According to the Monetary Authority of Singapore (MAS), the government, financial sector and local universities are collaborating to accelerate the career development of fintech professionals by meeting the strong demand for emerging info-comm technology (ICT) skills.

The landmark Memorandum of Intent (MoI) for the TechSkills Accelerator (TeSA) FinTech Collective was sealed by the Infocomm Media Development Authority (IMDA) and MAS - together with SkillsFuture Singapore (SSG), six local universities, and five financial associations.

This is the first nationwide collaboration between industry and universities. Under the TeSA FinTech Collective, Singaporeans will be better equipped to take up ICT jobs as the skills taught by universities will be aligned with the industry’s requirements.

Other initiatives include research collaborations in fintech with universities, new courses in fintech specialisations, and mentorships with finance professionals to help students understand industry trends.

Aside from students, polytechnic graduates and ICT professionals will also benefit from continuing education training (CET) initiatives enhanced for upskilling and reskilling.

With insights from industry-wide network of financial institutions, the students and professionals will have opportunities to acquire skills and knowledge in in-demand technologies such as blockchain, cybersecurity, artificial intelligence and data science.

“As financial institutions and FinTechs tap on emerging technologies to create more innovative services, the need for professionals with strong technology skillsets and a good understanding of financial products and processes will grow significantly,” commented Jacqueline Loh, deputy managing director, MAS.

She added: “This unprecedented, large scale collaboration among the government, financial industry, and universities will help to build a deep FinTech talent pool in Singapore.”

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