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, said 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).
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,” Chia said in his opening remarks at the Sept 13 dinner.
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According to Gan, key findings will be unveiled in early 2025.
IBF has a key role in bringing together relevant parties for a common purpose and facilitating industry-wide initiatives, says Chia. “Financial institutions provide opportunities for upskilling and reskilling. Government and trade unions provide support and encouragement for individuals to take ownership of their professional development. This tripartite partnership between IBF, government, financial institutions and trade unions supports a dynamic and skilled financial sector workforce.”
Gan (centre) with union leaders, IBF Council Members and MAS on the sidelines of the IBF 50th Anniversary Distinction Evening Gala Dinner
Golden Jubilee Awards
To commemorate IBF’s 50th Anniversary and to honour commitment to skills and workforce development, 10 financial institutions were presented with IBF Golden Jubilee Awards by Gan.
The IBF Golden Jubilee Inspire Award was conferred to DBS D05 , Oversea-Chinese Banking Corporation (OCBC) O39 , Prudential and United Overseas Bank U11 U11 (UOB) for their longstanding and outstanding dedication in uplifting their workforce through skills development, workforce transformation, talent pipeline-building and leadership development.
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Meanwhile, 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.
In addition, 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.
Wong Sze Keed, CEO of AIA Singapore, says the award validates the firm’s efforts in investing in “specialised career roadmaps” and “structured training programmes” for its staff and network of more than 5,000 insurance representatives.
“This award is a testament to how we have stayed true to our vision of nurturing the most professional, productive and qualified staff and insurance representatives in the financial services industry, thereby elevating the professional standards of the industry overall,” says Wong to The Edge Singapore.
Coupled with compulsory IBF-endorsed training, AIA staff are equipped with the skills and knowledge needed to address the changing market demands and support customers’ evolving needs and goals, she adds.
In today’s business and employment landscape, investing in skills development is crucial for organisations to remain competitive and support their employees’ career growth, says Wong. “By prioritising upskilling and reskilling our workforce, organisations can stimulate innovation and drive growth. This can lead to the development of new and compelling products, services or processes that deliver real value to customers and meet their changing needs.”
AIA employees continue to attend courses that enjoy IBF subsidies, says Wong. “These courses are designed to address [the] upskilling of critical core skills like critical thinking, decision making, communication, influencing, project management, data analytics and cybersecurity.”
AIA has “actively” participated in IBF’s Technology and Finance Programme (TFIP) since 2020 and hosted mid-career professionals who are making a switch to software development, cybersecurity, data analytics and business analysis roles, says Wong.
“With compulsory IBF-endorsed training, we also ensure that all our new insurance representatives are IBF Level 1-certified. The journey started in 2023, with the aim of having all our insurance representatives to be IBF-certified,” she adds.
Wong is “deeply grateful” to her “exceptional” team at AIA Singapore for sharing the vision of creating a brighter future and nurturing a skilled workforce. “Their innovative and continually learning spirit, collaborative mindset and dedication to our customers and communities are truly inspiring. I hope we can continue to cultivate a workplace culture where everyone feels empowered to excel.”
AIA was among three firms that received the IBF Golden Jubilee Advance (Skills Development) Award. Wong Sze Keed, CEO of AIA Singapore, says the award validates the firm’s efforts in investing in “specialised career roadmaps” and “structured training programmes” for its staff and network of more than 5,000 insurance representative
Distinguished Fellow Award
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.
They are: Albert Tse, CEO, South Asia, Amundi; Jon Yeo, chief compliance officer at Maybank Singapore; Lawrence Chan, group CEO of Nets; Elaine Lam, head of global corporate banking at OCBC; and Kenneth Lai, head of global markets at OCBC.
Lai, who was named an IBF Distinguished Fellow in Financial Markets, has global responsibility for OCBC’s global market businesses and asset liability management in Singapore, Malaysia, Indonesia, Hong Kong, China and seven other overseas centres.
Lai has over 34 years of experience in different functions across trading, sales and asset liability management and across different countries in Asia. Currently, he serves on the boards of OCBC Securities and Asia Securities Industry and Financial Markets Association (ASIFMA). Lai also sits on Great Eastern Group’s asset and liability committee as well as Great Eastern’s investment committee.
“This award is a collective one — it is a culmination of my team’s efforts over the years, a team that has been an honour to lead,” says Lai to The Edge Singapore. “Working as a team is more than just contributing to the bottomline, and this award reflects our collaborative culture and how we are able to harness our diverse perspectives and talents to succeed together. This is especially important after the challenges of the last few years that have led to higher volatility for financial markets.”
Lai has served as the chairman of the IBF Capital and Financial Markets Industry Workgroup since 2021, where he provides leadership and guidance on skills development and workforce transformation initiatives to support the Capital and Financial Markets segment. He also chairs the IBF Financial Markets Regulatory Practices (FMRP) Examinations Board and the Singapore Foreign Exchange Market Committee (SFEMC) Manpower Development Sub-Committee.
Lai says his work with IBF has been “meaningful”. “Through my involvement in the IBF Capital Markets and Financial Markets Industry Workgroup, for example, I have been able to contribute towards the industry by actively supporting IBF in their goal towards developing a comprehensive skills framework and fostering continuous professional development.”
Lai hopes his team can “embrace challenges, seek feedback and always strive to improve and grow”. “They should remain open to learning about different facets of the business beyond their scope of work, as that can help them contribute more meaningfully to the wider OCBC Group.”
Kenneth Lai, head of global markets at OCBC was among five industry veterans who were conferred the IBF Distinguished Fellow Award. “This award is a collective one — it is a culmination of my team’s efforts over the years, a team that has been an honour to lead,” says Lai
IBF Fellow Award
In addition, 27 industry leaders across 13 industry segments were conferred the IBF Fellow Award.
From asset management, the recipients are: Ian Macdonald, CEO, Singapore and deputy CEO, Asia Pacific at abrdn; and Darren Tay, head of treasury management and managing director at Fullerton Fund Management.
From capital markets, the recipients are: Deutsche Bank AG Singapore’s Chan Boon Hiong; UOB’s Koh Chin Chin; and Choo Oi Yee, independent director at CapitaLand Ascendas REIT A17U A17U , Urban Redevelopment Authority and Financial Industry Disputes Resolution Centre (FIDReC).
From compliance, Maybank Singapore’s Chen Jee Meng, OCBC’s Terence Gue and Citibank Singapore’s Ashlynn Siau were honoured with the award.
From corporate banking, Standard Chartered Bank’s Maisie Chong, HSBC’s Lee Tze Tze and SMBC’s Luca Tonello received the award.
Nomura Singapore’s managing director Leng Hoe Lon is the sole award recipient in the financial markets segment.
Teo Kok Chuan, director at Great Eastern Life; and Edmund Wee, advisory board member at the Insurance and Financial Practitioners Association of Singapore (IFPAS), received the award in the financial planning segment.
From general insurance, Rama Chandran of QBE Asia and Sharon Teo of MSIG Insurance (Singapore) received the award, along with AIA Singapore’s Irma Hadikusuma and Income Insurance’s Yoong Siew Lee from the life insurance segment.
Julius Baer’s Ho Shui Wei is the sole award recipient from the private banking and wealth management segment, while Citibank Singapore CEO Brendan Carney and OCBC’s managing director and head of digital business Ng Lee Peng both received the award under the retail banking segment.
Andrew Tan, head of OCBC’s group data management office, is the sole recipient in the risk management segment, while three sustainable finance professionals were honoured: Herry Cho, managing director at SGX Group; Eric Lim, chief sustainability officer of UOB; and Kelvin Tan, managing director at HSBC.
Rounding out the list of IBF Fellow Award recipients are OCBC managing director Bojan Blecic and Singapore FinTech Association president Shadab Taiyabi from the technology and operations segment.
Scholarships
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.
Muhammad Ashridz Nasri, recipient of the IBF Golden Jubilee ITE Scholarship is currently pursuing a Higher Nitec in Cyber and Network Security at ITE College East. “The IBF Golden Jubilee ITE Scholarship provided me with essential support, allowing me to focus on my cybersecurity studies without added stress. It has also motivated me to excel in my coursework,” he says.
Ashridz’s academic journey was not always straightforward; he struggled in secondary school and was not particularly engaged. His life took a significant turn when he decided to earn extra money to build his first computer. This experience ignited his passion for technology and ultimately sparked his interest in cybersecurity.
As his N-Level result could not gain him entry to a cybersecurity course, Ashridz enrolled in the Higher Nitec in Cyber and Network Security course instead. Despite his initial apprehension, Ashridz soon excelled in the course and recognised the solid foundation that the course has provided for him in programming and networking.
“The scholarship is important because it not only supports me financially but also bridges the gap between education and industry, offering a hands-on internship that prepares me for future cybersecurity careers,” he says. “It’s a great step towards achieving my career goals and has provided me with confidence in my abilities.”
Ashridz adds: “To my peers, I encourage you to embrace every opportunity for growth, and also to IBF and ITE, thank you for empowering students like me with opportunities and support for us to succeed in our fields.”
IBF also administers the Polytechnic Talent for Finance Scheme (PTFS), which provides support for financial institutions’ internship, apprenticeship and sponsorship programmes.
Megan Teoh, who graduated from Temasek Poly with a Diploma in Business and Digital Business Innovation, joined the Allianz Apprenticeship Programme in March.
Allianz has a total of three apprentices enrolled in the programme this year. The 12-month programme is offered in three different business functions: information security/organisational management, compliance, and people and culture.
Teoh is in the former department, and Allianz’s apprentices can rotate within the sub-sections of their business functions. “Embedded in this 12-month programme are two opportunities, including a week of job-shadowing with other business functions of their choice at the Allianz Asia Pacific Regional Office in Singapore,” says an Allianz spokesperson. “This exposes the apprentices to wider learning and deeper insights into the different business functions of our organisation.”
Each apprentice is attached to a mentor (at the senior management level) during the whole duration of the programme. Allianz also conducts monthly check-ins with each apprentice.
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.”
Photos: IBF, OCBC, AIA Singapore
