IMDA, MAS to push career development of fintech professionals
Singapore
INDUSTRY and academia have for the first time tied up in a nationwide collaboration to better equip Singaporeans with the right skills to take up infocomm technology jobs in the financial industry.
The partnership is provided for in a Memorandum of Intent (MOI) under the TechSkills Accelerator (TeSA) FinTech Collective to build a talent pool skilled in ICT, with a focus on financial technology (fintech). The MOI was inked by the Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore (MAS) on Thursday, together with SkillsFuture Singapore. (see amendment note)
The MOI will specifically see six local universities and five financial associations coming together to do research in fintech, draw up new fintech courses, provide mentorship and make university curricula more industry-ready. The partners include Nanyang Technological University, National University of Singapore, General Insurance Association of Singapore and The Association of Banks in Singapore.
Over 42,000 additional ICT professionals will be needed over the next three years, both in ICT and other industries like finance, healthcare and logistics, said Tan Kiat How, chief executive of IMDA, in an address at the Singapore Fintech Festival.
Initiatives under the partnership will include fintech research collaborations with the universities, new courses in fintech specialisations, mentorships and hackathons with finance professionals to help students understand fintech trends. It will cover popular areas such as blockchain, cybersecurity, artificial intelligence and data science.
The partnership will also help align the universities' curricula to be more industry-ready, helping university students benefit from professional education training. Polytechnic graduates and ICT professionals will also gain from continuing education training initiatives.
There will also be outreach efforts to expose students and professionals to emerging fintech trends and guide their skills development.
"This unprecedented, large scale collaboration among the government, financial industry and universities will help to build a deep fintech talent pool in Singapore," MAS deputy managing director Jacqueline Loh said.
Mr Tan 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."
The financial sector employed 24,300 ICT professionals in 2016, up more than 25 per cent from 19,100 in the previous year. Total demand for ICT jobs in the financial sector also hit an all-time high of 26,200, according to the joint media release.
The TeSA Fintech Collective was first announced by Ong Ye Kung, Minister for Education (Higher Education and Skills) and Second Minister for Defence, at the Singapore FinTech Festival welcome dinner on Monday.
Amendment note: A previous version of this story said the MOI was inked by IMDA and MAS only, when it should have included SkillsFuture Singapore as well.
