New career centre for finance professionals

At the launch of IBF Careers Connect yesterday, Education Minister Ong Ye Kung said the centre will bring together efforts across the financial industry, unions and Government to provide a one-stop integrated approach to career advice, job matching a
At the launch of IBF Careers Connect yesterday, Education Minister Ong Ye Kung said the centre will bring together efforts across the financial industry, unions and Government to provide a one-stop integrated approach to career advice, job matching and skills development.PHOTO: LIANHE ZAOBAO

It offers skills training and job matching even as technology transforms industry

When bank service manager Amy Ong Siaw Hua began a digital training course in January, her aim was to help elderly people who frequent the United Overseas Bank (UOB) branch in Ang Mo Kio where she works.

"For some elderly (people), it's quite inconvenient for them to come to the bank," said the 58-year-old, who completed her training last month. "I want to help them learn how to check their balances (electronically), instead of (them) coming to the bank where the queues might be long."

During the 96-hour course, Ms Ong, who has been with UOB for 38 years, learnt how to encourage customers to use electronic banking, among other skills.

To help more finance professionals stay relevant to the industry, the Institute of Banking and Finance (IBF) yesterday launched a career centre that aims to help them plan their careers.

Located at the Monetary Authority of Singapore (MAS) Building in Shenton Way, the centre will help finance professionals pick up the skills they need to progress in their careers, said IBF chairman Ravi Menon.

At the launch, Education Minister Ong Ye Kung said the centre will bring together efforts across the financial industry, unions and Government to provide a one-stop integrated approach to career advice, job matching and skills development.

Mr Menon, who is also MAS managing director, said: "Technology is transforming the financial industry. Some new jobs are being created, some old ones displaced, while most jobs are being transformed."

The centre currently has three full-time career coaches, who will help clients learn about jobs in the financial sector and what they need to learn to be considered for them, said IBF chief executive Ng Nam Sin.

He said the finance and fintech sectors have generated about 7,800 jobs over the past two years.

He added: "Although the financial sector is creating jobs... there is a tremendous amount of churn, and financial industry professionals are moving into and out of jobs in large numbers. Looking ahead, we expect a higher frequency of job changes throughout a person's career in the financial industry. This is the new reality."

  • Guidelines for HR practices in banks

  • A tripartite advisory on human resource practices in the banking sector was drawn up in March this year, following a government call last year for banks to retrain their staff amid technological changes.

    Some 160 member banks under the Association of Banks in Singapore (ABS) now follow a new set of human resource practices that calls for banks to actively assess the impact of technology on their workforce.

    The human resource tripartite advisory was developed jointly by ABS, the Monetary Authority of Singapore, Manpower Ministry, National Trades Union Congress and Singapore National Employers Federation.

Mr Ong said: "We want to be able to intervene early and facilitate professional conversion."

The IBF is the national accreditation and certification agency for financial industry competency here.

The centre currently has three full-time career coaches, who will help clients learn about jobs in the financial sector and what they need to learn to be considered for them, said IBF chief executive Ng Nam Sin.

IBF Careers Connect is open to the public, and career coaching services are offered free of charge to Singapore citizens and permanent residents. Appointments may be made by e-mail at ibfcareers connect@ibf.org.sg or calling the hotline on 6305-5666. The centre also accepts walk-ins.

A version of this article appeared in the print edition of The Straits Times on August 02, 2018, with the headline 'New career centre for finance professionals'. Print Edition | Subscribe