invest in developing singaporeans who are committed to a career in the financial sector. we already fund up to 70 % of course fees for training programmes. mas funding support for manpower and leadership development has increased steadily over the last three years, with about s $ 60 million set aside for 2014 alone. i would like to urge the industry to tap on these programmes actively. conclusion to conclude, i would like to commend the ibf council and staff, past and present, for your commitment over this past 4 decades. going forward, the responsibility on ibf will be greater, as it delivers the ibf standards and the various initiatives that will help our practitioners develop the capabilities of tomorrow. i look forward to an even stronger collaboration between ibf and the industry. let us work together to ensure that the financial sector is one that continues to enable meaningful and rewarding careers for singaporeans. i wish you all a happy 40th anniversary and a great evening ahead. the finance scholarship programme ( fsp ) builds expertise in specialist finance areas such as financial economics and actuarial science while the finance associate management scheme ( fams ) provides young talent with exposure to other business lines and overseas operations, through a structured fast - track programme. mas aims to groom at least 200 young singaporeans every year under fams to take on leadership positions in the future. the international posting programme ( ipost ) supports the posting of high potential singaporeans for overseas secondments, through which we hope that they return with managerial skills, a deep understanding of global best practices and strong business networks. bis central bankers ’ speeches

in climate - related projects. for the purpose of assessing if the sfo has met its investment requirement, we will recognise its climate - related investments – anywhere in the world, and not limited to singapore. 12 / 16 bis - central bankers'speeches climate change is a global problem that is not bounded by national borders. as a low - lying island state, singapore is particularly vulnerable to climate change. we should thus recognise all efforts made to address climate change issues. third, we will also encourage sfos to invest in singapore companies and the local equity market. we will make two enhancements. one, the scope of the tax incentive will be expanded to recognise all investments in non - listed singapore operating companies ( including private credit ), and not just private equity investments as is the case today. two, we will recognise twice the amount invested in singapore - listed equities, and in eligible exchange traded funds ( etfs ) and unlisted funds which invest primarily in singapore - listed equities, for purposes of meeting the sfo's investment requirement. fourth, we will encourage sfos to contribute more to job creation and value creation for the singapore ecosystem. we will make two enhancements : one, we will now require that at least one of the investment professionals that sfo applicants currently need to hire is a non - family member. this will expand the pool of available jobs for professionals in singapore. two, all new sfo applicants will have to now meet the business spending requirement solely from spending locally unlike previously when this could be met with overseas spending. this will help channel greater benefits to singaporebased businesses and service providers. fifth, we will encourage sfos to conduct philanthropic activities through singapore, both locally and overseas. we will make two enhancements. one, to encourage giving locally, we will recognise donations to local charities alongside normal business spending. two, to encourage giving overseas using singapore family offices as a base, we will launch today the philanthropy tax incentive scheme ( ptis ) for family offices. the ptis, which was announced in budget 2023 and will go live on 1 january 2024, will allow qualifying donors in singapore to claim 100 % tax deduction, capped at 40 % of the donor's statutory income, for overseas donations made through qualifying local intermediaries. 1 we hope the introduction of ptis will encourage philanthropic giving to become a regular, professional feature of family offices here. how is mas safeguarding the official foreign reserves against climate risks