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Singapore Government, financial sector and local universities sign MOI for TeSA Fintech Collective

Featured image: Group photo with the 14 MOI signatories of the TeSA FinTech Collective comprising 6 universities, 5 financial associations, IMDA, MAS, and SSG. Credit: IMDA 

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], today sealed a landmark Memorandum of Intent (MOI) for the TechSkills Accelerator (TeSA) FinTech Collective, 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 November 13 2017.

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 (details will be released at a later date) 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.

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 [2]. 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. Last week, IMDA launched the Skills Framework for ICT to guide and develop ICT professionals in the digital economy and in early November, Minister for Communications and Information, Dr. Yaacob Ibrahim released the Industry Transformation Map (ITM) for the Infocomm Media sector.

[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] Based on IMDA’s Infocomm and Media Manpower Survey for 2016 

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