MAS allocates $35M for sustainable finance upskilling

Initiatives include expanding sustainable finance courses and introducing an IBF Skills Badge.

The Monetary Authority of Singapore (MAS) has allocated $35m to upskill Singapore's financial services sector, focusing on sustainable finance. 

Amongst the initiatives to support upskilling are the expansion of sustainable finance courses and the introduction of an Institute of Banking and Finance (IBF) Skills Badge.

In partnership with IBF and with support from Workforce Singapore (WSG), MAS has also unveiled the Sustainable Finance Jobs Transformation Map (JTM).

JTM outlines the impact of sustainability trends on financial jobs in Singapore and identifies the skills required to meet the region's increasing demand for sustainable financing.

According to the JTM study conducted by KPMG Singapore, the sustainable finance market in ASEAN is projected to reach between $4T to $5t over the next ten years.

“A robust and 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,” the report said.

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Over 50,000 professionals will see new sustainable finance-related tasks added to their roles, particularly in risk, compliance, legal, product solutioning, and sales.

Additionally, 20 job roles have been identified as high-priority for upskilling, including relationship managers in corporate banking and portfolio managers.

New job roles will also emerge in sustainability risk and sustainability strategy as financial institutions prioritise sustainability.

Chia Der Jiun, managing director of MAS, cited the significant opportunities in ASEAN's sustainable financing needs. 

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

Meanwhile, Carolyn Neo, CEO of IBF, emphasised the JTM's role in identifying new skill sets and introduced the IBF Skills Badge. 

“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,” she noted.

Additionally, Dilys Boey, CEO of WSG, reiterated their commitment to equip Singaporeans with sustainable finance skills and encouraged financial institutions to leverage WSG’s Career Conversion Programme.