NTUC, Institute of Banking and Finance partner financial associations to upskill workforce
This effort is to ensure that upskilling and reskilling efforts are aligned with future trends and sectoral needs
NTUC and the Institute of Banking and Finance (IBF) will collaborate with financial organisations to train workers in sustainable finance and generative artificial intelligence skills.
Under a memorandum of understanding signed on Friday (Aug 16), the tie-up aims to raise awareness of sustainability trends in the sector among the financial institutions and their employees, and to equip them with the skills needed to meet the region’s growing demand for sustainable financing.
The collaboration will include training programmes, mentoring and coaching opportunities, as well as experiential learning and career-growth prospects.
NTUC and IBF said in a joint statement that this is aimed at ensuring that upskilling and reskilling efforts in the financial sector are aligned with future trends and sectoral needs.
They added that the partnership also enables institutions to stay competitive by upskilling and transforming their businesses, with the support of NTUC’s Company Training Committees (CTCs) and their grants. (CTCs comprise the management, union and worker representatives who focus on identifying and implementing initiatives to upgrade and transform the workforce.)
The tie-up also provides employees in the sector with career advisory, training and job-placement services.
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“As businesses go through transformation, this support system ensures that pre-emptive steps are taken to reskill and redeploy affected employees in the first instance,” said NTUC and IBF.
They added that in the event of job displacement, the system will help financial institutions manage displacements responsibly and sensibly, ensuring adequate support for affected employees.
Patrick Tay, NTUC assistant secretary-general and supervising lead for financial and professional services cluster, said the tie-up is a significant step forward in equipping the workforce with skills needed to adapt to the evolving financial sector.
“By aligning our upskilling and reskilling efforts with industry trends, we are ensuring that our professionals, managers and executives are not only prepared for the challenges ahead, but are also positioned to thrive in a dynamic and competitive environment,” he added.
The organisations that are part of the tie-up are the Association of Banks in Singapore, Association of Financial Advisers, General Insurance Association of Singapore, Investment Management Association of Singapore, Life Insurance Association, Securities Association of Singapore and Singapore FinTech Association.
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