Skills Framework Unveiled to Help Finance Staff Adapt to Technological Changes

September 30, 201911:59 am
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The Institute of Banking and Finance Singapore (IBF) today unveiled the Skills Framework for Financial Services which sets out progression pathways and skills required for a career in the industry. The framework, jointly developed by IBF, Monetary Authority of Singapore (MAS), SkillsFuture Singapore (SSG) and Workforce Singapore (WSG), will help individuals make informed decisions for career development and skills upgrading.

Announcing the launch at the IBF Distinction Evening 2019, Guest of Honour Mr Ong Ye Kung, Minister for Education and board member of MAS, urged financial institutions (FIs) to use the new Skills Framework for staff development and workforce planning. He also encouraged finance professionals to familiarise themselves with technology, augment their skills and adapt to stay relevant in their jobs.

The Skills Framework for Financial Services builds on and enhances the industry recognised IBF Standards which have been adopted by almost all major FIs. It sets out the technical and generic skills required in financial services jobs, features new job roles in digital and data analytics and incorporates new skills identified in the earlier IBF-MAS study. The new framework will be the reference standard for the financial services industry.

Finance professionals who acquire requisite skills under the new Skills Framework will be recognised through IBF Certification. Finance professionals are familiar with IBF Certifications and close to 10,000 finance professionals are already IBF Certified in segments such as compliance, consumer banking, corporate banking, financial planning and private banking. IBF is also in discussion with the industry to consider obligatory certifications to raise the level of competency and contribute to Singapore’s financial sector development.

See also: New Skills Frameworks Unveiled for Retail and Food Services Sectors

The Institute of Banking and Finance Singapore (IBF) today unveiled the Skills Framework for Financial Services which sets out progression pathways and skills required for a career in the industry. The framework, jointly developed by IBF, Monetary Authority of Singapore (MAS), SkillsFuture Singapore (SSG) and Workforce Singapore (WSG), will help individuals make informed decisions for career development and skills upgrading.

Announcing the launch at the IBF Distinction Evening 2019, Guest of Honour Mr Ong Ye Kung, Minister for Education and board member of MAS, urged financial institutions (FIs) to use the new Skills Framework for staff development and workforce planning. He also encouraged finance professionals to familiarise themselves with technology, augment their skills and adapt to stay relevant in their jobs.

The Skills Framework for Financial Services builds on and enhances the industry recognised IBF Standards which have been adopted by almost all major FIs. It sets out the technical and generic skills required in financial services jobs, features new job roles in digital and data analytics and incorporates new skills identified in the earlier IBF-MAS study. The new framework will be the reference standard for the financial services industry.

Finance professionals who acquire requisite skills under the new Skills Framework will be recognised through IBF Certification. Finance professionals are familiar with IBF Certifications and close to 10,000 finance professionals are already IBF Certified in segments such as compliance, consumer banking, corporate banking, financial planning and private banking. IBF is also in discussion with the industry to consider obligatory certifications to raise the level of competency and contribute to Singapore’s financial sector development.

Read also: Skills Framework for Design to Nurture Design – Empowered Workforce to Meet Demands of Future Economy