To develop a pool of talent for Singapore’s financial technology (fintech) sector and emerging infocomm technology (ICT), a first-ever landmark partnership has been signed today between government agencies, industry bodies and educational institutions. The agreement was signed at the ongoing Singapore Fintech Festival.
In this connection, a Memorandum of Intent (MOI) has been signed by the Infocomm Media Development Authority (IMDA), Monetary Authority of Singapore (MAS), SkillsFuture Singapore, six local universities and five financial associations for “better equipping Singaporeans with the right skills to take up ICT jobs", under the newly set up TechSkills Accelerator (TeSA) Fintech Collective, according to the joint press release.
The initiatives under the Collective include research collaborations in FinTech with the universities, new courses in FinTech specialisations, mentorships and hackathons with finance professionals to help students understand FinTech trends. The Collective will also enhance existing programmes which provide career guidance and skills certification.
Everyone, from undergraduate and postgraduate students, to professionals can benefit from the diverse range of opportunities. Under the Collective, there will be professional education training (PET) for university students to learn from industry-ready school curricula.
Polytechnic graduates, as well as ICT professionals will also benefit from continuing education training (CET) initiatives enhanced for upskilling and reskilling.
There will be various outreach efforts for students and professionals to learn about emerging FinTech trends so as to guide their skills development. Through the various insights from industry-wide network of financial institutions, the Collective will also cover in-demand technologies such as blockchain, cybersecurity, artificial intelligence and data science.
Commenting on the MOI, Tan Kiat How, Chief Executive, IMDA, said, “There are many exciting opportunities for Singaporeans looking for a career in infocomm technology, fuelled by the strong demand in every sector as companies embrace digitalisation.
He added, “We are very encouraged by the support from all six local universities and the industry associations to ensure that we have the right talent to accelerate the growth of the FinTech sector, a key part of Singapore’s digital economy,”
Jacqueline Loh, Deputy Managing Director, MAS, said “As financial institutions and FinTechs tap on emerging technologies to create more innovative services, the need for professionals with strong technology skillsets and a good understanding of financial products and processes will grow significantly.
She added, “This unprecedented, large scale collaboration among the government, financial industry, and universities will help to build a deep FinTech talent pool in Singapore.”
Notably, the financial sector was the second biggest hirer of ICT professionals in Singapore in 2016 right after the ICT sector itself.
There are more than 24,300 ICT professionals employed in the financial sector, a sharp increase of more than 25 per cent from the 19,100 in 2015. In 2016, total demand for ICT jobs in the finance sector stood at more than 26,200, an all-time high.
With this hotbed of opportunities, aspiring students joining the finance industry and existing ICT professionals can leverage the various training opportunities brought together by the TeSA FinTech Collective.
The TeSA Fintech Collective is part of the TechSkills Accelerator, an initiative of SkillsFuture that aims to accelerate professional development and enhance employability outcomes for ICT professionals.