National Jobs Council appoints IBF as Jobs Development Partner for Financial Services Sector

Oct 16, 2020

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The Institute of Banking and Finance (IBF) has been appointed by the National Jobs Council as the Jobs Development Partner (JDP) for financial services sector. As JDP, IBF will boost opportunities for Singaporeans to access jobs, traineeships, and training in the financial services sector.

2. IBF’s appointment as JDP reflects its capabilities as an integrated service provider of skills training, career advisory and job matching for the financial services sector. IBF has been playing an increasing role in recent years in promoting workforce transformation, building the talent pipeline, and providing career facilitation services for the sector. As JDP, IBF will step up its efforts to create opportunities for Singaporeans in five ways.

3. First, IBF will, in collaboration with the Monetary Authority of Singapore (MAS), launch a six-monthly survey on hiring opportunities and potential job losses in the financial services sector. This new data exercise will provide IBF with timely information to proactively engage financial institutions on job and training opportunities for Singaporeans.

4. Second, using the survey data on potential job losses, IBF will proactively reach out to the relevant financial institutions and offer support to their affected staff through pre- emptive reskilling and possible redeployment within the firm or the industry. This is an expansion of IBF’s current focus on supporting workers who are in job roles that are being transformed due to the wider adoption of technology in financial services.

5. Third, with more granular data on hiring opportunities, IBF will be able to better prioritise new training and attachment programmes for mid-career professionals making career transitions. Such programmes will be modelled on the successful Technology in Finance Immersion Programme (TFIP) [1] which was piloted in 2019 and scaled up in 2020.

6. Fourth, IBF will complement its pool of professional career coaches with adjunct coaches who are senior financial services practitioners. The specialised knowledge and experience of these adjunct coaches will enable more effective career coaching services by IBF.

7. Fifth, IBF will hold more targeted career fairs that will bring together the hiring and traineeship opportunities offered by various financial institutions into a common platform. IBF will be better able to support jobseekers in accessing these opportunities through career advisory, skills training and placement services.

Please see Annex A for IBF’s expanded efforts as a JDP.

8. Ms Jacqueline Loh, MAS Deputy Managing Director, Co-Chair of the Financial Sector Tripartite Committee, and IBF Council member, said, “As the sector’s JDP, IBF will work more proactively with financial institutions, to create and re-design jobs. This will better equip our workforce with the relevant skills, and more effectively match jobseekers with the many good job opportunities in the financial sector. MAS and IBF will deepen our partnership with the industry to strengthen the Singapore financial centre and its Singaporean core.”

9. IBF Chief Executive Officer, Mr Ng Nam Sin, said, “We are honoured by the appointment. While we intensify our work on job matching, there are many opportunities to re-skill our jobseekers to take on jobs in new growth areas. IBF’s close partnership with financial institutions allow us to do this more effectively.”

10. For more information about the JDPs initiative, please refer to NJC’s media release.

About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for- profit industry association to foster and develop the professional competencies of the financial industry. IBF represents the interests of over 200 members that are financial institutions - including banks, insurance companies, securities brokerages and asset management firms.

IBF is the national accreditation and certification agency for financial industry competency in Singapore under the Skills Framework for Financial Services, which were developed in partnership with the industry. Since 2018, IBF is the appointed programme manager for the administration of professional conversion programmes for the financial industry under Workforce Singapore’s Adapt and Grow initiative. IBF also provides personalised career advisory and job matching services to Singapore Citizens and Singapore Permanent Residents exploring a new role in, or career switch into the financial industry, under IBF Careers Connect.

For media queries, please contact:

Bridgitte Lee
Assistant Director, Communications, MAS DID: 62299262

Janis Soo
Senior Manager, Communications and Engagement, IBF DID: 65087625

[1]TFIP is a programme that aims to expand the pool of deep-technology talent in the financial services sector through structured and on-the-job training, to equip individuals with technical skills in new technology areas, such as Artificial Intelligence, Cloud Computing, Cybersecurity, Data Analytics and Full Stack Development.