UOB, StanChart step up staff training
Singapore
IN EFFORTS to step up staff training, United Overseas Bank (UOB) unveiled a training initiative for more than 100 bankers on alternative financing to deepen its support for startups, and Standard Chartered launched the SkillsFuture@sc programme.
According to UOB, its initiative is timely as the bank's equity crowdfunding partner, OurCrowd, was awarded a full Capital Market Services (CMS) licence from the Monetary Authority of Singapore (MAS) at the end of July.
OurCrowd invests in startups with technology products and services, and the CMS licence enables it to market its equity crowdfunding platform here. UOB made a US$10 million investment in OurCrowd in March this year, thus reinforcing the bank's commitment in supporting Asian small and medium enterprises (SMEs) and startups with end-to-end financing needs. The support ranges from UOB's accelerator programme, The FinLab, to venture debt financing through to investment banking.
Janet Young, head of group channels and digitalisation, UOB, said: "In the last six months, we have trained more than 100 commercial bankers to identify and to understand the type of financing for which startups can qualify. Through our initiatives, we are well-equipped to support the startup ecosystem and help them realise their full potential."
On the other hand, Standard Chartered has adopted a holistic approach to encourage and empower its staff to broaden and upgrade their skills. Its programme includes more than 50 courses which the bank has identified and sourced for, and covers skillsets which are increasingly important to stay relevant in today's evolving job landscape.
Under the programme, employees who work for Standard Chartered's franchise in Singapore will be able to take up a SkillsFuture course using the government credit of S$500 awarded to Singaporeans aged 25 and above, and in addition, any one of the 50 bank-sponsored courses. The bank has also set aside a budget of around S$2 million and will provide up to three paid days of training leave per annum.
Judy Hsu, CEO, Standard Chartered Singapore, said: "This broad-based programme is aimed at removing these obstacles by providing staff a list of relevant courses covering interdisciplinary skills, new banking growth areas, personal mastery skills and new technology trends that staff can choose from."
She said the bank believes that the programme will "promote a culture of lifelong learning and empower our staff to take charge of their career and professional development".
