They help shape and implement mission critical technology projects, provide technical oversight for technology planning across the business, and set the technical standards to be followed. It requires years of training and experience to attain mastery of these skills. The local supply of talent for such jobs is quite limited and financial institutions will need to rely on expertise from abroad while building a pipeline of locals for these advanced tech roles. Second, intermediate tech jobs, such as application developers, data analysts, UX/UI designers, and cyber security specialists. These are roles which Singaporeans with relevant background can potentially be trained into. MAS started a Technology in Finance Immersion Programme (TFIP) last year through which financial institutions recruited mid-career Singaporeans with STEM backgrounds from other sectors and put them through structured training and attachments in tech areas such as data analytics, cyber security, cloud computing, and full stack development. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  8/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  The programme was highly popular. TFIP is in its second run this year with 21 financial institutions oﬀering over 190 trainee places, more than double that of last year. That said, we need to scale up much more because the demand for these roles continues to outstrip our pace of building skills. Third, basic tech jobs, such as tech support executive, IT ops and support. These roles are typically less complex and more rules-based.

04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Speeches  Published Date: 26 November 2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at “Growing Timber” MAS-IBF Webinar Series on 26 November 2020 Good morning and thank you for joining us. MAS and IBF are launching today the “Growing Timber” project – a series of monthly webinars and events focused on jobs and skills in the financial services sector. Jobs – the Central Economic Challenge of Our Times  In August this year, at the Jackson Hole Economic Policy Symposium discussing the economic challenges facing the world, Senior Minister and Chairman MAS, Mr Tharman Shanmugaratnam, said: “The central problem is in creating enough jobs in the first instance, and in raising the quality of jobs for more people over time”. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  1/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  I can’t agree more: jobs are the central economic challenge of our times. The success of economic policy is not measured by how well financial markets are doing, not by how well companies are creating new products, not even by how fast GDP is growing. The ultimate measure of economic success is this: are we creating enough good jobs for our people?