Chia Der Jiun: Opening remarks - Institute of Banking and Finance
50th Anniversary Distinction Evening Gala
Opening remarks by Mr Chia Der Jiun, Managing Director of the Monetary Authority of
Singapore, and Chairman of the Institute of Banking and Finance, at the Institute of
Banking and Finance (IBF) 50th Anniversary Distinction Evening Gala, Singapore, 13
September 2024.
* * *
Mr Gan Kim Yong, Deputy Prime Minister, Minister for Trade and Industry and
Chairman of the Monetary Authority of Singapore,
IBF Council members and tripartite partners,
Distinguished Guests,
Ladies and Gentlemen,
Introduction
Good evening, everyone. A very warm welcome to IBF 50th Anniversary Distinction
Evening Gala. We are delighted to have Deputy Prime Minister Mr Gan Kim Yong as
our Guest-of-Honour. Thank you for joining us to mark this significant occasion.
I would also like to extend my heartfelt congratulations to all award recipients tonight for
your valuable contributions to the financial sector.
IBF's Journey with Tripartite Partners
50 years is a significant milestone, as it marks half a century of strong tripartite
partnership in building a skilled and resilient workforce in the financial sector. I would
like to take this opportunity to reflect on IBF's journey with our partners and look forward
to the future.
Building a Skilled Workforce
IBF was first established as a training institute in 1974, with the support of the Monetary
Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
In 2001, IBF was appointed by MAS to conduct regulatory examinations to ensure the
competencies of financial sector professionals performing licensed activities.
As Singapore's financial sector started to develop its own training capabilities, IBF took
a strategic repositioning in 2005 and became the National Accreditation and
Certification Agency for the financial sector. IBF worked closely with industry partners to
co-develop a set of competency standards, now better known as the skills framework
"with the industry, for the industry". We accredit in-house and external training
programmes to ensure that quality training is being delivered in alignment with
industryrecognised benchmarks. The skills framework also ensured that the workforce is
equipped with the right competencies and continue to be motivated to deepen their
skills through IBF certification.
Developing Workforce Resilience and Job Opportunities
In 2018, IBF arrived at another significant milestone. Our mandate expanded, and we
became the integrated service provider for skills development, career advisory and
workforce development in the financial sector.
We were appointed by Workforce Singapore (WSG) to administer career conversion
programmes for the financial sector, to reskill and redeploy employees whose jobs are
transformed by evolving industry trends. Through the launch of IBF Careers Connect,
IBF also started offering career advisory services with e2i's support.
Recognising IBF's contributions and unique value proposition, IBF was appointed as
the Jobs Development Partner for the Financial Services Sector in 2020 by the National
Jobs Council.
IBF introduced various initiatives to support workforce transformation and resilience.
IBF and MAS conducted a Jobs Transformation Map (JTM) in 2019, which analysed the
impact of automation and data analytics on financial sector jobs. In partnership with key
financial institutions, IBF pre-emptively transitioned the impacted employees in
consumer banking, operations and insurance segments to redesigned or in-demand job
roles within the sector.
Building a Pipeline of Young Talent and Leaders
To build a pipeline of young local talents and leaders for the growing financial sector,
IBF embarked on the administration of MAS' talent and leadership development
programmes from 2020. This includes supporting financial institutions to roll out
internship and apprenticeship programmes for polytechnic students, and structured
talent development programmes for fresh university graduates.
IBF also plays a critical role as a convener, bringing together relevant parties to activate
industry-wide initiatives. Over the last two years, IBF had organised roundtables
involving over 30 financial institutions, five polytechnics, Singapore Institute of
Technology (SIT), and Singapore University of Social Science (SUSS), to catalyse
collaborations on internship and apprenticeship opportunities for our young talents.
Earlier this year, IBF also brought together 13 financial institutions and the Institute of
Technical Education (ITE), to launch the IBF Golden Jubilee ITE Scholarship. 54 ITE
students will receive a study award and a 5-month internship in the financial sector
starting in October. This inaugural partnership expands the talent pool and promotes
skills-based hiring in the financial sector. IBF is also exploring a Work-Study Diploma in
finance with ITE and industry partners, to create alternative career pathways for ITE
students.
In addition, IBF supports international posting and curated leadership
training programmes, to groom local leaders for the sector.
Looking Ahead: Positioning the Workforce for New Opportunities
Looking ahead, the financial sector will continue to evolve, driven by key structural
drivers including sustainability and technology innovations such as GenAI. As financial
institutions navigate these winds of change, the tripartite partnership among IBF, trade
unions and financial institutions will remain pertinent in supporting workforce
transformation, ensuring that we are positioned to thrive in the dynamic landscape.
Taking a forward-looking approach, IBF and MAS have launched the Sustainable
Finance JTM in April this year (with the support of WSG), to equip our workforce with
the skills for sustainable finance, so that our financial centre can better support the net
zero transition in our region. IBF has accredited over 130 training programmes, and
training participation has increased by 70%.
IBF also implemented the new IBF Skills Badge to recognise individuals' mastery of
sustainable finance skills. I am pleased to share that to-date, about 3,000 professionals
have received their Skills Badge, which they can share on their personal social media
accounts such as LinkedIn. We are pleased to present an adaptation of IBF Skills
Badge, as part of this evening's dinner gift premium.
Currently, IBF is working closely with MAS and industry partners to develop the GenAI
JTM, which assess the impact of GenAI on jobs and skills and aims to prepare our
financial sector workforce to use AI to augment their effectiveness.
Collaborations: The Key to IBF's Success
We are grateful to the many partners who have worked alongside IBF. Your support
and tripartite collaboration have been instrumental in our achievements. Let me express
my deepest appreciation to:
a. Industry veterans , who have served on IBF Council, Standards Committee,
industry Workgroups, Examination Boards and Industry Panels. We are also
thankful to IBF Distinguished Fellows and Fellows who have volunteered as
speakers, adjunct coaches and mentors at IBF's engagement and outreach events.
Your invaluable support and expert contributions have allowed us to stay ahead of
industry trends and ensure that our initiatives are impactful. Tonight, we celebrate
the conferment of another five Distinguished Fellows: Mr Albert Tse, Mr Jon Yeo,
Ms Elaine Lam, Mr Lawrence Chan, and Mr Kenneth Lai. They have demonstrated
exemplary commitment and leadership through their involvement in industry-wide
projects and committees. I would also like to congratulate 27 IBF Fellows
recipients, and 10 IBF Golden Jubilee Award winners for their longstanding
partnership.
b. Our FI partners , who have continuously supported IBF's initiatives, to grow the
talent pipeline and support the workforce in upskilling and reskilling.
c. Our training providers and Institutes of Higher Learning , that have
continually delivered high-quality courses to equip our industry professionals with
relevant knowledge and skills.
d. Trade Unions , for co-engaging employees and employers on workforce
transformation and career transition support. Our partnership was further
strengthened by the recent signing of an MOU between IBF, NTUC and seven
financial industry associations in August, which will enhance our industry outreach
collectively, and provide a comprehensive ecosystem of support for workforce
development, to navigate fast-evolving trends especially in the areas of
sustainability and GenAI.
e. Government agencies , MAS, WSG, SSG and IMDA for your close partnerships
in shaping interventions to uplift our workforce.
The concerted and pro-active approach to skills, talent and workforce developments
have supported the growth and success of Singapore's financial sector, which in turn
creates more job opportunities for the local workforce.
To commemorate our collaborative efforts with tripartite partners on various skills and
jobs initiatives, IBF has created a dedicated 50th Anniversary microsite which not only
showcases IBF history and achievements, but also capture all these valuable
partnerships and collective contributions that have shaped our progress.
Closing
Let me conclude. IBF has come a long way in the last 50 years, and we have built an
ecosystem where we have continuously reinvented ourselves.
This was only possible with the invaluable support from all our partners, as well as the
dedication of current and former IBF staff and management.
We look forward to your continued partnership, and with your support, I believe we will
be able to forge ahead to build a resilient, competitive and inclusive workforce for the
next 50 years.
Thank you, and please enjoy the rest of the evening.