Financial crises, pandemics and the changing macro environment have driven leaders in the financial sector to be agile, creative and customer-centric in order to navigate challenges and seize new opportunities.
Hear from these three Singaporean leaders who are IBF Distinguished Fellows, on their career journey, how they navigate the changing global environment and provide leadership in their respective organisations to build a skilled and resilient workforce.
Local leadership development is a key priority for Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF), with the objective for more Singaporeans to be better positioned to take on leadership roles.
Initiatives include expanding opportunities for Singaporeans to go on overseas postings to build international capabilities, training for them to hone their leadership skills, and strengthening the network of Singaporean financial sector leaders to come together regularly to support one another in their leadership journeys.
Through ongoing efforts, the number of Singaporeans in leadership roles has more than doubled, from less than 2,000 in 2016 to around 4,000 today.
See also: IBF’s journey in building a skilled and resilient financial sector workforce
BlackRock’s commitment to inclusion
Deborah Ho grew up surrounded by powerful role models, several of them bankers themselves. “My uncle, Ho Chee Nen, was a pioneer in banking and was one of the most successful bankers in J.P. Morgan Singapore in the 1980s and 1990s. He is a principled and thoughtful man who encouraged me not to be afraid and to believe in myself. I learned from him that the finance sector serves as an enabler, and money should never be an end in itself.”
Ho adds: “I also had the privilege of working for world-class bankers like Jeanette Wong, my boss at J.P. Morgan Singapore and then at DBS Bank. She helped me see that it is possible to be a mother and a successful banker. She said it’s never a perfect balance all the time but over the long run, it all pans out.”
See also: Nurturing growth, embracing change
Ho, today the country head of BlackRock Singapore, credits these figures for their “profound” influence in shaping her career over the years.
“One of the best things about being in markets is having a front row seat when there are big market upheavals,” says Ho, who has more than three decades of experience in the sector. “I experienced this firsthand during the Asian Financial Crisis. There were nights when everyone was camped out at work, our bosses included. In times of market volatility and turbulence, I saw how our bosses stepped in to help. They never shirked from taking responsibility and always had our backs, exemplifying true leadership in action.”
BlackRock Singapore has grown over the years, says Ho, and now has 29 different nationalities represented in its office. “Bringing this diverse team together to serve our clients is not just critical to the firm’s success — it’s what I love most about my work,” says Ho, who joined in 2018.
According to Ho, BlackRock’s inclusive culture and commitment to diversity and inclusion create a thriving environment. “The company’s policies and programs are designed to promote diversity and empower female leaders, supporting my career progression. I work closely with some of the most senior members of the firm on clients, and I am truly grateful for the support extended to our clients in the region and to all colleagues in BlackRock Singapore. Ho advises aspiring local leaders to “never stop learning”.
“Invest in yourself. Be open and curious. You never know when or where your next opportunity will come from. Experience brings wisdom; it gets better the longer you’ve been around.”
She adds: “Wisdom is born from experience and the humility to learn from setbacks and adversity, of which I’ve had my fair share. Put yourself in the other person’s shoes. Being an empathetic leader builds trust and loyalty. People will only follow you if they know what’s in it for them. Start by asking: ‘How can I help?’”
Above all, aspiring leaders should have clear values and goals, says Ho. “Know your drivers, your long-term goals and what you want to be known for. This mindset has helped me prioritise longevity over short-term gains.”
For more stories about where money flows, click here for Capital Section
According to Ho, MAS and IBF have been “instrumental” in spearheading initiatives to cultivate a spectrum of talent across junior staff, mid-career professionals and senior leaders.
“These efforts are crucial in building a robust pipeline of highly skilled, global-minded leaders, ensuring that financial institutions like us can access the talent we need to grow,” says Ho. “I am proud that BlackRock participated in the SGUnited Mid-Career Pathway Program in 2021, and leveraged the IBF’s Polytechnic Talent for Finance Scheme (PTFS) to launch the BlackRock Singapore Apprenticeship Programme in 2023. These schemes allowed us to tap into a diverse pool of talent within the ecosystem, and aligned with our belief that an inclusive and diverse workforce is what helps us thrive.”
HSBC keeping pace with global developments
As an undergraduate at the National University of Singapore, Wong Kee Joo told himself he would not wear a tie and work in Shenton Way after graduation. Then, he was more interested in tech.
In a “serendipitous” twist, Wong took on a role in transaction banking as a fresh graduate, and has stayed in the sector for nearly 30 years, eventually becoming the CEO of HSBC Singapore.
He says new financial tools and solutions continue to keep him engaged and passionate about his job. “The trend towards digitalisation continues to evolve at a rapid pace with the advent of technologies like generative AI and quantum computing, and my thirst to learn continues.”
Wong, who joined the bank in 2004, likens effective leadership to being a chef. He recalls a team-building workshop in Thailand, where executives signed up for a cooking class.
“Apart from learning to make a mean Thai green curry, I gained insights on how leadership is very much like cooking. It’s the job of the chef to bring out the best in every ingredient and to create the right balance of flavours. Similarly, as a leader, it is your role to bring out the best in every individual.”
The best leaders — like the best chefs — do not compromise on quality or creativity, he adds. “They are often on the lookout on how to deliver creative dishes that tantalise the taste buds of their patrons and create unforgettable experiences. As a leader, we need to do the same. Be constantly creative and discover new ways to deliver new successes with the same or new ingredients. Keep the customer at the centre of everything you do and stay relevant.”
The world is evolving at a rapid pace, says Wong. “It will be important for leaders in Singapore’s financial services industry to continue to be connected to broader issues impacting the world and their clients.”
The era of rapid change also brings a complex and ever-changing regulatory landscape, says Wong. “The increasing digitalisation of financial services has brought cybersecurity threats to the forefront of our concerns. Protecting our customer data and maintaining the trust of our customers is paramount in this digital age.”
In the face of these challenges, talent and skills development play a crucial role, says Wong. “By investing in the development of our people, we can equip them with the skills they need to navigate these challenges and seize new opportunities.”
The schemes offered by MAS and IBF have been designed to support the development of leaders at different points of their careers, says Wong. “Our employees have joined the Asian Financial Leaders Programme with the strategic intent of developing a core of senior Asian financial leaders. We leverage on IBF’s International Postings Programme (iPOST) programme to send Singaporean talents overseas, giving them opportunities to gain international experience.”
HSBC has supported individuals through the Career Conversion Programme (CCP) since 2021, which helps reskill mid-career individuals into finance roles. The bank has “upskilled” roles in HSBC Life Singapore to focus on data mining and visualisation, creating data champions within departments, says Wong.
In addition, HSBC has welcomed trainees from the Technology in Finance Immersion Programme (TFIP) since 2022. Trainees have contributed to operations, global banking, and digital business services, delivering data analytics and automation projects across business lines and functions.
As part of local talent development and promoting finance careers to young Singaporeans, HSBC has hired polytechnic students across all business lines under internship programmes. “We have just introduced a 12-month apprenticeship programme for polytechnic students. In addition to our annual graduate programme for business, we have introduced a cohort for global functions,” says Wong.
To remain relevant, bankers not only need to understand macro trends, they will also be expected to understand broader topics that are impacting their clients, such as sustainability, digitisation, operational resilience and cybersecurity, says Wong. “As a global institution, we are privileged to be able to expose our local talents to a broader understanding of topics within the regional or global context.”
Prudential’s open-learning culture
As a student, Dennis Tan was already interested in the financial markets. “I began my career as a management associate in an international bank 30 years ago and never looked back.”
Tan took on many roles across various functions, from corporate office roles in planning and strategic decision-making to meeting customers on the “frontline”.
He was appointed the CEO of Prudential Singapore
Covid-19 was the most significant event in Tan’s career, as its impact on the world was unprecedented. As a company, Prudential responded quickly, says Tan. “We introduced PRUSafe COVIDCover, a complimentary insurance plan to provide support to individuals who may be hospitalised for side effects arising from Covid-19 vaccinations.”
Tan’s team also developed PRURemote Advice, a video conferencing and e-signature tool, in just seven days. “[The tool] helped our customers continue to stay protected with the necessary insurance coverage and remain connected during the circuit-breaker period. Today, it is embedded in how we engage customers, where one in three sales are done remotely.”
Having worked in a foreign bank, a local bank and now Prudential, Tan sees each chapter as a lesson in shaping his leadership style, which involves the three “E”s: empathy, engagement and empowering the team.
“I learned early in my career that it is important to have empathy so that I [can] better understand their perspectives. Second, there are two parts to how I engage people. The first is active listening. The second is open communication. We need to engage and communicate with each other to align everyone to the same goals and behaviours. The third ‘E’ is empowering the team that I work with. Don’t micro-manage, but empower them by sharing clear objectives. That will allow them to grow and reach their fullest potential, and become the best version of themselves,” Tan explains.
Tan says Prudential has an “open learning culture”. “We actively support employees’ upskilling and reskilling through IBF programmes, such as the Career Conversion Programme (CCP), Technology in Finance Immersion Programme (TFIP), Work-Study Degree Programme (WSDeg) and Finance Associate Management Scheme (FAMS).”
FAMS supports Prudential’s management associate programme, while WSDeg and FAMS have enabled Prudential to grow its future talent pipeline from local polytechnics and universities in various key areas.
Through CCP, Prudential reskills people whose roles have changed, says Tan. “For example, our customer service centre colleagues who underwent CCP developed new competencies in chatbot design, and were involved in the development of our PRUchat chatbot,” he adds.
Meanwhile, TFIP is aimed at equipping mid-career hires with digital skills to join financial institutions. “We have TFIP trainees in areas such as agile IT project management, AI, business analysis, cloud computing, cybersecurity, data analytics, IT and cybersecurity risk,” says Tan.
Prudential also launched the Financial Consultant Induction Programme (FCIP) in June 2020 for its financial representatives. They received their IBF Qualified (Level 1) Certification upon graduating from FCIP. Should they wish to become an agency leader, they will also need to complete the IBF-accredited Agency Leader Promotion Programme.
Photos: Blackrock, HSBC, Prudential
