Financial professionals in Singapore can look forward to more training in sustainable finance and generative AI (GenAI), as part of a refreshed suite of “future-enabled skills” launched by the Institute of Banking & Finance Singapore (IBF) and its industry workgroups.
This will help complement professionals’ existing functional and technical skills, says Deputy Prime Minister Gan Kim Yong in his keynote address at the IBF 50th Anniversary Distinction Evening Gala on Sept 13.
According to IBF, future-enabled skills are industry-wide capabilities needed by finance practitioners in today’s rapidly changing industry. To develop these skills, finance practitioners can attend IBF accredited future-enabled skills training programmes.
IBF is also working with SkillsFuture Singapore (SSG) to build sustainable finance capability among real economy companies by leveraging IBF’s accredited foundation course on sustainable finance.
This will equip employees, especially those from small- and medium-sized enterprises (SMEs), to incorporate sustainable finance into their business and financing strategies, according to IBF.
“Such a joint approach by IBF and SSG will enable a systematic adoption of sustainable finance practices across the board,” says Gan, who is also Minister of Trade and Industry and chairman of the Monetary Authority of Singapore (MAS).
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IBF and MAS launched the Sustainable Finance Jobs Transformation Map (JTM) in April, with the support of Workforce Singapore (WSG), to equip Singapore’s workforce with the skills for sustainable finance.
Since then, IBF has accredited over 130 courses on sustainable finance, and issued over 3,000 skills badges to eligible trainees to recognise their mastery of sustainable finance skills.
IBF is currently working with MAS and industry partners to develop the GenAI JTM, says IBF chairman and MAS managing director Chia Der Jiun. “[This JTM] assesses the impact of GenAI on jobs and skills and aims to prepare our financial sector workforce to use AI to augment their effectiveness,” says Chia in his opening remarks at the Sept 13 dinner.
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According to Gan, a GenAI JTM is still in the works, and key findings will be unveiled in early 2025.
Awards
To commemorate IBF’s 50th Anniversary and to honour commitment to skills and workforce development, 10 financial institutions were presented with special edition IBF Golden Jubilee Awards by Gan.
The IBF Golden Jubilee Inspire Award was conferred to DBS, OCBC, Prudential and UOB for their longstanding and outstanding dedication in uplifting their workforce through skills development, workforce transformation, talent pipeline building and leadership development.
The IBF Golden Jubilee Advance (Skills Development) Award recognised AIA, Great Eastern and Manulife for their efforts in upskilling employees through IBF-accredited training programmes, alignment of in-house programmes to the Skills Framework for Financial Services and attainment of IBF Certification.
The IBF Golden Jubilee Advance (Talent Development) Award recognised Bank of Singapore, Deutsche Bank and Standard Chartered for their commitment in cultivating young and mid-career local talent, as well as their efforts in developing local leaders.
Five industry veterans were conferred the prestigious IBF Distinguished Fellow award. This award recognises industry captains who are the epitome of professional stature, integrity, leadership and commitment to the development of the financial sector.
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In addition, 27 industry leaders were conferred the IBF Fellow award.
Gan also presented the IBF Golden Jubilee ITE Scholarships to 54 Institute of Technical Education (ITE) students. Since the launch of this scholarship in May, IBF, ITE and 13 financial institutions had conducted interviews and finalised the scholarship recipients, who received a study award and a five-month internship with the participating financial institutions, starting in October.
According to IBF, it is aimed at expanding the talent pool and promoting skills-based hiring within the financial sector.
Carolyn Neo, CEO of IBF, says: “In the last 50 years, we have built an ecosystem where we have continually reinvented ourselves. Looking forward, IBF remains committed to empower our financial sector workforce with the necessary skills and career opportunities they need to navigate and thrive in the evolving world of finance. We will continue to forge ahead with our tripartite partners in elevating skills and empowering careers in the next 50 years and beyond.”
