New scholarship for ITE students comes with financial sector internships, $3,000 study award
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Minister for Trade and Industry Gan Kim Yong said that he wants to see more Singaporeans from diverse backgrounds pursue careers in the finance industry.
ST PHOTO: LIM YAOHUI
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SINGAPORE – Students at the Institute of Technical Education (ITE) can now apply for a scholarship with internship opportunities in the financial sector at institutions such as Maybank Singapore, OCBC and JPMorgan.
In this one-off arrangement, 50 eligible ITE students will receive a study award of $3,000 and a five-month internship offering an $800 allowance per month.
The scholarship is open to Singapore citizens who are in their final year of Higher Nitec courses at ITE’s School of Business & Services and the School of Electronics & Info-comm Technology.
They must have a grade point average of 2.8 and above at the time of application, good conduct and attendance, and a passion to enter the financial sector or pursue a work-study diploma in financial services after graduating from ITE.
Offered by the Institute of Banking and Finance (IBF) to mark its 50th anniversary, the scholarship is a collaboration between IBF, ITE and 13 financial institutions.
Minister for Trade and Industry Gan Kim Yong, who was the guest of honour at the scholarship launch held at ITE College East on May 14, said that the financial sector is growing, and he wants to see more Singaporeans from diverse backgrounds pursue careers in this industry.
“ITE graduates are part of this talent pipeline, and this scholarship will allow them to gain industry exposure and explore career opportunities in the financial sector,” said Mr Gan, who is also the deputy chairman of the Monetary Authority of Singapore.
Applications will be open online from May 14 to June 3. Eligible applicants will have to attend an interview in July.
Successful applicants will be offered the scholarship in August and serve their internships from October 2024 to Feb 28, 2025.
Mr Khyber Ang, 18, who is pursuing a Higher Nitec in Accounting at ITE College East, hopes to further his interest in accounting through this scholarship, while building a stable career for himself.
When he first applied to ITE in 2022, he did not meet the cut-off point for his accounting course, and had to appeal to the school. “This is what made me want to make the most of my time here,” Mr Ang said.
“I feel drawn to the prestige of these institutions, and think that if I have a chance to have their names on my resume, it would be good for my career,” said Mr Ang, who will be graduating in March 2025.
“Everyone has a different starting point,” said Mr Ang. “You can (come) from a very simple background like me, who almost could not make it into ITE, but if you work hard and network, you will be presented with opportunities that lead you to success.”
Students will be able to engage industry experts and mentors, as well as gain relevant industry skills during this internship, said Mr Gan, adding that he hopes industry partners will see the value of the students and leverage their capabilities.
IBF and ITE will continue to work together to explore the potential of a new work-study diploma in the financial industry, said Mr Gan.
Mr Gan Kim Yong (right) with (from left) Mr Sim Xuan Ming, Mr Khyber Ang Wei Jie, Mr Sean Yun, and Ms Nur Rehana Abdul Hamed, at ITE College East on May 14.
ST PHOTO: LIM YAOHUI
Under the ITE Work-Study Diploma in Data Centre Infrastructure and Operation, student Mohamad Nor Arfan, 25, is an apprentice at JPMorgan, where he looks after the running of the firm’s information technology infrastructure.
“My family is not a rich family, and we had some hard times,” said Mr Arfan, when asked about his motivation to enter the financial sector.
He added that hardship spurred him to want to go further in his career in finance.
Mr Arfan graduated in 2020 from the School of Engineering with a Higher Nitec in Mechatronic Engineering from ITE College Central, and is nearly halfway through his diploma journey.
“I have always been looking for opportunities to further my career and upskill myself,” he said. “I was really fortunate to get this chance.”
Mr Gan Kim Yong with ITE students and Institute of Banking and Finance partners at the launch of the IBF Golden Jubilee ITE Scholarship at ITE College East on May 14.
ST PHOTO: LIM YAOHUI
This scholarship is more than just providing money or an internship opportunity, said Mr Gan. “It is a demonstration that there are many pathways to success.”
“With this, we hope to see greater inclusivity and skills-based hiring within the financial sector, where employers look beyond academic qualifications and place a candidate’s skill and competencies at the forefront of their hiring practices,” he said.
