Annual Report

2018/2019

IBF Annual Report

2018/2019

Are you ready for the future of finance?

The future starts today, not tomorrow. Technology trends and customer preferences are changing the landscape of the financial services industry in Singapore. In this dynamic environment, IBF aims to empower finance professionals with new skills and facilitate workforce transformation within the industry. Read about our transformation in 2018.

Workforce transformation initiative can only be successful with the continuing leadership and collective effort of all stake-holders.

Ravi Menon

Chairman, IBF

Chairman’s Statement

Transforming IBF and our financial sector workforce for the future

The Institute of Banking and Finance Singapore (IBF) turns 45 years this year.

Set-up in 1974 to serve as a training provider for the financial industry, IBF evolved to become the bastion of competency standards and professional certification for key capabilities in the financial industry. More recently, IBF broadened its mandate, as the one-stop, single point-of-contact for all matters relating to jobs, skills, and careers in the financial industry.

Let me share some highlights for the year.

In April 2018, IBF assumed the role of programme manager for Professional Conversion Programmes (PCPs) for the financial industry. Within a year, IBF obtained commitment from more than 19 financial institutions to reskill and redeploy close to 4,000 finance professionals alongside their business transformation. Some 800 people are today already in new or enlarged roles as a result of the PCP.

IBF Careers Connect opened its doors in August 2018, to provide career advisory and job matching services for finance professionals whose jobs have been affected by change. This is a collaborative effort among the industry’s tripartite partners – namely, Employment and Employability Institute (e2i), National Trades Union Congress (NTUC), the Monetary Authority of Singapore (MAS), and Workforce Singapore (WSG). As at mid-April, IBF has provided career advisory services to over 600 finance professionals.

Just last month, IBF and MAS launched the results of an in-depth study on the impact of data analytics and automation on jobs in the financial sector. The study, led by Ernst & Young, found that data analytics and automation are likely to augment one out of two job roles in the financial sector and heavily transform one in three job roles over the next 3 to 5 years. Possibly the first of its kind, the study describes how tasks would evolve within 121 distinct job roles, and identifies the additional skills that would be necessary for job holders to perform these new tasks. I strongly encourage financial institutions to use this study as a guide in reskilling their workforce. This is an important piece of work that will facilitate workforce transformation for the industry, harness the power of data analytics and automation, and make Singapore's financial industry more competitive.

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IBF has also launched the Technology in Finance Immersion Programme (TFIP), which will help more individuals move into new growth areas. In partnership with the relevant government agencies (MAS, WSG, Infocomm Media Development Authority) and participating financial institutions, the programme will allow trainees to gain skills and experience in new technology areas such as cloud computing, cyber security, data analytics, and full stack development. I am pleased that seven of our financial institutions have come out in strong support, and that we will have more than 70 places in the first run.

Such progress would not have been possible without the strong support of our IBF Members, partners and the wider industry. I would like to specifically acknowledge the contributions of the IBF Council, IBF Standards Committee, and Industry Working Groups.

We have made some early progress but the larger workforce transformation initiative can only be successful with the continuing leadership and collective effort of all stake-holders. IBF looks forward to working with financial institutions on this journey to transform our industry workforce.

Ravi Menon

Chairman, IBF

For Finance Professionals

As your Partner in Career Progression, we:

Identify relevant skills for your job

IBF-MAS completed a study on the impact of data analytics and automation on 121 job roles in the financial industry, and identified additional skills that would be needed for changing job tasks in each of these job roles. Find out if you have the additional skills required here.

IBF has also refreshed the technical/domain skills required for financial services industry jobs under the Skills Framework for Financial Services. This will be launched in September 2019.

Provide you with a mobile learning platform to stay current with latest developments

> 200

content pieces on future skills

Learn@IBF is a mobile learning app that provides bite-sized content on skills needed for the future of finance. Key skills include agile thinking, data analytics, awareness of digital technologies, human centred design, and risk and governance in the digital world.

In 2018, the app was also used as a platform to update 3,800 finance professionals on changes to the Financial Markets Regulatory Practices (FMRP) Exam.

Source for training programmes to equip you with these skills

Accredited
> 70
training programmes in 2018

IBF continues to expand the pool of accredited training programmes, so that finance professionals have more avenues to acquire new skills. Discover the full list of accredited training programmes here.

Organised

23
events (15 in 2017)

Our events in 2018 focused on new areas in finance such as RegTech, SupTech, Forensic Data Analytics and Sustainable Investments. Find out what’s coming for 2019 here.

Recognise your achievements

> 800

individuals certified
(1,125 in 2017)

IBF Certification is an industry endorsed mark of quality that recognises individuals who have attained professional excellence and skills.

Awarded 7 IBF Distinguished Fellows and recognised 28 IBF Fellows in 2018

The IBF Fellowship Awards recognises and honours industry leaders for their contribution to the growth and development of Singapore’s financial services industry.

Offer Career Advisory and Guidance

Provided career advisory services to

> 600 individuals

IBF Careers Connect provides career advisory and job matching services to individuals in the financial services industry. Whether you are looking to take on a new role, or making a career switch to the financial industry, we will work with you on achieving your career goals.

The Professional Conversion Programme (PCP) is part of Workforce Singapore's (WSG) Adapt and Grow Initiative which provides individuals with the opportunity to be re-skilled for new careers in growth areas.

Hear the stories of fellow finance professionals who have benefited from professional conversion programmes managed by IBF.

Daniel Tong

Transaction Service Analyst,
Citibank Singapore

Kenny Chow
WenSheng

Compliance Associate,
Standard Chartered Bank

Neo Xue Li

Universal Service
Banker Senior,

Citibank Singapore

Amy Ong

Service Manager,
United Overseas Bank

Loh Poh Yong

Business Financial Manager,
Group Business Banking,
United Overseas Bank

Azlinah Amin

Business Financial Manager,
Assistant Branch Manager,
United Overseas Bank

Tan Yida

Investigator,
Standard Chartered Bank

For Financial Institutions

As your Partner in Workforce Transformation, we:

Prepare you for workforce transformation

The IBF-MAS study on the impact of data analytics and automation provides a guide for financial institutions to plan for workforce transformation. Developed to reflect key roles across the banking, insurance and asset management sectors, the study will help financial institutions understand how job tasks will change and develop a roadmap for employees to acquire additional skills required. Download the full study here.

Complement hiring efforts
 

IBF Careers Connect supported hiring efforts of financial institutions through its jobs matching services.

Accelerated accreditation of training programmes

IBF reduced the time taken for accreditation of training programmes by 40 % to 8 weeks to facilitate faster time-to-market, so that financial institutions can move faster in introducing new programmes to upskill their staff.

Made training grant claims speedier

Reduced processing time for training grants by more than 60% to about 8 weeks, to enable financial institutions to optimise their training budgets.

Support reskilling of finance professionals for the future

13 PCPs approved

Obtained commitment from financial institutions to re-skill close to 4,000 finance professionals. Two key segments that IBF worked with financial institutions on in 2018 were consumer banking and operations.

Professional Conversion Programme:
Re-deployment within Consumer Banking

Professional Conversion Programme:
Re-deployment within Operations

About
             IBF

IBF Council

The IBF Council provides strategic direction and sets major policies of the Institute. The Council comprises representatives from financial institutions of local and foreign banks, industry associations and government agencies. The Council typically meets three to four times a year to review business policies and progress and ensure that this is aligned to the Institute’s objects to foster and develop professional competencies for the financial services industry.

In 2018, the Council held 4 meetings. The attendance of the meetings is as follows:

Ravi Menon (Chairman)

4

Samuel Tsien (Vice-Chairman)

3

Cher Ah Kow

1

Chong Yiun Lin

1

Tony Cripps

3

Guan Yeow Kwang

3

Piyush Gupta

1

Amol Gupte

3

Nicholas Hadow

2

Karl Hamann

3

Judy Hsu

3

John Lee

3

Philip Lee

4

Loh Boon Chye

1

Jacqueline Loh

4

Julia Ng

3

Patrick Tay

3

Patrick Teow

3

Wee Ee Cheong

2

 

 

The Council elects from its members a Chairman and Vice Chairman, and appoints one of its members to the IBF Standards Committee and three of its members each to the Audit Committee and Investment Committee. The Committee Chairman and members should have relevant qualifications and/or experience to provide effective oversight.

Council members do not receive any remuneration for their service to the Institute. Any declarations of interest submitted by members are surfaced at the next Council meeting to ensure that members continue to be aligned with the interests of the Institute.

Ravi Menon

Chairman of IBF Council;

Managing Director,

Monetary Authority of Singapore

Samuel Tsien

Vice-Chairman of IBF Council;

Chairman of IBF Standards Committee;

Group Chief Executive Officer and Director,

Oversea-Chinese Banking Corporation Limited

Philip Lee

Chairman of Investment Committee

Susan Soh

Member of Investment Committee;

Chairman of Investment Management Association of Singapore (IMAS)

Country Head, Schroder Investment Management (Singapore) Ltd

Loh Boon Chye

Member of Investment Committee;

CEO, Singapore Exchange Limited (SGX)

Guan Yeow Kwang

Chairman of Audit Committee;

Chairman, Sub-committee on Manpower Development,

Singapore Foreign Exchange Market Committee (SFEMC);

Executive Officer, Singapore Branch CEO, Mizuho Bank Ltd

Judy Hsu

Member of Audit Committee;

Regional CEO, ASEAN Markets and South Asia,

Standard Chartered Bank

Chong Yiun Lin

Member of Audit Committee;

Director, (Polytechnic & ITE Policy),

Higher Education Policy Division,

Ministry of Education

Piyush Gupta

Chairman, The Association of Banks in Singapore (ABS);

CEO and Director, DBS Group

Wee Ee Cheong

Deputy Chairman & CEO

United Overseas Bank Limited

Amol Gupte

ASEAN Head & Citi Country Officer, Singapore

Citibank, N.A.

Tony Cripps

General Manager and CEO,

The Hongkong and Shanghai Banking Corporation Limited

John Lee

Country CEO & CEO,

Maybank Singapore

Khor Hock Seng

President,

Life Insurance Association Singapore (LIA);

Group Chief Executive Officer,

Great Eastern Group

Karl Hamann

President,

General Insurance Association (GIA) Singapore;

CEO,

QBE Singapore

Jacqueline Loh

Deputy Managing Director

(Markets and Development),

Monetary Authority of Singapore

Patrick Tay

Assistant Secretary-General, National Trade Union Congress (NTUC);

Co-Chairman, Financial Sector Tripartite Committee (FSTC);

Chairman, Government Parliamentary Committee for Manpower

Julia Ng

Group Director,

Enterprise Development Group

Workforce Singapore

IBF Standards Committee

The IBF Standards Committee comprises members representing various sub-sectors of the financial services industry and supports the development of professional competencies through the IBF Standards, certification and continuing professional development.

Chairman

Samuel Tsien

Group Chief Executive Officer and Director,

Oversea-Chinese Banking Corporation Limited

Members

Andrew Chia

Head, Retail Banking Singapore

Standard Chartered Bank

Chew Sutat

Executive Vice President,

Head of Equities & Fixed Income

Singapore Exchange Limited

Vincent Choo

Chief Risk Officer

Oversea-Chinese Banking Corporation Limited

Paul Cobban

Managing Director

Chief Data & Transformation Officer

Group Technology & Operations

DBS Bank Ltd

Linus Goh

Executive Vice President

Head of Global Commercial Banking

Oversea-Chinese Banking Corporation Limited

Eddie Tan

Managing Director

Regional Treasurer, Corporate Treasury, Asia Pacific

Citibank, N.A

Lam Chee Kin

Managing Director

Group Head of Legal, Compliance & Secretariat

DBS Bank Ltd

Lawrence Lua

Managing Director

Deputy Head, Private Bank

DBS Bank Ltd

Ken Ng

Chief Executive

NTUC Income

Nishit Majmudar

Chairperson

Aviva Ltd

Adam Abdur Rahman

Managing Director

Head of Corporate Affairs

Citi Singapore & ASEAN

Susan Soh

Managing Director

Schroder Investment Management (Singapore) Ltd

Selena Huynh

Director, Creative & Professional Services Division

Workforce Singapore

Loh Gek Khim

Director, Skills Development Division

SkillsFuture Singapore (SSG)

Lawrence Goh

Managing Director, Group Technology & Operations

United Overseas Bank Limited

Sylvia Choo

Supervising Lead for NTUC Financial & Business Services Cluster

National Trades Union Congress

Ng Nam Sin

Chief Executive Officer

The Institute of Banking & Finance (IBF)

IBF Audit Committee

The IBF Audit Committee oversees the Institute’s financial reporting process, risk management, internal control systems and processes and audit function.

Chairman

Guan Yeow Kwang

Chairman, Sub-committee on Manpower Development,

Singapore Foreign Exchange Market Committee (SFEMC);

Executive Officer,

Singapore Branch CEO, Mizuho Bank Ltd

Members

Chong Yiun Lin

Director (Polytechnic & ITE Policy),

Higher Education Policy Division

Ministry of Education

Judy Hsu

Regional CEO,

ASEAN Markets and South Asia,

Standard Chartered Bank

IBF Investment Committee

The IBF Investment Committee oversees the management of the Institute’s reserves.

Chairman

Philip Lee

Chairman of IBF Investment Committee

Members

Benny Chey

Assistant Managing Director

Development and International Group

MAS

Nicholas Hadow

Business Development Director

Aberdeen Asset Management Asia Limited

Loh Boon Chye

CEO

Singapore Exchange Limited (SGX)

IBF Management Team

IBF Management Team

Ng Nam Sin

Chief Executive Officer

Lydia Wee

Deputy Chief Executive Officer

Ang Chai Soon

Assistant Chief Executive

Rachie Hui

Chief Operating Officer and Head of Standards

Debbie Chua

Examinations

Hee Siew Lie

Standards, Accreditation and Certification

Rosemaniah Binte Jamalludin

Career Advisory

Jason Mak

Information Technology

Tan Yan Wei

Employability Skills Development

Paul Teo

Marketing and Corporate Communications

Wayne Chia

Finance and Funding