MAS and IBF adjust training program funding parameters as part of increased skills development support for the finance sector
Singapore, 6 July 2022… The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) today announced changes to provide more targeted support through IBF training programs. This follows previous announcements to increase funding for talent development programs in growth and priority areas and.
2 Over the past two years, the amount of financial support for financial sector training programs has grown to around $140 million per year, more than 10 times the amount before the pandemic. MAS and IBF have stepped up specific talent development programs to address needs in growth and priority areas, as well as enhanced training course grants as a temporary measure to help the financial services industry through the period. of the COVID-19 pandemic. As the economy and financial sector move into a post-pandemic era, the MAS will adjust the financial support allocated to the IBF Standards Training Program (IBF-STS) and the Financial Training Program (FTS). The changes are –
|From October 3, 2022||Funding for training programs under the Critical Core Skills program
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|From January 1, 2023||
3 These changes will allow MAS to continue better with increased financial support in areas of growth and priority. In particular, MAS and IBF will continue to implement improvements to specific talent development programs such as:
- Re-skill existing professionals to move into growth segments of the industry, with support from Workforce Singapore (WSG), through Career Conversion Programs (CCPs). Admission to the Finance Technology Immersion Program (TFIP) to develop technology professionals will be doubled and a new Wealth Management Acceleration Program (WMAP) to develop wealth managers will be introduced.
- Support the preparation of entry-level talent in growth areas, through the Finance Associate Management Scheme (FAMS). Funding for priority areas such as green finance, technology, digital and data analytics, private banking and wealth management was doubled in September 2021.
- Enable more Singaporeans to take on international, specialist and leadership roles, by enhancing the International Postings Program (iPOST) to enable a wider range of professionals, including younger and specialist talent, to be sent abroad. Greater funding is also provided for Asian assignments to build capacity to serve the region.
4 Overall, the MAS expects training participation in the financial sector to remain robust, reflecting strong industry demand for reskilling and upskilling. In 2021, more than 76,000 people benefited from training support and talent development programs. Training participation remained strong in the first quarter of 2022, with nearly 25,000 people supported, despite the gradual reduction in training subsidy rates from January 1, 2022. This is a positive sign that the training culture and development of the financial sector workforce has taken root.
5 Mr. Leong Sing Chiong, Deputy General Manager (Markets and Development) of MAS, said, “Reskilling and developing our financial industry talent remains critical to building a future-ready workforce. The strong participation in the training of our financial sector professionals is encouraging. We hope this culture of development will continue, as it enables our finance professionals to continue to support the growth and transformation of our financial sector in in-demand and emerging areas.
6 Mr. Ng Nam Sin, Managing Director of IBF, said, “To ensure that our financial sector workforce is always up-to-date with changing industry demand, upskilling and reskilling are crucial. It is also the responsibility of finance professionals to take ownership of their own learning and development. We are pleased to see that training attendance has increased significantly over the past two years. IBF wishes to build on this momentum to improve the employability of our finance professionals through continuous upgrading and reskilling.