In Singapore's push to be a global financial hub, job skills must keep up

ALTERNATIVE lending models are constantly emerging and transforming the banking sector, creating both competitive threats and evolutionary opportunities for financial institutions - not just in Singapore, but also globally. But with thousands of nascent IT firms challenging banks in every product line, the level of disruption facing the financial sector has reached an inflexion point.

It is time for the sector and workforce to adapt, not only to stay relevant, but to survive.

That is why the release of the industry transformation map (ITM) for financial services by the Monetary Authority of Singapore (MAS) on Monday is so timely. Not only does it outline the growth strategies by business lines, it suggests programmes for upgrading skills and an agenda for continual innovation and technology adoption.