NTUC rolls out initiatives for finance professionals
The NTUC Financial and Professional Services Cluster will be joining up with the associations under the NTUC U Associate (UA) banking and finance ecosystem to help finance professionals in Singapore enhance their skill sets and access new opportunities.
Under this collaboration, the Financial Planning Association of Singapore, Financial Women’s Association Singapore, Insurance and Financial Practitioners Association of Singapore, and Singapore FinTech Association, will work closely with the Cluster by providing their expertise to help Professionals, Managers and Executives (PMEs) upgrade their skills set as the sector continues to face disruptions.
At present, there are around 200,000 workers in Singapore’s financial services and insurance sector; around 80% of these are PMETs.
“The financial sector, while undergoing major technological disruptions, is expected to grow annually under the Financial Services Industry Transformation Map (ITM). It is critical for us to help our financial sector workforce acquire new skills so they remain competitive in both global and local markets,” said Mr Patrick Tay, Assistant Secretary-General of NTUC.
“We have been working with the tripartite partners to reskill our workers whose jobs are at risk, by enrolling them in professional programmes. The Professional Conversion Programmes (PCPs) will help these workers take on new roles as the sector undergoes transformation. The financial institutions have committed to train more than 800 employees under the PCPs to date,” he added.
Helping workers to upskill and reskill
Recently, NTUC co-developed a FinTech Talent Programme in collaboration with the Singapore FinTech Association, as well as a FinTech Foundation Programme.
The Talent programme is intended to help guide finance professionals navigate a new industry landscape disrupted by various technologies, while the Foundation programme seeks to help workers better understand the FinTech sector.
“The financial sector is experiencing widespread digital disruption today. By working closely with our partners in the UA ecosystem, we can facilitate cross-sector learnings to keep our financial sector talents future-ready and create relevant programmes to meet the evolving needs of the sector,” said Mr Vivek Kumar, Assistant Director-General, NTUC.
“The FinTech Talent Programme and the FinTech Foundation Programme together with the Singapore FinTech Association (SFA) are excellent examples of how we can cater to the needs of our professionals. This journey must continue to match the pace of change in the sector,” he said.