The Institute of Banking & Finance Singapore

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ANNUAL REPORT 2021/2022

Growing
Timber,
Broadening
Horizons

Chairman’s Message

Building a Strong Talent Pipeline

The task of continually upskilling and reskilling the financial sector workforce remains of paramount importance. IBF has been singularly focused on this task and has put in place various initiatives to build up a strong talent pipeline.

Training participation has reached a new high. The number of individuals who attended IBF programmes increased over three-fold in 2021 compared to 2019.

New skills in areas of growth

The financial sector is seeing growing demand for skills and capabilities in areas like wealth management, technology, and sustainability. IBF has stepped up its efforts to expand training opportunities in these areas.  Almost 100 training programmes in wealth management, sustainable finance, and technology attained IBF accreditation.

The Technology in Finance Immersion Programme (TFIP) has achieved good results in training mid-career professionals to pivot into technology roles in the financial sector. Since it was launched in 2019, close to 600 mid-career individuals have participated in TFIP with 90% of the participants from the inaugural batch emplaced in related tech roles. A new track in Technology, Information and Cybersecurity Risk will be introduced this year.

IBF and MAS launched the Sustainable Finance Technical Skills and Competencies (SF TSCs) covering a range of thematic and functional skills needed for individuals to perform various roles in sustainable finance. The SF TSCs are part of the IBF Skills Framework for Financial Services and serve as reference for the design of training programmes to equip the workforce with the relevant skillsets. Finance professionals can also reference the specific knowledge and skills as a guide to upskill and take on sustainability job roles.

In the area of wealth management, IBF and MAS further developed the Family Office Executive and Family Office Management Professional Skills Maps, as well as Family Governance and Philanthropy Advisory Technical Skills and Competencies to set out the skills and competencies that professionals in Singapore’s family office ecosystem need to excel in their job roles and their possible career pathways.

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IBF will continue to work together with our stakeholders and partners, to develop new initiatives and drive greater adoption of our programmes, to build a world-class financial sector workforce in Singapore.
Career conversion and progression

IBF has continued to work closely with financial institutions to pre-emptively reskill and redeploy finance professionals through the Career Conversion Programme (CCP). About 2,200 finance professionals completed their reskilling and took on new job roles since 2017 while another 2,500 are currently undergoing training and 1,300 will be commencing training in the year ahead. The Consumer Banking segment achieved strong progress with close to 3,200 commencements and nearly 2,000 individuals completing the CCP programme.

IBF will be launching the Wealth Management Acceleration Programme (WMAP) to grow the pool of retail banking relationship managers under the “Place-and-Train” CCP model.

Career support for jobseekers

Since 2018, IBF Careers Connect has provided career advice and guidance to about 2,250 jobseekers, with more than 550 successful placements. It saw a 34% increase in jobseekers assisted and a 92% increase in placements in 2021 as compared to 2020. Additionally, many jobseekers have benefited from the webinars conducted by our IBF Fellows. Industry practitioners who came on board as our adjunct coaches have also provided in-depth job insights and career clarity to our jobseekers.

Our virtual career fairs were well attended with more than 15,000 individuals participating across our last five runs and over 25 financial institutions offering close to 700 jobs in areas like wealth management, compliance, and technology between August 2020 to December 2021.

Expanding talent pool

The Finance Associate Management Scheme (FAMS) supports financial institutions to equip Singaporeans with opportunities to be groomed through structured talent development programmes for future specialist leadership or management roles. We have seen a two-fold increase in the number of trainees hired under FAMS in 2021.

A whole-of-industry effort

IBF’s achievements reflect the unwavering support and guidance of our IBF Council members, IBF Standards Committee members, Exam Board members, and industry workgroups.

I would like to thank Mr Craig Ellis and Dr Michael Fung who have stepped down from the IBF Council, for their dedication and commitment to industry development. I welcome on board Mr Foo Piao Zhou and Mr Ronak Shah to the IBF Council.

IBF will continue to work together with our stakeholders and partners, to develop new initiatives and drive greater adoption of our programmes, to build a world-class financial sector workforce in Singapore.

Ravi Menon
Chairman, IBF

Bearing Fruits with Our Mission

COLLABORATE WITH FINANCIAL INSTITUTIONS TO TRANSFORM OUR WORKFORCE

Watch how Bank of Singapore and Manulife have partnered with IBF to help their employees stay relevant and resilient.

Did you know?

More than

50
financial institutions

have adopted the Skills Framework for Financial Services (SFw for FS) to map their training needs and upskill their employees to meet the changing demands of jobs in the industry. Read more here.

Upskill for a Green, Sustainable Economy

Hear from Kelvin Tan, Chairperson of IBF Sustainable Finance Workgroup, and Managing Director, Head of Sustainable Finance & Investments, HSBC, and Kristina Anguelova, Adviser, Asia Sustainable Finance Initiative (ASFI), WWF-Singapore on the key sustainable finance skills and opportunities.

Did you know?

IBF has recognised about

40
training programmes

under Environment, Social and Governance (ESG) and Sustainable Finance skills. Twelve Sustainable Finance Technical Skills and Competencies (TSCs) were launched in Feb 2022 to set out the specialised set of sustainable finance knowledge and abilities for the financial industry. If you want to know more, check out the link and our programme finder here.

Deliver Professional Excellence with IBF Certification

Shannah See (DBS) and Augustine Seah (Prudential) shared how IBF Certification has enhanced their professional capabilities and benefited their career.

Did you know?

IBF Certification is an industry endorsed mark of quality to achieve higher professional excellence and competency.

Over

18,000
finance professionals

have been certified. Are you ready to take the first step towards industry recognition? Find out more here!

Build a Tech Talent Pipeline

Watch how the TFIP graduates from DBS, Schroders and UOB have benefitted from TFIP, and successfully switched to a new career in technology.

Did you know?

The Technology in Finance Immersion Programme (TFIP) has helped about

600
individuals

reskill in technology areas such as agile IT project management, artificial intelligence, business analysis, cloud computing, cybersecurity, data analytics, software engineering, and technology, information & cybersecurity risk in the financial services industry.

A landscape photo depicting four executives collaborating in teamwork with a Mac-like laptop.

Empower Jobseekers to Develop Their Career and Professional Growth

Read this article on how IBF Careers Connect has helped Carmen Lum in her job search after relocating back to Singapore.

Did you know?

IBF Careers Connect has assisted close to

2,300
individuals

in their career development since it was launched in 2018. Our IBF Fellows and industry practitioners with their specialised knowledge and experience have also helped our jobseekers gain valuable insights on career development. Check out their services here.

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Key Achievements of 2021

IBF Key Achievements Icon. A finance officer climbs up the corporate ladder.

Seeding Career Opportunities

Targeted Career Fairs to Enhance Job Opportunities

More than 15,000 individuals attended our targeted virtual career fairs in 2021 where our speakers shared exciting opportunities in growth areas such as wealth management, FinTech and corporate banking. A total of 26 financial institutions participated, offering close to 700 jobs in wealth management, compliance, technology, and many others.

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Greater Support for Jobseekers

IBF Careers Connect has offered career advice and guidance to about 2,300 jobseekers within the financial services industry since it was launched in 2018.

Icon for IBF Key Achievements. Overseas opportunities expressed as a map.

Enhanced Support for Overseas Postings

The International Postings Programme (iPOST) supports financial institutions to send Singaporeans on overseas postings. This scheme is expanded to include promising young talents beyond mid-senior levels.

Icon - Impressive resume with talent star

Growing Talent

Building Tech Talent Pipeline

90% of individuals from the Technology Immersion in Finance (TFIP) inaugural batch in 2019 have successfully pivoted to tech or related roles. Since launch, close to 600 individuals have participated in TFIP.

Launched in May 2021, the Work-Study Support Programme (WSSP) aims to build a pipeline of job ready graduates for the financial sector through structured internships. So far, financial institutions have committed to hire 84 students as interns, with majority of them specialising in Information and Communications Technology and Business Analytics.

An icon depicting a pencil and a wrench crossing each other.

Reskilling and Redeployment of Finance Professionals

Through the Career Conversion Programme (CCP), we continue to partner with financial institutions to pre-emptively reskill and redeploy finance professionals. The Consumer Banking sector achieved the strongest progress with close to 3,200 commencements and nearly 2,000 finance professionals completing the programme.

Icon - Certificate with stamp of approval

Uplift Professional Recognition

Close to 9,000 individuals attained certification in Compliance, Consumer Banking, Financial Planning, Risk Management, to reach their next level of professional excellence and competencies.

A vector icon depicting professionals having many skillsets.

Expanding Horizons

Launch of Sustainable Finance New Technical Skills and Competencies (TSCs)

The 12 Sustainable Finance TSCs covering a range of thematic and functional skills were introduced to provide guidance for finance professionals in deepening their specialist skillsets in this emerging area.

A vector icon depicting a group of people in front of an family office executive building.

New Technical Skills and Competencies (TSCs) for Family Office

The Family Office Executive and Family Office Management Professional as well as Family Governance and Philanthropy Advisory Technical Skills and Competencies (TSCs) were developed for finance professionals to acquire the relevant skills and knowledge across the wealth management and family office sectors.

About IBF

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 objectives to foster and develop professional competencies for the financial services industry.

Council listing as at May 2022.

Ravi Menon
Ravi Menon
Chairman of IBF Council
Managing Director, Monetary Authority of Singapore
Wee Ee Cheong
Wee Ee Cheong
Vice-Chairman of the Council
Chairman, The Association of Banks in Singapore (ABS); Deputy Chairman & CEO, United Overseas Bank Ltd.
Guan Yeow Kwang
Guan Yeow Kwang
Chairman of IBF Audit Committee
Chairman, Su​b-committee on Manpow​er Development, Singapore Foreign Exchange Market Committee (SFEMC); Executive Officer, Singapore Branch CEO, Mizuho Bank Ltd
Patrick Lee
Patrick Lee
Chairman of IBF Standards Committee
CEO, Standard Chartered Bank (Singapore) Limited
John Lee
Dr John Lee
Member of IBF Audit Committee
Country CEO & CEO,
Maybank Singapore​
Foo Piao Zhou
Foo Piao Zhou
Member of IBF Audit Committee
Group Director, Enterprise Development Group, SkillsFuture Singapore
Wong Sze Keed
Wong Sze Keed
Member of IBF Audit Committee
Chief Executive Officer, AIA Singapore Pte Ltd
Loh Boon Chye
Loh Boon Chye
CEO, Singapore Exchange Limited (SGX)
Susan Soh
Susan Soh
Chairman, Investment Management Association of Singapore (IMAS); Co-Head Asia Pacific and Chief Executive Officer Singapore, Schroder Investment Management (Singapore)Ltd
Helen Wong
Helen Wong
Group Chief Executive Officer
& Director, Oversea-Chinese Banking Corporation Limited
Piyush Gupta
Piyush Gupta
CEO & Director, DBS Group
Khor Hock Seng
Khor Hock Seng
President, Life Insurance Association Singapore (LIA); Group Chief Executive Officer, Great Eastern Group
Ronak Shah
Ronak Shah
President, General Insurance Association (GIA) Singapore; CEO, QBE Insurance (Singapore) Pte Ltd
Leong Sing Chiong
Leong Sing Chiong
Deputy Managing Director, Markets
and Development, Monetary Authority of Singapore​
Julia Ng
Julia Ng
Group Director, Enterprise Development Group, Workforce Singapore
Amol Gupte
Amol Gupte
ASEAN Head & Citi Country Officer, Singapore Citibank N.A.
Wong Kee Joo
Wong Kee Joo
Director and CEO, HSBC Bank (Singapore) Limited
Patrick Tay
Patrick Tay
Assistant Secretary-General, National Trades Union Congress (NTUC); Co-Chairman, Financial Sector Tripartite Committee (FSTC); Chairman, Government Parliamentary Committee for Manpower
Andrew Yeo
Andrew Yeo
Chief Executive Officer, NTUC Income Insurance Cooperative Limited
Dennis Tan
Dennis Tan
CEO, Prudential Singapore

In 2021, the Council held 2 meetings. The attendance of the meetings is as follows:

Ravi Menon (Chairman)
2
Wee Ee Cheong (Vice Chairman)
2
Amol Gupte
1
Andrew Yeo
2
Craig Ellis (Retired on 31 Dec 2021)
2
Dennis Tan
2
Guan Yeow Kwang
1
Helen Wong
2
John Lee
2
Julia Ng
1
Leong Sing Chiong
2
Loh Boon Chye
2
Michael Fung (Retired on 31 Dec 2021)
1
Patrick Lee
1
Patrick Tay
1
Wong Kee Joo
2
Piyush Gupta
2
Susan Soh
2
Wong Sze Keed
2
Khor Hock Seng
0

The Council elects from its members a Chairman and Vice Chairman, and appoints one member as Chairperson of the IBF Standards Committee and three of its members each to the Audit Committee.

The Committee Chairman and members 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.

The Council may have members who continue to serve more than 10 consecutive years in their role. Council members are nominated by various parties such as government agencies (i.e. Monetary Authority of Singapore, Ministry of Education and Ministry of Manpower) as well as local financial associations (represented by CEOs of financial institutions).

We thank the following members who have stepped down from the IBF Council:

  • Craig Ellis
  • Michael Fung (member of Audit Committee)

The IBF Standards Committee comprises senior leaders from key sub-sectors of the financial services industry, government agencies and the union. The Committee provides guidance and supports initiatives to develop professional competencies through the adoption of the Skills Framework for Financial Services, certification and continuing professional development.

Standards Committee listing as at May 2022.

Chairman

Patrick Lee
CEO
Standard Chartered Bank (Singapore) Limited

Members

Brendan Carney
Chief Executive Officer
Citibank Singapore Limited

Lawrence Goh
Managing Director
Group Technology & Operations
United Overseas Bank Limited

Robin Heng
Managing Director, Global Market Head
Bank of Singapore Limited

Kenneth Lai
Executive Vice President, Head
Global Treasury
Global Treasury Division
Oversea-Chinese Banking
Corporation Limited

Chelvin Loh
Director, Skills Development Group
SkillsFuture Singapore

Melvyn Low
Executive Vice President, Head of Global Transaction Banking
Oversea-Chinese Banking
Corporation Limited

Nishit Majmudar
Senior Advisor
Aviva Singlife

Nimish Panchmatia
Chief Data and Transformation Officer
DBS Group

Eleanor Seet
President & Head of Asia, ex-Japan
Nikko Asset Management Asia Limited

Gillian Woo
Director, Creative & Professional
Services Division
Workforce Singapore

Andrew Yeo
Chief Executive Officer
NTUC Income

Loretta Yuen
Executive Vice President, General Counsel and Head of Group Legal &
Regulatory Compliance
Oversea-Chinese Banking
Corporation Limited

Kelvin S B Tan
Managing Director
Head of Sustainable Finance &
Investments, ASEAN
The Hongkong and Shanghai Banking Corporation Limited

Sylvia Choo
Director (Union)
National Trades Union Congress
Executive Secretary
Singapore Industrial & Services Employees’ Union (SISEU)

Ng Nam Sin
Chief Executive Officer
The Institute of Banking & Finance (IBF)

We thank the following members who stepped down from the IBF Standards Committee:

  • Chew Sutat
  • Paul Cobban
  • Tan Teck Long

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

Dr John Lee
Country CEO & CEO,
Maybank Singapore

Wong Sze Keed
CEO,
AIA Singapore

Foo Piao Zhou
Member of IBF Audit Committee;
Group Director, Enterprise Development Group,
SkillsFuture Singapore

We thank the following member who stepped down from the IBF Audit Committee:

Dr Michael Fung
Deputy Chief Executive (Industry),
SkillsFuture Singapore

IBF Management Team Photo
Ng Nam Sin
Chief Executive Officer
IBF Management Team - Winnie Lim
Winnie Lim
Deputy Chief
Executive Officer
IBF Management Team - Ang Chai Soon
Ang Chai Soon
Assistant Chief
Executive Officer
IBF Management Team - Rachie Hui
Rachie Hui
Chief Operating Officer and Head of Standards
IBF Management Team - Veronica Chia
Veronica Chia
Examinations
IBF Management Team - Hee Siew Lie
Hee Siew Lie
Standards, Accreditation and Certification
IBF Management Team - Leow Heiliang
Leow Heliang
Risk & Governance
IBF Management Team - Sharon Lim
Sharon Lim
Finance & Funding
IBF Management Team - Jason Mak
Jason Mak
Information Technology
IBF Management Team - Ng May May
Ng May May
Career Advisory
IBF Management Team - Tan Yan Wei
Tan Yan Wei
Employability Skills
Development
IBF Management Team - Paul Teo
Paul Teo
Communications
& Engagement

Principal Officer

Mr Ng Nam Sin
Chief Executive Officer

Auditors

Deloitte & Touche LLP
Public Accountants and Chartered Accountants

Secretaries to the Council

Jaya Marlyni D/O Sivanesan

Solicitors

KGP Legal LLC
Advocates & Solicitors

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