New sustainable finance courses, academy launched to help Singapore's finance professionals upskill
A NEW suite of finance e-learning courses, based on the latest sustainability science, are now available for Asia-based finance professionals, in a move that will help Singapore's finance workers upgrade their skills in this fast-growing area.
The accessible, practical and technology-enabled courses are part of the ASFI Academy, launched on Monday by the World Wide Fund for Nature (WWF) Singapore and its partners in the Asia Sustainable Finance Initiative (ASFI) - the Association of Banks in Singapore (ABS), the Institute of Banking and Finance Singapore (IBF), the Investment Management Association of Singapore (IMAS), the Life Insurance Association Singapore and the Singapore Exchange.
The academy's courses consist of a range of short, self-paced, digital courses developed by WWF and its ASFI partners, and have been accredited by the IBF under the Skills Framework for Financial Services.
They cover a range of sustainable finance topics, from core themes such as assessing the quality of environmental, social and governance (ESG) data, to broader issues such as regional regulatory developments; sector-specific topics, for example on how to drive climate-resiliency via investments across agriculture supply chains, are also available.
The courses, which incorporate interactive activities and Asia-specific case studies, have also been pilot-tested by financial professionals across the region.
"These new courses comprise deep dives into the best practices in managing risks and opportunities in sectors with elevated risks - such as agriculture, forestry and fisheries; infrastructure; and energy - as highlighted in the ABS Guidelines on Responsible Financing published in 2015," said Ong-Ang Ai Boon, director of ABS.
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The academy's launch comes amid growing momentum around sustainable finance in Singapore and the region, and is expected to contribute towards Singapore's finance sector workforce developing the ESG skills and competencies necessary to implement the Guidelines on Environmental Risk Management for banks, insurers and asset managers issued by the Monetary Authority of Singapore, as well as achieving the objectives of Singapore's national agenda on sustainable development, The Green Plan 2030.
It is also expected to help plug a knowledge gap between Asia's finance professionals and their counterparts in Europe. WWF's annual Sustainable Banking Assessment (SUSBA) and Resilient and Sustainable Portfolios that Protect Nature and Drive Decarbonization (RESPOND) reports, on sustainable banking and responsible investment practices respectively, had found that banks and asset managers based in Asia lag behind their European counterparts when it comes to sustainable finance practices.
Anders Nordheim, senior vice-president of Asia Sustainable Finance at WWF-Singapore, said: "Singapore is emerging as a regional leader in sustainable finance, and is well placed to help scale global efforts to shift finance to low-carbon and sustainable activities. Financial professionals around the world are increasingly looking to Singapore to offer expertise in this area, and those that are able to offer up-to-date advice will lead the way when it comes to capturing this segment of the market."
"The launch of courses on ASFI Academy is a big step forward in plugging the knowledge gap and upskilling Singapore's finance professionals with the knowledge they need to talk about sustainable finance with confidence."
Bank of Singapore is the first bank in Asia to roll out the courses to all of its 2,200-plus staff.
Jeffrey Chiam, Bank of Singapore's global head of human resources said, "Our clients are becoming more aware of the importance of ESG standards to create a more positive and sustainable impact through their investments. It is imperative that we continue to ensure our employees stay up to speed on the latest developments in sustainable finance which can impact our clients and business. Since June this year, more than 975 staff have completed the course and we aim for the rest of our staff to do so by year end."
More details, including enrolment, can be found on the ASFI Academy website.
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