This borrowing was in turn channelled via domestic banks into projects with long-term funding. When foreign and domestic investors began to show concern over uncertainty regarding the growth potential of these countries, the course of events moved rapidly. This development shows how a misdirected economic policy can soon have devastating consequences for a country. However, instead of focussing on the content of the economic policy, many critics have singled out the open capital markets as culprits. Some of these critics have therefore considered capital controls to be a good means of avoiding future crises. Yet the experiences of the 1970s and 1980s show that these controls cannot counteract the effect of an inadequate domestic economic policy in the long term. Sooner or later it will be necessary to adapt the exchange rate. It is also very doubtful whether capital controls have contributed to increasing monetary policy independence during these decades, which was one argument put forward in favour of the controls. In practice, it was probably the case that the arguments for keeping the controls were often used to postpone necessary macroeconomic adaptations and structural reforms. Nevertheless, while financial deregulation creates opportunities for increased welfare, it is important not to ignore the problems in the financial system. Over the years, authorities and organisations have tried to minimise these by producing various international standards and codes, and have continued to debate what more needs to be done to prevent as far as possible the emergence and spread of any new financial crises.

For those aspiring to senior roles in technology, such postings may even be necessary, as the competition for such jobs is at a global level. Next, what can financial institutions do to help grow the pipeline of Singaporean technology professionals? One, they can collaborate with polytechnics and universities on apprenticeships to prepare students for technology jobs. JP Morgan is looking to hire more than 30 polytechnic graduates in their 1-year Apprenticeship programme for the Tech and Ops function this year. Apprentices will receive on-the-job training in product knowledge, personal development and professional skills, as well as exposure to top professionals across diﬀerent businesses within the bank. Two, financial institutions can hire individuals from a broader range of backgrounds and upskill them into technology roles. DBS Bank has a skills development programme to train individuals with STEM backgrounds or have taken some STEM modules in specialised technology skills. Individuals will be trained to take on roles in areas such as product development, platform infrastructure, or information security. Three, financial institutions can set up specialised facilities to build up technology capabilities in their workforce. Standard Chartered Bank launched its global learning hub diSCover Lab in Singapore, in December last year. The aXess Academy, one of nine academies within the Lab, aims to train over 2,100 of its Singapore-based technology talents in areas such as cloud transformation, open banking solutions, cybersecurity, and client digital journeys. Finally, how is the government helping to grow the tech talent pool?