charges. asian finance continues to grow. this is a solid story for another two decades at least, with increasing trade flows, rapid urbanisation and infrastructure development, as well as rising middle - class affluence and wealth creation in the region. thirdly, however, against this global and regional backdrop, there is a driving force that is transforming activity across all financial markets, and that is technological change. as early as the 1990s, technology has been transforming the way financial institutions competed and did business. but a bigger wave is coming. the relentless advance of computing power and internet speed has meant that many more financial transactions can now be done at lower cost, faster and to an increasing degree, automatically. in wholesale markets, electronic platforms are now dominant. this is most clearly seen in the fx industry, where 74 % of global fx trading volume is executed electronically today, up from single digits in the early 2000s. the exponential growth in use of mobile devices is leading to profound changes in how financial institutions interact with their customers. meanwhile, the potential for data analytics is leading to increasing sophistication in financial research and risk management. algorithms are being developed to assess the impact of market - moving information on traded securities, replacing the role of junior analysts. these changes will change the profile of jobs in finance, globally, in the coming decade and beyond. we saw an earlier wave of this during the it revolution of the 1990s, when many typing and clerical jobs, and those in switchboard operations and routine production lines were lost. in the next wave, experts now foresee many more white - collar jobs at risk globally. there are indications that this is already happening in the financial sector. following the 37, 000 jobs lost in the us financial sector as a result of the crisis, wall street announced about 5, 000 new jobs were created in the sector each year in 2012 and 2013, compared to about 10, 000 a year in 2010 and 2011. bis central bankers ’ speeches further planned layoffs amounting to another 14, 000 jobs in the first two months of 2014 alone. analysts believe that a large proportion of these job cuts reflect the ongoing shift from branch to mobile banking, and replacement of voice trading jobs by electronic platforms. some estimate that about 30 to 40 % of spot traders are at risk of being replaced by this electronification of trading. these are trends we have to respond to, and indeed take advantage of. we can do well in this new financial landscape, and ensure that singapore

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