around 6, 500 in 2023. the ibf has played a key role throughout this journey, by fostering and developing the professional competencies of the financial industry. a. when ibf was set up in 1974, singapore was still a fledgling financial centre that lacked deep banking expertise. as a dedicated training institute, ibf helped to raise the standards of the banking workforce. b. its focus on training continued through to the 1990s, but with an expanded mandate to cover non - bank sectors such as insurance and asset management, as the financial industry grew in diversity during the period of de - regulation and liberalisation. c. as singapore strengthened its reputation as a robust and progressive financial centre in the 2000s, ibf relinquished its role as a training provider and shifted its strategic focus to that of a standard - setting body for financial sector skills and competencies. i. the " ibf standards " was developed, which has now been adapted into the skills framework for financial services. ii. it is probably the first of its kind globally, where skills for various finance roles were mapped out comprehensively for the industry as a whole. d. in 2018, the ibf evolved into an integrated service provider to support skills and workforce development for the sector. the ibf careers connect was also launched to provide career advisory and job matching services. i. this was in recognition of the shorter job cycles, and the need to ensure that those in the sector continuously refreshed their skills to stay relevant. e. today, ibf plays an increasing role in promoting workforce transformation, building the talent pipeline, and providing career facilitation services for the sector. we are proud of what ibf has achieved over the last 50 years – a. over 400, 000 individuals have benefitted from training courses supported by ibf ; b. more than 28, 000 practitioners have achieved certifications under the ibf standards ; c. more than 5, 500 financial sector professionals have benefited from reskilling efforts ; and d. over 3, 500 individuals have sought ibf's career advisory services. e. last but not least, close to 2, 000 financial sector professionals from more than 120 financial institutions have benefitted from mas'talent development schemes that ibf administers. 2 / 7 bis - central bankers'speeches these achievements would not have been possible without the strong support of all of you here today – our industry leaders and veterans, through the ibf council, standards committee, industry workgroups

, examinations boards and industry panels, as well as the strong network of fellows and distinguished fellows, and the strong collaboration across the tripartite partners – unions, government agencies and employers. challenges and opportunities in the horizon looking ahead, these partnerships will be even more critical as we navigate an increasingly complex and tumultuous operating environment. a. intensifying geopolitical contestation has led to an inward - looking and fragmented economic order, with countries enacting export restrictions, tariffs and other barriers in trade and technology. this will have profound implications on the flow of capital, and therefore our financial markets. b. climate change, if not managed well, has the potential to destabilise the global financial system and make growth unsustainable. i. the further we are from achieving an orderly transition to net zero, the more likely we are to see real and financial assets impacted by transition and physical risks and costs. ii. according to the world meteorological organisation, asia was the world's most disaster - hit region from weather, climate and water - related hazards last year. asia is therefore a key battleground where the war against climate change is fought, and in this regard, singapore's financial sector can play an important role in catalysing the region's transition to net zero. c. disruptive technologies can have significant implications for our economies and societies, and impact jobs. i. we have seen in recent years how digitalisation in the area of financial services has enabled consumers through digital payments, as well as businesses via cross - border payments. ii. there will be new opportunities for the financial sector to leverage fast developing technologies including ai and quantum computing. but we must ensure that our financial institutions and their workforce are well - equipped to make the best use of these new technologies. our domestic environment has also become more challenging. a. achieving the next bound of growth will be more difficult amidst tighter manpower and resource constraints. with singapore set to hit'super - aged'status in 2026 and our falling birth rates, the growth of our local labour force will slow down significantly. b. this means that future growth must be productivity - led, particularly in the skillsintensive financial sector. but achieving this will be no small feat ; in fact, many advanced economies have only managed to achieve an average labour productivity growth of less than 1 % per annum over the past decade. c. continual upskilling of our workforce is therefore vital to achieve sustained productivity