Effective leadership in banking and finance extends beyond technical expertise. Today’s leaders must exhibit a unique blend of strategic vision, adaptability, strong interpersonal skills and more, as they are expected to think long-term, embrace change and build diverse, high-performing teams.
The Institute of Banking and Finance Singapore (IBF) administers the International Postings Programme (iPOST), which is designed to cultivate such leaders. The programme is a talent development initiative that allows local talent to gain international exposure and be well-positioned to take on regional and global roles. iPOST is supported by the Monetary Authority of Singapore’s (MAS) Financial Sector Development Fund (FSDF), which will defray part of the costs incurred by financial institutions when sending local talent on global and regional attachments or postings.
Participants of the programme will have to be identified as “promising individuals” who are to be groomed for future management or specialist roles by their companies.
Kuan of UBS: “The iPOST programme was an ‘enriching but challenging’ experience." Photo: UBS
Among those who have benefitted from the programme are Andrew Chia, head of wealth and retail banking, Singapore, Asean and South Asia at Standard Chartered, and Lynn Kuan, director (global wealth management) at UBS. Both leaders reflect on their experiences with iPOST, highlighting its impact on their personal and professional growth.
See also: IBF’s journey in building a skilled and resilient financial sector workforce
In addition to iPOST, Chia participated in the Asian Financial Leaders Programme (AFLP). The AFLP was initiated by the MAS to encourage the financial sector to develop its pool of future leaders. These individuals will be sent to participate in eligible leadership programmes that will provide them with the knowledge to navigate the region’s diverse business, regulatory, and legal environment. Through IBF, the FSDF will co-fund qualifying costs incurred by the financial institutions through the Asian Financial Leaders Scheme (AFLS).
‘Transformative and priceless’
Through these programmes, Chia has had the opportunity to work overseas, which he deems a “transformative and priceless” experience that enabled him to grow personally and professionally.
See also: Nurturing growth, embracing change
“Some of the attributes I have grown in my time abroad include cultural sensitivity, adaptability, brushing up on my traditional Mandarin skills when I was posted to Taiwan and problem-solving,” he shares.
One of Chia’s most memorable assignments was leading Standard Chartered’s Indonesian office as CEO during the Covid-19 pandemic.
“Being away from home, with international borders shut, helming the bank’s operations in Indonesia in such an unprecedented and challenging environment was a period of immense growth,” he says.
Chia of Standard Chartered: Overseas postings provided a ‘transformative and priceless’ experience for personal and professional growth. Photo: Standard Chartered
It was also during that time that Chia saw the importance of adaptability while navigating the dynamic Indonesian economic landscape and resilience in the face of diverse market conditions.
“Understanding and respecting cultural sensitivities helped enhance my ability to forge strong relationships with local stakeholders, understand local business practices and effectively navigate cross-cultural communication challenges,” he says.
For more stories about where money flows, click here for Capital Section
Being in Indonesia during the pandemic afforded Chia unique opportunities to put his stamp on his role that other leaders would not have had at different times.
“There was an opportunity to demonstrate that Standard Chartered is here for good for our clients and the community in Indonesia, and delivering positive impact where it matters,” he says.
The bank donated masks, polymerase chain reaction (PCR) machines and sleeping pods to local hospitals inundated with Covid-19 patients. It also supported immunisation campaigns through mobile vaccines for those living in rural areas and drive-through rapid tests for selected provinces, Chia shares.
“And we supported the community beyond that. We donated home learning kits to low-income families, so their children could still study from home during lockdown, and initiated post Covid-19 recovery projects to help the businesses and communities get back on track,” he adds. “Some examples include digital and financial literacy training and coaching for young entrepreneurs, as well as skills training for young women, some with disabilities, to help increase their confidence, communications and networking skills, offering them training and internships if applicable and available.”
Working overseas has been a key milestone for Chia as the exposure enriched his professional toolkit with a blend of technical expertise, cultural competency and global perspective. “They have [also] reinforced the importance of continuous learning, adaptability and collaborative teamwork in driving sustainable growth for our clients and teams.”
‘Enriching but challenging’
For UBS’s Kuan, who learned about iPOST through her bank managers, the programme was an “enriching but challenging” experience. As Kuan was posted to German-speaking Zurich, Switzerland, communication was one of the biggest challenges during her time there. Despite the Swiss being proficient in English, many formal documents were written in the four official languages in Switzerland.
Another challenge was having to adapt to the different working cultures in Zurich.
“The team in Switzerland adopts the full ‘Agile’ way of working, which allows the team to prioritise, make decisions and resolve problems without guidance from a team manager,” she shares. “It took a while for me to adapt to this new way of working initially, but after observing how things worked and being proactive in asking targeted questions, I was able to reap the benefits of the ‘Agile’ method. This experience also allowed me to work independently and be more resourceful in looking for solutions to complete the allocated tasks.”
Another takeaway was Switzerland’s strong emphasis on work-life balance, which increased efficiency and improved mental health. Kuan learned the art of prioritising her tasks effectively there.
“There is also a lot of focus on sustainability, diversity and inclusion. By experiencing a different culture, I was able to strengthen my interpersonal skills while learning to be more open to providing constructive feedback,” she says.
Networking opportunities
To Chia, both programmes have addressed different needs at different points in his career. However, the networking opportunities, in particular, stood out, as the industry is interconnected, and the connections and friendships made would prove helpful afterwards.
“Being part of a bank with both corporate and retail banking coverage as well as a wide international network, I had the opportunities to take on roles across businesses and geographies,” he shares. “The financial sector is highly interconnected, so leaning on my network built through programmes such as AFLP and tapping on the knowledge and experience of my peers in Singapore and beyond was hugely helpful.”
Kuan agrees, noting that the programme gave her more opportunities to increase her network. Working in a new country with people from diverse backgrounds and a multi-lingual society has also broadened her perspective.
“Experiencing the culture of working and living in Switzerland has also inculcated a more inclusive mindset, influencing my approach to collaboration and problem-solving,” she says.
Upon returning to Singapore, Kuan had no issues transitioning to a new role within UBS. Like Chia, going overseas and working with a different team exposed her to various methods of working and enabled her to be more adaptable.
“The overseas stint reinforced the importance of effective communication with a diverse team,” she shares. “The network and skills picked up in Switzerland have also allowed me to transition seamlessly into a new role upon my return to Singapore.”
“Through this programme, I have learnt that for a leader to be successful, it is important to focus on the overall well-being and development of the team,” she adds.
Lessons for aspiring leaders
For aspiring leaders, Chia says a career in banking will require individuals to have a “good level” of persistence and perseverance, in addition to having solid knowledge of the financial markets and its products and services.
“The financial sector is an important one for the Singapore economy, and as such, it is crucial that the country continues to develop a strong core of Singaporean leaders who are able to assume senior positions within financial institutions at the right moment,” he shares.
“I believe anyone who wishes to enter the industry must have an inquisitive mind and always be open to learning and picking up new things, as the industry is constantly evolving, with new innovations and changing client needs. Innovation is no longer just an enabler but a key differentiator to improving client experiences and operational efficiencies,” he adds.
Chia says having an open mind is also important, as it allows individuals to be “culturally attuned to different perspectives and sensitivities”, especially when the opportunity for an overseas placement arises.
“Singapore offers a natural advantage as a global financial hub, so it is up to the individual to adopt the right mindset and be adaptable to any challenges that emerge along the way,” he says.
Finally, Chia advises aspiring leaders to build trust within the team and with their clients.
“Trust is the cornerstone of any banking relationship. Therefore, it is also important to lead by example and demonstrate the values and behaviours you expect from others. Our actions should align with our principles as consistency builds credibility and trust,” he shares. “This is especially important as you climb the corporate ladder and assume more senior positions and heavier responsibilities.”
Looking back, Chia is tremendously grateful for his experiences with iPOST.
“I was one of the many beneficiaries and was given opportunities at different points of my career here to develop professionally and broaden my perspectives,” he says. “Now that I am back in Singapore, I see it as my responsibility to pay it forward and provide similar opportunities to colleagues who display the right attitude and aptitude. The opportunities will help us build a strong bench of new talents, which can only benefit the bank and the financial sector here in the long run.”
To Kuan, having “good opportunities” and “strong support” from the financial institutions’ management teams are crucial in motivating Singaporeans to pursue international exposure to enhance their careers.
