Financial institutions are increasingly using technology to gain an edge over their competitors, or to achieve cost efficiencies and free up resources for new growth areas. In consumer banking, we are now seeing new mobile payment products that enable on-the-go transactions. In private banking, banks are putting more investment tools at the disposal of their clients. For corporates, banks are using technology to facilitate end-to-end supply chain financing. And needless to say, cyber security is now a key risk, everywhere in the world. Across the business, from management to individual business units, technology skills and adaptability must be a strategic imperative. Initiatives to facilitate the building of competencies IBF has a key role in ensuring that finance professionals are able to keep pace with these challenges of the future. IBF has been undertaking the strategic role of a standard-setting body for financial sector competencies since 2001. When we went on to launch the Financial Industry Competency Standards or FICS in 2005, IBF took on the role as the national accreditation and certification agency for the FICS framework. The FICS cannot be a static set of competency standards. It must evolve, to cater to new business opportunities and new regulations, and to encourage individuals to build up expertise continually. We are thus unveiling today the “IBF Standards”, which provide practice-oriented development roadmaps for all our financial sector practitioners. The IBF standards which will merge IBF’s current offering of industry examinations and industry standards offered under FICS, into an integrated and seamless set of competency standards.

These are all areas in which Singaporeans can excel. (II)  Cross-functional capability  Second, we are seeing greater demand for finance professionals with cross-functional abilities, besides a core competence in a particular business area. This is obviously helpful in small institutions, but is also in demand in large institutions as different financial services are being integrated and packaged together for the customer. Cross-functional knowledge and competence also enables financial professionals to take on larger responsibilities, and to achieve greater resilience in their careers in a fast-changing financial sector landscape. (III)  Regional knowledge and experience  Third, regional knowledge and experience. It is now an essential for a good career in finance, not just nice to have. We must give it far greater emphasis, and encourage and support Singaporeans in building up this capacity. Cross-border solutions and transactions are increasingly the norm in the business. Strong regional knowledge is also necessary in meeting clients’ needs, whether in relationship management, transaction banking, specialised finance or product structuring. It also enables financial institutions to manage  BIS central bankers’ speeches  3  their risks well, and operate effectively in Asia’s still diverse regulatory frameworks and market environments. (IV)  Technological skills and adaptability  Fourth, technological adaptability. I spoke earlier about how technology is changing the business, and changing jobs. It is not a matter of defending ourselves against the onslaught of technology, but taking advantage of it.