It requires both depth and breadth, and will increasingly require both local and global experience and know-how. MAS already has several initiatives in place to further this objective, including the Finance Scholarship Programme and the Finance Associate Management Scheme (FAMS) for Singaporeans early in their finance careers2, as well as the International Posting Programme (iPOST)3. To equip local practitioners with Asia-relevant leadership capabilities, MAS will be launching a new Asian Financial Leaders Programme (AFLP) later this year for Singaporeans who aspire to take on regional or global leadership positions. Through the AFLP, participants will be able to learn from regional policy-makers, as well as interact with fellow financial sector leaders from other countries. IBF will complement these initiatives by introducing a new IBF Fellows Scheme. Financial industry veterans will be recognised as thought leaders and serve as trainers, speakers and panel discussants, or as mentors. Many of our industry pioneers and senior professionals have a wealth of experience to share, having been through the ups and downs of the industry and various market cycles. This scheme will provide a structured way for us to transfer knowledge from past to future leaders in the industry, complementing what is done within individual financial institutions. Financial sector skills and leadership development is a key priority for the industry, and MAS takes this very seriously. It will define our continued success as a financial centre. MAS will continue to invest in developing Singaporeans who are committed to a career in the financial sector.

This led to the creation of IBF in 1974, as a dedicated institute for financial sector training. More initiatives were introduced to deepen skills, such as the launch of the Chartered Financial Analyst (CFA) examinations locally in 1982 and the establishment of the Wealth Management Institute (WMI) in 2003. As the training landscape  BIS central bankers’ speeches  1  developed over the years, we subsequently evolved IBF into a standards-setter for financial sector competency. Today, Singapore’s financial sector comprises almost 12% of Singapore’s GDP, with more than 1,000 financial institutions performing roles in Singapore, the region and globally. It employs almost 190,000 people, of which about 70% are Singaporeans. The jobs are now diverse and increasingly complex. Beyond traditional corporate lenders and retail bank tellers, many more jobs have been created in portfolio management and investment analysis, product structuring, risk management and technology. Our financial sector has significant opportunities ahead of it. However, growth will demand deeper skills and expertise, rather than a large expansion of jobs. The deceleration in job growth in Singapore’s financial sector in the last few years1 is not a temporary happening. It reflects the slowdown in our local labour force growth, as well as major forces that are reshaping global finance. I will say a little more about these global forces, before going on to talk about what we have to focus on to remain a competitive and dynamic financial centre in the years to come. The evolving global financial landscape Globally, we are seeing countervailing forces.