We already fund up to 70% of course fees for training programmes. MAS funding support for manpower and leadership development has increased steadily over the last three years, with about $ million set aside for 2014 alone. I would like to urge the industry to tap on these programmes actively. Conclusion To conclude, I would like to commend the IBF Council and staff, past and present, for your commitment over this past 4 decades. Going forward, the responsibility on IBF will be greater, as it delivers the IBF Standards and the various initiatives that will help our practitioners develop the capabilities of tomorrow. I look forward to an even stronger collaboration between IBF and the industry. Let us work together to ensure that the financial sector is one that continues to enable meaningful and rewarding careers for Singaporeans. I wish you all a happy 40th Anniversary and a great evening ahead. 2  The Finance Scholarship Programme (FSP) builds expertise in specialist finance areas such as financial economics and actuarial science while the Finance Associate Management Scheme (FAMS) provides young talent with exposure to other business lines and overseas operations, through a structured fast-track programme. MAS aims to groom at least 200 young Singaporeans every year under FAMS to take on leadership positions in the future. 3  The International Posting Programme (iPOST) supports the posting of high potential Singaporeans for overseas secondments, through which we hope that they return with managerial skills, a deep understanding of global best practices and strong business networks.

They will provide clear pathways on how a practitioner can undergo accredited programmes to progress him or her from the first licensing examination through to foundational skills and subsequently, advanced-level specialist training. IBF consulted the industry actively in the last year to ensure that the IBF Standards meet the demands of finance professionals of tomorrow. For instance, in risk management, the Standards will now encourage individuals to acquire deeper knowledge of the underlying businesses and their risk triggers. In compliance, individuals will learn to take on advocacy roles, so as to inculcate a stronger compliance culture within the organisation. In Technology and Operations, practitioners will be given core skills in project management and changemanagement to better facilitate process re-engineering within their organisations. Following last year’s launch of foundation programmes for Compliance, Corporate Banking and Wealth Management, IBF will be adding two new foundation programmes this year, in IT & Operations as well as Risk Management. This will enhance the opportunities for graduates or individuals with no prior experience in these areas to be able to land in and excel in such roles. In addition, IBF will launch a new integrated e-learning system over the coming year, which will help individuals use the revised Standards to undertake self-directed training and map out their professional development milestones. (V)  Leadership  Let me go on to the fifth capability that I mentioned earlier, which is leadership in finance. 4  BIS central bankers’ speeches  We want to develop Singaporeans for positions of leadership in tomorrow’s financial world.