NTUC and the Institute of Banking and Finance collaborate to support workforce transformation

PMEs in the financial sector can now look forward to training initiatives aligned with the sector’s emerging trends, such as sustainability and generative artificial intelligence (AI).

The efforts will involve training programmes, mentorship, coaching, hands-on learning, and professional development paths.

This is part of the agreement between NTUC, the Institute of Banking and Finance (IBF), and seven financial sector associations on 16 August 2024.

The initiative will help develop the workforce and ensure workers receive support during the financial sector’s transformation.

The collaboration supports NTUC's commitment to helping PMEs in the financial sector enhance their career through NTUC Company Training Committees (CTCs) and the CTC Grant, said NTUC Assistant Secretary-General Patrick Tay.

Mr Tay is also the supervising lead for the NTUC Financial and Professional Services Cluster.

“Our collaboration with IBF and the various industry associations is a significant step forward in equipping our workforce with the skills necessary to navigate the evolving landscape of the financial sector, especially in sustainability and generative AI.

“By aligning our upskilling and reskilling efforts with industry trends, we are ensuring that our PMEs are not only prepared for the challenges ahead but are also positioned to thrive in a dynamic and competitive environment,” he added.

Comprehensive support system

In addition to upskilling programmes, the partnership offers employees a full support system that includes career advice and help with finding new job opportunities.

As businesses transform, the support system ensures that steps are taken to train and redeploy impacted employees, added NTUC.  

The system will assist financial institutions in handling job displacements responsibly, with clear communication and proper support for affected employees.

Monetary Authority of Singapore (MAS) Deputy Managing Director Leong Sing Chiong emphasised the importance of aligning business and workforce transformation.

He also highlighted the significance of tripartite collaboration amongst NTUC, financial sector unions, IBF, and industry associations in providing essential support for industry transformation efforts.

“This partnership is very timely – it will facilitate a coordinated and structured approach to upskill and reskill industry professionals in response to key trends, while putting in place a comprehensive career support system for them,” he added.

Sustainable Finance Jobs Transformation Map

The collaboration follows the launch of the Sustainable Finance Jobs Transformation Map (JTM) by IBF and MAS in April.

The JTM outlines how sustainability trends are affecting jobs in the financial sector and identifies the necessary skills needed to meet the growing demand for sustainable finance in the region.

To support the financial sector’s workforce in acquiring these skills, MAS has allocated $35 million from the Financial Sector Development Fund to develop such skill sets over the next three years.

According to a study commissioned by MAS and IBF, over 50,000 workers in positions such as sales, risk, compliance and legal will see a moderate to high increase in new sustainable finance-related responsibilities.

The study also projected that the sustainable finance market in ASEAN will amount to $4 trillion – $5 trillion over the next decade.