Is Singapore still the place to go in this financial crisis?
Despite the global financial crisis, Singapore’s financial sector remains fundamentally sound and is well positioned to benefit from the recovery and emerge stronger. We have grown in importance as a leading international financial centre - the latest Global Financial Centres Index ranked Singapore third as a global financial centre in the world, and the leading financial centre in Asia & Middle East (before Hong Kong, Tokyo, Dubai & Shanghai). With a strategic location in the heart of Asia, Singapore is able to service key markets across North Asia, South Asia and Oceania, instead of being limited to a domestic or regional geography.
Singapore’s financial centre continues to grow in diversity. A broad suite of instruments from FX, fixed income, derivatives to commodities are traded here, contributing to the growth of Singapore as a trading hub. Over the last few years, new areas have emerged, including structured finance and Islamic finance – reflecting an increasing sophistication amongst investors and companies in Asia, and consequently the demand for a wider range of financial services. Singapore has also developed into a leading insurance centre with a rich mix of direct insurers, professional reinsurers and captive insurers. It is currently the largest captive domicile for captive insurers in Asia, and many of the top reinsurers have set up operations here.
Reflecting Singapore’s role as an international financial centre, the sources of assets managed in Singapore as well as their investment destination remains diversified. The Asia-Pacific region continues to be a key driver of growth for the industry.
Recently, the MAS enhanced its training incentives funded by the Financial Sector Development Fund (FSDF). These include increases in the co-funding amounts by MAS from 50% to 70% under the Financial Training Scheme (FTS), and from 70% to 90% for training programmes which are accredited under the Financial Industry Competency Standards (FICS) framework. In addition, the range of Masters programmes that qualify for support under the Finance Scholarship Programme (FSP) has also been broadened beyond the current areas of financial engineering, risk management and actuarial science. They now include programmes in the areas of finance, applied finance and financial economics. MAS has also launched a new Finance Graduate Immersion Programme (FGIP) to provide fresh local university graduates with meaningful industry attachment opportunities over the next one to two years.
With such initiatives, talent based here in Singapore will be well placed for the upswing and grow when the economic situation improves.
Would you be here when that happens?
FinanceConnectSingapore
FinanceConnectSingapore is developed by the Institute of Banking and Finance (IBF), with the support of the Monetary Authority of Singapore (MAS) and key industry players.
To find out more about Singapore's financial services sector (including the career opportunities), click here: www.financeconnectsingapore.com
Institute of Banking and Finance (IBF)
IBF is a non-profit organisation that seeks to develop a responsive and forward-looking financial sector training infrastructure that positions Singapore as a world class financial centre and financial training hub. IBF works closely with industry players, institutions of higher learning, training providers and Government agencies like the Monetary Authority of Singapore and Singapore Workforce Development Agency to meet the manpower and skills needs of the financial services sector.
For more information on IBF, please click here : www.ibf.org.sg
Click on the company logos to find out more about them and the positions available.
The Citi Banking
Trainee Program
GIC Young
Professionals Programme
OCBC Graduate
Immersion Programme
Insurance Executive Scholarship Programme
Note:
Financial Sector Development Fund
The Financial Sector Development Fund (FSDF) was set up to facilitate the development and enhancement of talent and infrastructure for Singapore's financial centre.
Financial Training Scheme (FTS)
The FTS seeks to defray the costs incurred by Singapore-based financial institutions, companies engaged in significant financial activities or industry bodies / associations in providing relevant training to employees or member participants.
Finance Scholarship Programme (FSP)
The FSP seeks to build up a critical mass of specialists in targeted fields that would contribute to the long-term growth of Singapore as an international financial centre. The Programme provides scholarships for selected candidates to pursue specialised Masters programmes in top local and foreign universities.
Financial Industry Competency Standards (FICS) Training Scheme
The FICS was developed by the industry to enhance the skills of practitioners in the financial sector. It provides a comprehensive set of competency standards that is benchmarked against international standards. The FICS Training Scheme provides grant support for accredited FICS training and assessment programmes.
For enquiries, please contact the FSDF Secretariat at 6229-9396 or via email at fsdf@mas.gov.sg.
About Contact Singapore Contact Singapore is an alliance of the Singapore Economic Development Board and Ministry of Manpower.
It aims to attract global talent to work, invest and live in Singapore.
With offices in Asia Pacific, Europe and North America, Contact Singapore is the one-stop centre for those who wish to pursue a rewarding career in Singapore,
as well as individuals and entrepreneurs who are keen to invest in or initiate new business activities here. Contact Singapore actively links Singapore-based employers with global talent and provides updates on career opportunities and industry developments in Singapore. We work with private sector partners to facilitate the interests of potential individual investors in Singapore.
