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Singapore’s financial sector has emerged stronger from the pandemic. The sector grew by 5.2% per annum and created an annual average of 5,700 net jobs during 2020-2022.
Two major trends will shape the future of finance – technology and sustainability. On both fronts, IBF’s efforts in workforce upskilling and reskilling are showing good results.
IBF has successfully run the Technology in Finance Immersion Programme (TFIP) with its cohort increasing year-on-year. Over 1,000 mid-careerists have benefited from this programme which helps them pivot to tech roles in key areas such as Artificial Intelligence (AI), Business Analysis, Cloud Computing, Cybersecurity, Data Analytics, Software Engineering, and Technology, Information, and Cybersecurity Risk.
IBF is partnering MAS in the AI and Data Analytics (AIDA) Talent Development Programme which is a collaborative effort among financial institutions, platform providers, and training providers. Plans include developing a Skills Progression Pathway for AIDA roles across the financial sector.
Taking reference from the IBF-MAS Sustainable Finance Technical Skills and Competencies (TSCs) launched in February 2022, the Private Banking Industry Group (PBIG) has recommended four Sustainable Finance TSCs in Sustainable Investment Management, Carbon Markets and Decarbonisation Strategies Management, Non-Financial Industry Sustainability Developments, and Climate Change Management, as critical to private banking relationship management job roles. The private banks on the PBIG have committed to upskill their banks’ client-facing employees in these four prioritised TSCs within the next three years.
IBF is partnering MAS on a Sustainable Finance Job Transformation Map study aimed at assessing the impact of sustainability trends on financial sector manpower over a 3, 5 and 10-year time period. It will provide insights on new job roles and skills as well as how existing job roles will change and the new skills that will be required to support these changes. These insights will enable IBF to develop relevant initiatives to support the financial sector workforce on jobs and skills arising from sustainability considerations.
Even as it steps up efforts to promote skills in new areas, IBF has continued to strengthen skills and capabilities in traditional areas of finance to ensure that our workforce remains resilient and versatile.
The Career Conversion Programme has also come a long way since its inception and has provided reskilling opportunities for Singaporeans to pursue new or redesigned roles mid-way in their careers, especially for consumer banking, operations and insurance roles (e.g. bank tellers). Since 2018, some 60 financial institutions have committed to reskill more than 6,000 individuals.
To expand the talent pool in the fast-growing wealth management sector, IBF, MAS, and WSG have partnered the Wealth Management Institute to develop the Wealth Management Accelerator Programme. It aims to provide opportunities for mid-careerists to pivot into a career in wealth management by attending industry-curated structured training, followed by on-the-job training with a financial institution.
IBF Careers Connect has continued to support individuals impacted by retrenchments in the financial industry. We partnered with finance professionals and IBF Fellows to conduct career workshops and industry webinars to as many as 2,600 individuals in 2022. Since its inception in 2018, IBF has provided career advisory services to more than 3,000 individuals.
IBF launched the Future Skills Accelerator (FSA) in Oct 2022. Co-developed with a pilot group of financial institutions, the platform leverages AI to facilitate strategic workforce planning, workforce transformation, job mobility and matching by identifying adjacencies across jobs, skills gaps, and relevant training programmes. Fifteen major financial institutions have committed to come on-board the platform by the end of 2023.
IBF and MAS unveiled the Polytechnic Talent for Finance Scheme in April 2023 to encourage financial institutions to hire, train and nurture polytechnic students and graduates. This programme aims to equip interns and apprentices from polytechnics with relevant skills to embark on a meaningful career in the financial sector.
IBF has continued to expand its Career Fairs in scale and scope. We held our first global virtual career fair targeted at overseas Singaporeans. IBF also organised two virtual career fairs in Sustainable Finance and Fintech which drew strong turnouts. Overall, more than 36,000 individuals participated in the three career fairs with about 700 job roles such as in compliance, relationship management, sustainable finance and technology on offer from 90 financial institutions.
I would like to thank our stakeholders and partners, particularly the IBF Council, IBF Standards Committee, Industry Workgroups, FSA Steering Committee, Exam Board and Exam Industry Panels, for their continued support and collaboration.
My sincere thanks to Mr Amol Gupte, Mr Khor Hock Seng, and Ms Susan Soh who have stepped down from IBF Council, for their dedication and commitment. We welcome on board Ms Jenny Sofian to the IBF Council and look forward to her contributions.
Ravi Menon
Chairman, IBF
Larger financial institutions are now adopting technology in their talent development. The Future Skills Accelerator (FSA) is an industry platform leveraging artificial intelligence (AI) to make your workforce transformation process faster, less labour intensive and more cost-effective.
Are you ready to use technology for your workforce transformation?
Find out more here
Watch the video for a sneak peek.
Polytechnic students and graduates have much to contribute to the financial industry. Financial Institutions looking to tap on this talent pool can leverage the Polytechnic Talent for Finance Scheme (PTFS) to hire and train this aspiring pool of young financial talent.
Find out more here
Tap on a wide talent pool for your wealth management business through the Wealth Management Accelerator Programme (WMAP). It is an industry new hire Career Conversion Programme that aims to build up an industry pipeline of Retail Banking Relationship Managers for financial institutions. It is part of IBF’s initiatives to help build a resilient talent pipeline for the industry.
Find out more here
Watch the video for individuals who have transited into the wealth management industry.
Every year, IBF recognises financial institutions who have committed to and have made substantive progress in workforce transformation and skills development across their organisations. Hear from our 2022 IBF Award Winners – DBS, UOB and J.P. Morgan on their commitment to continuously transform their workforce for the future.
Find out more here
Watch the Award video for their tips on talent development.
Did you know that IBF also provides career advisory services to individuals via IBF Careers Connect? We support individuals with career transitions, provide support for job search strategies, identify opportunities to enhance employability and also curate relevant tools and resources.
Find out more here
IBF offers support to individuals in their career journey, through career advisory services and curated events. We also help financial institutions in both hiring and outplacement services.
36,000 individuals who attended our virtual career fairs including our first global virtual fair to outreach to overseas Singaporeans.
700 jobs from 90 financial institutions were on offer.
3,000 individuals sought career advisory services at IBF Careers Connect since 2018.
2,600 individuals attended career advisory workshops and webinars from IBF Fellows and industry practitioners.
IBF has a wide range of programmes and schemes to support the reskilling, upskilling, and talent development efforts of financial institutions in Singapore. Some in demand areas include technology and poly talents.
1,128 trainees participated in Technology in Finance Immersion Programme (TFIP) since 2019.
900 trainees and 20 financial institutions have participated in the Finance Associate Management Scheme (FAMS) which aims to groom young Singaporeans for specialist and management leadership roles.
To ensure that that financial professionals are updated with the latest skills, IBF has facilitated over 70,000 individuals in skills upgrading, including 3,000 who are IBF certified.
Over 70,000 trainees attended IBF-accredited and recognised training courses.
708 courses accredited with a strong focus in family office and sustainable finance.
3,000 individuals attained IBF Certification including key segments - Compliance, Consumer Banking, Private Banking, Financial Planning and Risk Management.
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.
In 2022, the Council held 2 meetings. The attendance of the meetings is as follows:
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:
The IBF Standards Committee comprises senior leaders from key sub-sectors of the financial services industry, government agencies and the labour union. The Committee provides guidance and supports initiatives to develop professional competencies through the Skills Framework for Financial Services, certification and continuing professional development.
Patrick Lee
Cluster CEO
Singapore and ASEAN Markets (Malaysia, Vietnam, Thailand & Rep Offices)
Standard Chartered Bank (Singapore) Ltd
Brendan Carney
Chief Executive Officer
Citibank Singapore Limited
Sylvia Choo
Director (Union)
National Trades Union Congress
Executive Secretary
Singapore Industrial & Services Employees’ Union (SISEU)
Robin Heng
Managing Director, Global Market Head
Bank of Singapore Limited
Khoo Kah Siang
Chief Executive Officer
Manulife Singapore
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
Head of Global Transaction Banking
Oversea-Chinese Banking
Corporation Limited
Jimmy Ng
Group Chief Information Officer and Head of Group Technology & Operations
DBS Bank Ltd
Ng Nam Sin
Chief Executive Officer
The Institute of Banking & Finance (IBF)
Nimish Panchmatia
Chief Data & Transformation Officer
DBS Bank Ltd
Eleanor Seet
President & Head of Asia, ex-Japan
Nikko Asset Management Asia Limited
Soh Kian Tiong
Chief Risk Officer
DBS Bank Ltd
Kelvin S B Tan
Managing Director
Head of Sustainable Finance
& Investments, ASEAN
The Hongkong and Shanghai
Banking Corporation Limited
Gillian Woo
Director, Creative & Professional
Services Division
Workforce Singapore
Andrew Yeo
Chief Executive
Income Insurance Limited
Loretta Yuen
General Counsel and Head of Group Legal & Regulatory Compliance
Oversea-Chinese Banking
Corporation Limited
We thank the following members who have stepped down from the IBF Standards Committee:
The IBF Audit Committee oversees the Institute’s financial reporting process, risk management, internal control systems and processes and audit function.
Guan Yeow Kwang
Chairman, Sub-committee on Manpower Development
Singapore Foreign Exchange Market Committee (SFEMC);
Singapore Branch CEO, Managing Director, Mizuho Bank, Ltd
Dr John Lee
Country Chief Executive Officer & Chief Executive Officer
Maybank Singapore
Wong Sze Keed
Chief Executive Officer
AIA Singapore Pte Ltd
Foo Piao Zhou
Group Director, Training Partners Group
SkillsFuture Singapore
Mr Ng Nam Sin
Chief Executive Officer
Deloitte & Touche LLP
Public Accountants and Chartered Accountants
Jaya Marlyni D/O Sivanesan
KGP Legal LLC
Advocates & Solicitors
