he said.

The United Overseas Bank will be integrating the new skills framework into its in-house programme, so its staff can better identify the skills they need to get ahead in their career, Mr Ong said.

Finance professionals should also familiarise themselves with technology, added Mr Ong.

The IBF as well as MAS, SkillsFuture Singapore and Workforce Singapore developed the framework which aims to help finance professionals identify the skills they need.

For example, an economist whose job includes company and industry research for investment will need skills such as business needs analysis, computational thinking and strategy planning.

They can then take courses recommended by the IBF to make sure that their skills meet the required levels for their job and are up-to-date.

A report released in April found that about 100 out of 121 positions in the financial sector would be merged or changed because technology would render their repetitive tasks obsolete.

Mr Ong on Friday noted the overwhelming response to an initiative launched in April to increase the number of technology professionals in the sector. The Technology in Finance Immersion Programme drew 1,700 applicants for just 80 spots.

Universities were also working with banks to grow talent, Mr Ong said. For example, Standard Chartered Bank had been accepting Singapore University of Social Sciences undergraduates as part of a Work Study programme over the past three years.

The IBF presented awards at the annual gala dinner to industry veterans for their contributions to the sector.

OCBC Bank's consumer financial services head Dennis Tan was one of five recipients of the IBF Distinguished Fellow Award.

Mr Tan leads the bank's consumer banking Professional Conversion Programme which aims to reskill 800 employees who are working as tellers, customer service managers and contact centre service executives over three years.

Mr Tan said that he has been keeping up with the latest in financial technology, from QR code cash withdrawals to applying online for a credit card.

"It's not easy, but my hope is for more and more of our staff, across all ranks and job functions... to make sure we keep up-to-date of the latest developments."