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

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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