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IBF Singapore’s career centre to help boost financial industry professionals’ tech skills

IBF Singapore’s career centre to help boost financial industry professionals’ tech skills

The Institute of Banking and Finance
Singapore announced
that it will be setting up a new career centre,
IBF Careers Connect, that aims to help financial industry professionals upgrade
their skills. They will also be able to seek career advisory and job matching
opportunities at the new career centre.

Launched today by Minister for Education
Ong Ye Kung, IBF Careers Connect will offer
comprehensive support for finance professionals to acquire new skills and take
on new jobs as businesses transform.

Together with its existing functions such
as administering licensing examinations and setting competency standards, IBF
will provide a one-stop integrated approach to skills development and jobs for
individuals and institutions in the financial industry.

From a poll of over 1,000 financial
industry professionals conducted by IBF in June this year, 8 out of 10
respondents were optimistic that new technologies would drive efficiencies and
make work easier. At the same time, over 70% said technology has changed or
will change their scope of work.

90% believed that it was important to
acquire new skills to navigate the changing landscape. 8 in 10 respondents
were, however, not fully aware of training options to acquire new skills.

IBF Careers Connect will be a resource for
individuals looking to better understand the core competencies required for
jobs in the financial industry and the training opportunities available.
Individuals can consult an IBF career adviser on hiring trends, skills required
for specific jobs, and relevant training programmes to enhance their
employability.

IBF will also be able to help individuals
connect with other industry professionals through its networking and
career-related events. To help equip financial industry professionals, IBF will
work with partners to develop career roadmaps and training programmes.

For example, in the area of technology, IBF
is working with the Monetary Authority of Singapore (MAS) and Infocomm Media Development
Authority (IMDA)
to help individuals transit into areas of growing demand, such as in artificial
intelligence, cybersecurity and data analytics.

Where job activities may become redundant,
IBF will work with financial institutions to intervene pre-emptively and
facilitate professional conversion to help affected individuals transit into
new or expanded jobs.

IBF Chairman and MAS Managing Director, Mr Ravi Menon, said that with technology
transforming the financial industry, IBF can, with its expanded role, better
support our financial industry professionals identify and acquire the skills
they need to develop meaningful careers in the new jobs landscape.

IBF Chief Executive Officer, Mr Ng Nam Sin, said that centre aspires to empower finance professionals
to be future-ready. Automation and digital technology can impact their jobs
many times in their career.
“With the launch of IBF Careers Connect, we want to work closely with industry
partners and proactively help professionals plan and navigate changes through
their careers,” he added.

WSG’s Chief Executive Officer, Mr Tan Choon Shian, said that the purpose of
partnering with IBF is to help interested job-seekers transition into the
financial sector or help existing financial
sector employees reskill and take on new roles within the sector.

e2i’s Chief Executive Officer, Mr Gilbert Tan, said that their partnership
with IBF starts from consultation and advisory in the setup of IBF Careers
Connect, with a focus on career guidance, job matching expertise, retrenchment
assistance and system support for job seekers.
In this way, employees and employers in the financial industry will now benefit
from dedicated industry knowledge and career support services.

Assistant Secretary-General of NTUC, Mr Patrick Tay, said that the IBF Careers
Connect Centre, which evolved from the Financial Industry Career Advisory
Centre, will cater to the placement and progression needs of the financial
industry workforce so that they stay able, agile and adaptable.