SINGAPORE, Nov. 20, 2017 /PRNewswire/ -- The Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore (MAS), together with SkillsFuture Singapore (SSG), six local universities, and five financial associations[1], sealed a landmark Memorandum of Intent (MOI) for the TechSkills Accelerator (TeSA) FinTech Collective on 16 November 2017, to jointly develop industry-ready professionals in meeting the strong demands of emerging infocomm technology (ICT) skills. The TeSA FinTech Collective was first announced by Mr Ong Ye Kung, Minister for Education (Higher Education and Skills) and Second Minister for Defence, at the Singapore FinTech Festival welcome dinner on 13 November 2017.
Singapore's first nationwide collaboration between industry and universities
By aligning ICT skills taught by the universities with industry's requirements, the TeSA FinTech Collective will better equip Singaporeans with the right skills to take up ICT jobs. Initiatives under the Collective include research collaborations in FinTech with the universities, new courses[2] in FinTech specialisations, mentorships and hackathons with finance professionals to help students understand FinTech trends. The Collective will also enhance existing programmes which provide career guidance and skills certification.
Collaboration opportunities: institutions' curricula to be enhanced to ensure graduates and trainees are more future-ready
Everyone, from undergraduate and postgraduate students, to professionals can benefit from the diverse range of opportunities. Under the Collective, there will be professional education training (PET) for university students to learn from industry-ready school curricula. Polytechnic graduates, as well as ICT professionals will also benefit from continuing education training (CET) initiatives enhanced for upskilling and reskilling. There will be various outreach efforts for students and professionals to learn about emerging FinTech trends so as to guide their skills development. Through the various insights from industry-wide network of financial institutions, the Collective will also cover in-demand technologies such as blockchain, cybersecurity, artificial intelligence and data science.
"There are many exciting opportunities for Singaporeans looking for a career in infocomm technology, fueled by the strong demand in every sector as companies embrace digitalisation. We are very encouraged by the support from all six local universities and the industry associations to ensure that we have the right talent to accelerate the growth of the FinTech sector, a key part of Singapore's digital economy," said Mr Tan Kiat How, Chief Executive, IMDA.
Ms Jacqueline Loh, Deputy Managing Director, MAS, said "As financial institutions and FinTechs tap on emerging technologies to create more innovative services, the need for professionals with strong technology skillsets and a good understanding of financial products and processes will grow significantly. This unprecedented, large scale collaboration among the government, financial industry, and universities will help to build a deep FinTech talent pool in Singapore."
In 2016, the financial sector was the second biggest hirer of ICT professionals in Singapore, right after the ICT sector itself[3]. There are more than 24,300 ICT professionals employed in the financial sector, a sharp increase of more than 25% from the 19,100 in 2015. In 2016, total demand for ICT jobs in the finance sector stood at more than 26,200, an all-time high. With this hotbed of opportunities, aspiring students joining the finance industry and existing ICT professionals can leverage the various training opportunities brought together by the TeSA FinTech Collective.
The TeSA Fintech Collective is part of the TechSkills Accelerator, an initiative of SkillsFuture that aims to accelerate professional development and enhance employability outcomes for ICT professionals.
Related Resources
Annex A: Factsheet – TeSA FinTech Collective MOI
Annex B: Factsheet – Signatories for the TeSA FinTech Collective MOI
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore's digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore's data protection regime through the Personal Data Protection Commission.
For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook @IMDAsg and Twitter @IMDAsg.
About the Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator. As 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.
For more news and information, visit www.mas.gov.sg or follow MAS Twitter @MAS_sg.
Annex A
MEDIA FACTSHEET
November 2017
TECHSKILLS ACCELERATOR (TeSA) FINTECH COLLECTIVE MOI
Introduction
The Memorandum of Intent (MOI) for the TechSkills Accelerator (TeSA) FinTech Collective records the desire and commitment for institutions, finance associations, SSG, MAS and IMDA to collaborate in the development of a strong talent pool trained in financial technology ("FinTech"). This FinTech MOI provides a collaboration framework between all Parties to review and enhance the respective institutions' curricula to ensure that their graduates and trainees are equipped to meet the technological, regulatory and other advancements in the financial sector, as well as to promote technological and skills training to meet the sector's needs.
State of ICT Manpower in the Financial Sector
The financial sector continues to be a big hirer of ICT professionals in Singapore. Based on the data[4] for 2016, the financial sector has overtaken the professional services sector as the second biggest hirer of ICT professionals, right after the ICT core sector. In 2016, there were more than 24,300 ICT professionals in employment in the financial sector, a sharp increase of more than 25% from the 19,100 in 2015 (from approximately 15,300 in 2014 and 13,200 in 2012). Between 2015 and 2016, vacancies almost doubled from 1,000 to around 1,900. Thus, in 2016, total demand for ICT jobs in the sector stood at more than 26,200, an all-time high.
Background
The MOI is entered into by the various institutions and financial associations:
| i. |
Nanyang Technological University, Singapore (NTU Singapore) |
| ii. |
National University of Singapore (NUS) |
| iii. |
Singapore Institute of Technology (SIT) |
| iv. |
Singapore Management University (SMU) |
| v. |
Singapore University of Social Sciences (SUSS) |
| vi. |
Singapore University of Technology and Design (SUTD) |
| vii. |
General Insurance Association of Singapore (GIA) |
| viii. |
Investment Management Association of Singapore (IMAS) |
| ix. |
Life Insurance Association of Singapore (LIA) |
| x. |
Singapore Fintech Association (SFA) |
| xi. |
The Association of Banks in Singapore (ABS) |
| xii. |
Infocomm Media Development Authority (IMDA) |
| xiii. |
Monetary Authority of Singapore (MAS) |
| xiv. |
SkillsFuture Singapore (SSG) |
Programme Scope
The MOI covers the following broad areas:
a. Professional Education Training (PET): Agencies and industry associations will help to review, and enhance the respective institutions' curricula and programmes for undergraduate and post-graduate students to include new technological advancements in the financial sector.
b. Continuing Education Training (CET): Agencies and industry associations will help to review, update and enhance the respective institutions' training courses for professionals to include new technological advancements and other skills that would be beneficial to professionals in the financial sector.
c. Outreach: Agencies and industry associations will work with the institutions to promote and expose students and professionals to technology in the financial sector.
Annex B
MEDIA FACTSHEET
November 2017
TeSA FinTech Collective MOI Signatories:
Universities, Industry Associations and Government
Listed in alphabetical order under each category:
| S/N |
Write-up |
| 1 |
About Nanyang Technological University, Singapore (NTU Singapore)
A research-intensive public university, Nanyang Technological University, Singapore (NTU Singapore) has 33,500 undergraduate and postgraduate students in the colleges of Engineering, Business, Science, Humanities, Arts, & Social Sciences, and its Interdisciplinary Graduate School. It also has a medical school, the Lee Kong Chian School of Medicine, set up jointly with Imperial College London.
NTU is also home to world-class autonomous institutes – the National Institute of Education, S Rajaratnam School of International Studies, Earth Observatory of Singapore, and Singapore Centre for Environmental Life Sciences Engineering – and various leading research centres such as the Nanyang Environment & Water Research Institute (NEWRI), Energy Research Institute @ NTU (ERI@N) and the Institute on Asian Consumer Insight (ACI).
Ranked 11th in the world, NTU has also been placed the world's top young university for the last four years running. The University's main campus has been named one of the Top 15 Most Beautiful in the World. NTU also has a campus in Novena, Singapore's medical district.
For more information, visit www.ntu.edu.sg |
| 2 |
About National University of Singapore (NUS)
A leading global university centred in Asia, the National University of Singapore (NUS) is Singapore's flagship university, which offers a global approach to education and research, with a focus on Asian perspectives and expertise. NUS has 17 faculties and schools across three campuses. Its transformative education includes a broad-based curriculum underscored by multidisciplinary courses and cross-faculty enrichment. Over 38,000 students from 100 countries enrich the community with their diverse social and cultural perspectives. NUS also strives to create a supportive and innovative environment to promote creative enterprise within its community. NUS takes an integrated and multidisciplinary approach to research, working with partners from industry, government and academia, to address crucial and complex issues relevant to Asia and the world. Researchers in NUS' Schools and Faculties, 30 university-level research institutes and centres, and Research Centres of Excellence cover a wide range of themes including: energy, environmental and urban sustainability; treatment and prevention of diseases common among Asians; active ageing; advanced materials; risk management and resilience of financial systems. The University's latest research focus is to use data science, operations research and cybersecurity to support Singapore's Smart Nation initiative.
For more information on NUS, please visit www.nus.edu.sg. |
| 3 |
About Singapore Institute of Technology (SIT)
Singapore Institute of Technology (SIT) is Singapore's university of applied learning. It aims to be a leader in innovative university education by integrating learning, industry and community as part of its unique pedagogy. Partnering world-class universities, SIT offers applied degree programmes targeted at growth sectors of the economy. SIT also aims to cultivate in its students four distinctive traits, or the SIT-DNA, which will prepare them to be 'thinking tinkerers', who are 'able to learn, unlearn and relearn', be 'catalysts for transformation' and finally, become 'grounded in the community'. For more information, visit www.SingaporeTech.edu.sg. |
| 4 |
About Singapore Management University (SMU) A premier university in Asia, the Singapore Management University (SMU) is internationally recognised for its world-class research and distinguished teaching. Established in 2000, SMU's mission is to generate leading-edge research with global impact and produce broad-based, creative and entrepreneurial leaders for the knowledge-based economy. It is known for its interactive and technologically enabled pedagogy of seminar-style teaching in small-size classes.
Home to around 10,000 undergraduates and postgraduates, SMU comprises six schools: School of Accountancy, Lee Kong Chian School of Business, School of Economics, School of Information Systems,School of Law and School of Social Sciences. SMU offers a wide range of bachelor's, master's and PhD degree programmes in the disciplinary areas associated with the six schools, as well as in interdisciplinary combinations of these areas.
SMU has an emphasis on generating rigorous, high-impact, and relevant multi-disciplinary research that addresses Asian issues of global relevance, SMU faculty collaborate with leading international researchers and universities from USA, Europe, China and India as well as with partners in the business community and public sector, through its research institutes, centres and labs. SMU's city campus is a state-of-the-art facility located in the heart of downtown Singapore, fostering strategic linkages with business, government and the wider community. |
| 5 |
About Singapore University of Social Sciences (SUSS)
Singapore University of Social Sciences (SUSS) is one of Singapore's six national universities and its mission is to provide lifelong education that equips learners to serve society. Home to more than 14,000 students, SUSS provides an applied education that targets both fresh school leavers and adult learners, with a focus on the social sciences. It adopts a flexible and practice-focused learning approach and offers more than 60 degree programmes in various disciplines. Eligible students taking SUSS's undergraduate programmes enjoy government subsidies and access to government bursaries, tuition fee loans and study loans. For more information on Singapore University of Social Sciences, please visit www.suss.edu.sg. |
| 6 |
About Singapore University of Technology and Design (SUTD)
The Singapore University of Technology and Design (SUTD) is Singapore's fourth public university, and one of the first universities in the world to incorporate the art and science of design and technology into a multi-disciplinary curriculum. SUTD was established in collaboration with the Massachusetts Institute of Technology (MIT) and seeks to advance knowledge and nurture technically-grounded leaders and innovators to serve societal needs.
Also in collaboration with Zhejiang University and Singapore Management University, SUTD, a research-intensive university, is distinguished by its unique East and West academic programmes which incorporate elements of entrepreneurship, management and design thinking. Graduate opportunities include the SUTD Technology Entrepreneurship programme, the Master of Science in Security by Design, and various SUTD PhD programmes. www.sutd.edu.sg. |
| 7 |
General Insurance Association of Singapore (GIA)
Established in 1966, the General Insurance Association of Singapore (GIA) is the general insurance industry's trade association whose membership comprises 36 Ordinary Members licensed by the Monetary Authority of Singapore (MAS) to transact general insurance business in Singapore. As a Trade Association, GIA works to make all aspects of insurance easier and more effective for consumers, agents and insurance companies in Singapore. It helps identify emerging trends and responds to issues affecting the General Insurance industry and seeks to promote the overall growth and development of the sector in Singapore.
For more information, please visit www.gia.org.sg |
| 8 |
Life Insurance Association, Singapore (LIA Singapore)
Established in 1962, the Life Insurance Association, Singapore (LIA Singapore) is the not-for-profit trade body of life insurance product providers and life reinsurance providers based in Singapore and licensed by the Monetary Authority of Singapore (MAS).
The vision of member companies is to provide individuals with peace of mind and to promote a society where every person is prepared for life's changing cycles and for those situations unforeseen.
They are committed to being a progressive life insurance industry by collectively enhancing consumer understanding, promoting industry best practices, and through the association fostering a spirit of collaboration and mutual respect with government and business leaders. |
| 9 |
About The Investment Management Association of Singapore (IMAS)
By fostering high standards of professionalism and promoting exemplary practice among members, IMAS seeks to set the benchmark for the investment and fund management industry in Singapore.
It also serves as a forum for members in discussions as well as a collective voice where representation is needed on behalf of the investment management industry, facilitating training for its members, and contributing towards investor education.
For more information, visit the IMAS website at www.imas.org.sg. |
| 10 |
About Singapore Fintech Association (SFA)
|
| 11 |
The Association of Banks in Singapore (ABS)
The ABS is a non-profit organisation that represents the interests of the commercial and investment banking community. As at October 2017, membership comprised 158 local and foreign banks/institutions and representative offices operating in Singapore.
Established in 1973, The ABS plays an active role in promoting and representing the interests of the industry. It works closely with the authorities in supporting the banking community's role in developing and maintaining a sound financial system.
Over the past 40 years, it has brought its members together, establishing common grounds through benchmarking and setting guidelines as well as working on projects of mutual benefit to face the challenges of the financial and banking community in Singapore.
The ABS plays a critical role to facilitate collaboration – with members, regulators, consumers and internationals organisations as Singapore grows into an international financial centre of repute. |
| 12 |
About Infocomm Media Development Authority (IMDA)
For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook @IMDAsg and Twitter @IMDAsg. |
| 13 |
About the Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator. As 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.
For more news and information, visit www.mas.gov.sg or follow MAS Twitter @MAS_sg. |
| 14 |
About SkillsFuture Singapore (SSG)
SkillsFuture Singapore (SSG) drives and coordinates the implementation of the national SkillsFuture movement, promotes a culture of lifelong learning and strengthens the ecosystem of quality education and training in Singapore. Through a holistic system of national SkillsFuture initiatives, SSG enables Singaporeans to take charge of their learning journey in their pursuit of skills mastery. SSG also works with key stakeholders to ensure that students and adults have access to high quality and industry-relevant training that meet the demands of different sectors of the economy for an innovative and productive workforce. For more information, please visit www.ssg.gov.sg |
Reference:
| [1] |
The Collective comprises the following institutions and financial associations: Nanyang Technological University, Singapore (NTU Singapore), National University of Singapore (NUS), Singapore Institute of Technology (SIT), Singapore Management University (SMU), Singapore University of Social Sciences (SUSS), Singapore University of Technology and Design (SUTD), General Insurance Association of Singapore (GIA), Life Insurance Association of Singapore (LIA), Singapore Fintech Association (SFA), The Association of Banks in Singapore (ABS), Investment Management Association of Singapore (IMAS), SkillsFuture Singapore (SSG), Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA). |
| [2] |
Details of the new courses will be released at a later date. |
| [3] |
Based on IMDA's Infocomm and Media Manpower Survey for 2016 |
| [4] |
Based from IMDA's Infocomm and Media Manpower Survey for 2016 |
