~ This partnership aims to equip Singapore’s financial sector workforce with new emerging skills relating to sustainable finance and generative artificial intelligence ~
The National Trades Union Congress (NTUC) and the Institute of Banking and Finance (IBF) have signed a Memorandum of Understanding (MOU) with seven key associations (Refer to Annex A) in the financial sector. The partnership is designed to provide a robust support system for the financial sector workforce in embracing emerging trends such as sustainability and generative artificial intelligence. The MOU aims to enhance sector-wide outreach, foster a coordinated approach to skills development and address sector-wide challenges. By creating a collaborative ecosystem, this initiative seeks to comprehensively support workforce development arising from business transformation in the financial sector, while ensuring that every worker is well supported amidst the transformation.
This collaboration follows the launch of the Sustainable Finance Jobs Transformation Map (JTM)1 by IBF and Monetary Authority of Singapore (MAS) in April this year. The JTM outlines the impact of sustainability trends on financial sector jobs and identifies the skills required to meet the growing demand for sustainable finance in the region. To support the financial sector’s workforce in acquiring these skills, the MAS has allocated $35 million from the Financial Sector Development Fund to develop such skillsets over the next three years.
The MOU signing event was held during the IBF-NTUC Sustainable Finance Symposium at the NTUC Centre, and was witnessed by Guest-of-Honour, Mr Alvin Tan, Minister of State for the Ministry of Culture, Community and Youth, and the Ministry of Trade and Industry, and Board Member of the Monetary Authority of Singapore.
Partnership to Upskill Financial Sector Workforce for Future Trends
The collaboration encompasses several key initiatives aimed at enhancing the financial sector workforce in Singapore:
a. Sector-wide outreach and implementation of JTMs: The collaboration of industry associations with IBF and NTUC ensure that JTM initiatives reach a broader spectrum of financial institutions and employees within the financial sector. This active and wide outreach enhances awareness and adoption of the latest trends and best practices in the industry.
b. Coordinated skills development: The collaboration ensures that upskilling and reskilling efforts within the sector are well-aligned with future trends and sectoral needs. This will be achieved through the delivery of targeted training programmes, mentoring and coaching opportunities, as well as the creation of experiential learning and professional development pathways.
c. Enhanced Support for financial institutions: Through a forward-looking and pre-emptive approach to workforce development, the partnership helps financial institutions stay competitive in a rapidly evolving financial landscape. With a focus on emerging trends, skills development and job redesign, the initiative catalyses comprehensive business and workforce transformation of financial institutions, with the support of NTUC Company Training Committees (CTCs) and CTC Grant.
d. Comprehensive support system for employees: The collaboration will provide support in the form of career advisory, training and job placement services. As businesses go through transformation, this support system ensures that pre-emptive steps are taken to reskill and redeploy any impacted employees in the first instance. In the event of job displacement, the system will help financial institutions manage displacements responsibly and sensitively, ensuring clear communication and adequate support for affected employees.
Mr Patrick Tay, NTUC Assistant Secretary-General and Supervising Lead for Financial and Professional Services Cluster shared, “This collaboration is aligned with NTUC’s commitment to do more to help the professionals, managers and executives (PMEs) in this sector enhance their career fitness, particularly through NTUC Company Training Committees (CTCs) and CTC Grant. Our collaboration with IBF and the various industry associations is a significant step forward in equipping our workforce with the skills necessary to navigate the evolving landscape of the financial sector especially in the areas of sustainability and Generative AI. By aligning our upskilling and reskilling efforts with industry trends, we are ensuring that our PMEs are not only prepared for the challenges ahead but are also positioned to thrive in a dynamic and competitive environment.”
Ms Carolyn Neo, Chief Executive Officer of IBF, said, “This partnership reinforces IBF’s commitment to building a skilled and nimble financial sector workforce, one that is equipped with new emerging skillsets necessary to thrive in a fast-evolving landscape. With the tripartite collaboration with NTUC and financial sector industry associations, we are poised to not only scale but also accelerate our upskilling and reskilling efforts in a concerted and forward-looking way. It will provide a comprehensive support system for both financial institutions and their employees, enabling them to understand emerging trends such as sustainability and Generative AI, the implications on financial sector jobs and skills, and the resources available to facilitate workforce transformation.
Mr Leong Sing Chiong, Deputy Managing Director of MAS, said, “The financial sector is undergoing significant change, driven by key structural drivers including AI, technology and innovation, and sustainability. As financial institutions navigate these winds of change, business and workforce transformation must go hand-in-hand, and the tripartite collaboration among NTUC and financial sector unions, IBF and industry associations can provide much needed support for industry transformation efforts. This partnership is very timely – it will facilitate a coordinated and structured approach to upskill and reskill industry professionals in response to key trends, while putting in place a comprehensive career support system for them.”
[1] MAS sets aside $35 million to Support Upskilling Singapore’s Financial Services Sector Workforce in Sustainable Finance
