MAS to offer financial industry more support in sending Singaporean employees on overseas stints

MORE help is on the way to push Singaporeans in the financial industry to take up overseas postings that can equip them with international capabilities and prepare them for regional and global roles.

The Monetary Authority of Singapore (MAS) will expand the International Postings Programme, or iPOST, which supports financial institutions in sending Singaporeans on overseas postings. Minister for Manpower Tan See Leng, announcing this at a webinar held by the MAS and the Institute of Banking and Finance Singapore (IBF) on Friday, said the expanded scheme will support more Singaporeans in work stints abroad, especially in Asia.

MAS will defray the salary costs for postings to Asia, in addition to other costs such as air fare, accommodation and allowances. Aside from those in the mid- to senior-level identified for bigger leadership roles, the support will also go to younger and specialist talents, he added.

Since 2016, close to 110 Singaporeans have been supported on such postings; most of them have returned to Singapore to larger roles.

MAS will also expand its Finance Associate Management Scheme (FAMS) to support financial institutions (FIs) in sending talented young Singaporeans on overseas rotations.

Currently, FIs receive S$5,000 a month to defray costs for sending each Singaporean overseas under this programme. From next year, MAS will extend the funding duration of this overseas component from three to six months.

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In his speech, Dr Tan noted that for Singaporeans to progress in the financial industry and take on more senior roles over time, they should seize the opportunity presented by overseas postings.

"FIs have shared that Singaporeans are sometimes reluctant to go abroad, citing reasons such as children's education, parents' health or spouse's career. But this is something that we need more Singaporeans to embrace, especially for those looking to progress in their careers."

MAS data shows that four in 10 jobs in the financial sector are primarily regional and global roles.

Dr Tan cited the three webinar panellists as examples of Singaporeans who spent years working overseas and were later moved to leadership positions: Edmund Koh, President, UBS Asia Pacific; Wong Kee Joo, chief executive of HSBC Singapore; and Sherene Ban, CEO for Singapore and South-east Asia in JP Morgan Asset Management.

In the hour-long discussion, the three banking heads urged Singaporeans to consider overseas stints for exposure and growth.

HSBC's Mr Wong, who spent 22 years in banking stints abroad, noted that clients now use Singapore as a base to expand in the region. "Many of our clients here are looking for people in the financial services industry with the ability to serve not just from the Singaporean context, but more from an international perspective."

UBS' Mr Koh called on Singaporeans to seize opportunities abroad. "I will say to all young Singaporeans if you want your career to take off in any industry, overcome that hurdle, get to an overseas posting when it's offered."

Over 100 Singaporeans are working in UBS' offices overseas, in the US, Europe and the Asia-Pacific. And about 40 per cent of the bank's staff in Singapore comes from abroad. Mr Koh said that, building a strong Singaporean team aside, having a diverse bench is what gives the bank its edge.

JP Morgan Asset Management's Ms Ban identified empathy and leadership as key traits Singaporeans need to operate in a global environment. "We need to interface with different offices with colleagues in different offices, so we really need to communicate and collaborate effectively.

"We're so good at the IQ, but these are all the EQ and the softer skills. I think being able to inspire, motivate and understand what drives people on a multi-dimensional basis is just so crucial."

The final panellist was Leong Sing Chiong, deputy managing director for markets and development at MAS, who pointed out that Singapore, as a regional financial centre, requires an international mindset and outlook.

"When we look at the profile of jobs in Singapore, most of the new jobs are regional or international facing," he said. "Our deep conviction is that Singaporeans looking to take up those jobs will require - quite apart from technical skills - an outward-looking orientation, or international mindset."

Held at UBS, the webinar, titled "Powering our International Financial Centre with a Globalised Singaporean Workforce", is part of the MAS-IBF "Growing Timber" series on the jobs and skills agenda for the financial services sector.