The government of Singapore has made Fintech an important part of their future economic growth. The island city-state has always punched above its weight economically and policy makers are moving quickly to establish Singapore as the Asian hub for financial innovation.
Today the Monetary Authority of Singapore (MAS) has made another announcement indicative of its ambition. MAS has now agreed upon a framework to review and enhance five local polytechnics’ curricula in the next three years to prepare their graduates with the skill sets necessary to take on the new Fintech-related jobs. MAS and the schools have signed a Memorandum of Understanding (MOU) to guide this effort.
MAS’ CFO, Sopnendu Mohanty, commented on the agreement;
“This MOU signifies the concerted effort being taken by MAS and the local polytechnics to nurture a pool of skilled manpower for the growing FinTech community in Singapore and will be a key area of focus in the financial sector’s SkillsFuture drive”.
According to MAS, over 2500 students are presently enrolled in banking and IT related courses.The MOU will cover the following areas:
- Curriculum reviews. MAS will work with the polytechnics to shape curriculum and engender greater alignment with the financial sector’s needs when it comes to financial technology developments.
- Internships. MAS will facilitate introductions for final year polytechnic students who wish to explore internship opportunities in FinTech-related roles within the FinTech community, such as start-ups, financial institutions, and regulatory bodies. MAS will also recommend mentors from various industry practitioners, including venture capitalists and incubators, to the students.
- Joint Projects with FinTech Community. MAS will facilitate introductions between final year students and potential partners for final year projects. The students will have the opportunity to work with the FinTech community on joint projects that allow them to apply their technical skills. This includes areas like agile software development, mobile applications development, user interface/user experience, cloud application development, data analytics, Application Programming Interface development, and cyber security.
“In 2017, we are going to start 100 FinTech internships and build a pool of 100 FinTech mentors,” stated Clarence Ti of Ngee Ann Polytechnic. “A new microsite www.polyfintech100.sg will allow companies to register their interest to provide internship or mentorship. Our partnerships with the industry will help ensure that polytechnic students acquire relevant skills to meet the evolving needs of the FinTech sector.”