Growing Commitment to Workforce Transformation in the Financial Services Industry

Dec 16, 2021

​The Institute of Banking and Finance Singapore (IBF) today held their IBF Distinction Evening 2021 which recognised financial institutions and practitioners for their professional excellence and contributions to the development of Singapore’s financial sector and its workforce. 

The “IBF Distinguished Fellow” and “IBF Fellow” awards were conferred on 32 recipients in recognition of their professional mastery, outstanding thought leadership and exemplary contributions to the financial services industry, while three financial institutions were honoured with the “Inspire Award” and one financial institution with the inaugural “Advance Award” for their workforce transformation efforts in the past year. 

At the awards ceremony, Guest of Honour Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, delivered the keynote address about the future of the financial services industry and the importance of upskilling and reskilling to be future-ready.

“Re-skilling/upskilling our workforce is a continuous effort to ensure skills relevance to changing industry needs. We need to build a stronger pipeline of talents for the financial sector, particularly in technology and in growth areas like Green Financing. Of equal importance, individuals must be encouraged to prioritize training and take ownership of their own skills development. I believe that with our close industry partnership as the foundation, we will be able to successfully forge ahead.” said Mr Ng Nam Sin, Chief Executive Officer, IBF.  

Recognising Industry Stalwarts and Workforce Transformation Champions 

Five industry veterans were conferred the prestigious “IBF Distinguished Fellow” award. Another 27 financial practitioners were recognised and conferred “IBF Fellow”. The awards recognise finance industry leaders who had made significant contributions to the development of Singapore’s financial sector through their active involvement in advisory groups, industry projects, training and mentoring.

The "IBF Inspire Award" this year was conferred on three financial institutions, Bank of Singapore, Manulife Singapore, OCBC Bank in recognition of their significant contributions and commitment towards workforce transformation in the financial industry.

Inaugural IBF Advance Award

The inaugural “IBF Advance Award” was conferred on Deutsche Bank. This award recognises financial institutions which have shown good progress in skills development and have demonstrated a growing commitment in workforce transformation.

The IBF Distinction Evening 2021 is part of the Growing Timber series of events launched by the Monetary Authority of Singapore and IBF in October 2020 on the jobs and skills agenda for the financial sector. For more details on the IBF Award categories and 2020 recipients, please refer to Annex A.  


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​Celeste Cheo

Assistant Director
Communications and Engagement

​Paul Teo

Deputy Director
Communications and Engagement

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 works in partnership with industry players, government agencies, training providers and the trade unions to equip finance professionals with capabilities to support the growth of Singapore’s financial services.

IBF is the integrated service provider of skills training, talent development, career advisory and job matching for the financial services sector in Singapore. As the national accreditation and certification agency for financial industry competencies, IBF provides training and talent development support. IBF also administers career conversion programmes for the financial industry, partnering with financial institutions to reskill employees for expanded roles and opportunities in growth areas. IBF provides personalised career advisory to Singapore Citizens and Singapore Permanent Residents exploring a new role in or a career switch to the financial industry, under IBF Careers Connect.

Since mid-October 2020, IBF was appointed by the National Jobs Council as the Jobs Development Partner for the financial industry.