The banker must therefore have deep regional knowledge and strong networks to deliver solutions for this client. Gaining exposure to Asian markets will therefore put him in a better position to assume greater responsibilities over time. Our ecosystem to develop human capital MAS wants to see more of our finance professionals in Singapore build up these three dimensions of expertise. And there is a strong ecosystem in Singapore to nurture this process. First, MAS and the Institute of Banking and Finance have established a set of industry standards for Asian financial practitioners, through the Financial Industry Competency Standards (FICS). •  This offers finance professionals a clear roadmap for building competencies as they progress in their career, across different job roles and levels. •  Through this framework, we aim to build a strong pipeline of Singaporean talent and leaders in finance, so that our people can avail themselves of the opportunities that a growing financial industry will create. Second, our industry associations are playing an important role in supporting talent development within specific sectors. •  The Life Insurance Association of Singapore, for instance, is working with the Singapore College of Insurance, to develop a talent framework that provides structured training and development opportunities for insurance professionals. •  The General Insurance Association of Singapore is running a global internship programme which seeks to provide undergraduates with hands-on experience at insurance firms overseas. Third, we have in Singapore, fortunately, a strong academic and intellectual climate or platform to deepen specialisation in finance.

In short, he needs much more depth. Second, cross-functional adaptability. Job functions and business lines are no longer as static and predefined as they used to be. It is increasingly important that finance professionals are exposed to a broader range of business areas. Movement across business lines generates fresh perspectives that could in turn help to drive innovation and identify new areas of competitive strength. A compliance professional, for instance, may start off on compliance matters that pertain to credit activities. Over time, it would be useful to widen his compliance knowledge in other areas of business such as capital markets. This broader exposure will help him to think about compliance and risk management issues across different functions of the bank in a more consistent and coherent fashion. Such a capability will be a key asset when taking on larger functions and responsibilities in the bank. Third, Asian knowledge and expertise. Asia is a diverse mix of economies. They are at different stages of development, with different financing needs and different regulatory and governance structures, not to mention different cultural norms. To operate a successful regional business franchise, finance professionals will need a deep understanding of these differences and know how to navigate the different terrain. Take for example, a corporate banker, who may be advising the treasurer of a Singaporebased multi-national corporation with operations in the region. Each jurisdiction may have different rules and regulations that could impact the cash management and credit needs of this client.