19/04/24

SINGAPORE: Monetary Authority of Singapore Commits S$35million to Sustainable Finance Upskilling Initiatives

As published on: thefintechtimes.com, Friday 19 April, 2024. 

The Monetary Authority of Singapore (MAS) has committed S$35million to upskill and reskill specialists in sustainable finance and has joined forces with the Institute of Banking and Finance (IBF), supported by Workforce Singapore (WSG), to launch a new Sustainable Finance Jobs Transformation Map (JTM).

The new JTM lays out the impact of sustainability trends on jobs in the financial services sector in Singapore, as well as the emerging skills that the workforce will require to serve sustainable financing demand in the region.

Carolyn Neo, chief executive officer at IBF, discussed the move: “The launch of the Sustainable Finance JTM serves as a timely resource for financial institutions and individuals to identify new specific skillsets needed to stay resilient and future-ready.

“IBF’s new Skills Badge will provide a common industry benchmark to recognise individuals’ acquisition of sustainable finance skills, and facilitate upskilling, skills-based hiring and job mobility. IBF will continue to curate new training programmes in sustainable finance, to meet growing demand and enhance individuals’ access to relevant quality courses.”

A recent JTM study, conducted by KPMG in Singapore, projects that the sustainable finance market in ASEAN over the next decade will amount to between S$4trillion ($2.9trillion) and S$5trillion ($3.7trillion). It explained that a skilled workforce will strengthen Singapore’s ability to serve the growing sustainable finance market in ASEAN and Singapore’s financial services sector workforce should aim to undergo upskilling within the next three years to seize these opportunities.

Recognising this, MAS has set aside S$35million ($25.7million) in the Financial Sector Development Fund to support upskilling and reskilling, and develop specialists in sustainable finance over the next three years.

Grasping opportunities in sustainable finance
MAS and IBF are also set to introduce several initiatives to help upskill the financial services sector workforce. These include expanding the suite of sustainable finance courses for individuals, by developing two undergraduate programmes focused on sustainable finance.

They also plan to implement an IBF Skills Badge to recognise industry professionals’ acquisition of sustainable finance skills.

Chia Der Jiun, managing director at MAS, also said: “ASEAN’s sizeable sustainable financing needs over the next decade present significant opportunities for Singapore’s financial centre to support the region’s transition to net zero.

“MAS is strongly supportive of efforts across financial institutions and the training providers to upskill the financial services sector workforce in a timely fashion. I encourage professionals to tap on the available support and deepen their sustainable finance capabilities to capture these opportunities.”

The JTM study also revealed that over 50,000 professionals in the financial services sector will see new sustainable finance-related tasks added to their jobs to a moderate to high degree.

Dilys Boey, chief executive at WSG, also added: “Through WSG’s collaboration with MAS and IBF, the Sustainable Finance JTM marks a significant step towards building a skilled workforce to serve the growing sustainable finance market in Singapore and ASEAN. It underscores our commitment to equip Singaporeans with the skills and knowledge needed to thrive in the evolving landscape of sustainable finance, while contributing to the nation’s sustainability goals.

“Financial institutions can tap on WSG’s CCP for Financial Services to equip mid-career new hires and existing financial services professionals with the emerging skills like sustainable finance instruments or sustainability risks, necessary to support the financial sector achieve its sustainable finance goals.”

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Singapore Sustainable Finance ESG