Singapore, 28 April 2020 – To cater to Financial Institutions’ growing demand for technology professionals and address the need to develop local expertise in these areas within the Financial Services sector, the Institute of Banking and Finance Singapore (IBF) and Workforce Singapore (WSG) have launched the second intake of the “Technology in Finance Immersion Programme” (TFIP) to help mid-career professionals kickstart a technology career in the Financial Services sector.

2        Through structured training and attachment with leading financial institutions, the programme will equip individuals with skills and experience for deep tech growth jobs in Artificial Intelligence, Cloud Computing, Cybersecurity, Data Analytics and Full Stack Development. The programme will complement the existing Professional Conversion Programmes (PCPs) under WSG’s Adapt and Grow initiative to help mid-career switchers undergo skills conversion and move into new occupations that have good career prospects; and supports the TechSkills Accelerator initiative.

3        This follows a successful pilot launched last April, with 70 individuals currently undergoing on-the-job training across four tracks – Cloud Computing, Cybersecurity, Data Analytics and Full Stack Development. This year’s programme will be expanded to include an additional track in Artificial Intelligence and training places will be doubled to 140. A total of 13 financial institutions have pledged their commitment to this year’s programme from 10 in 2019. The list of TFIP 2020 participating financial institutions and details of the application, which closes on 11 May 2020, can be found in Annex A.

4        “Notwithstanding the current climate, it is heartening to see that our financial institution partners remain focused on building human capital in these growing technology job roles for the medium term. Successful applicants will be able to gain in-demand skills and experience through TFIP and be well equipped for such jobs within and outside the Financial Services sector”, said Mr Ng Nam Sin, Chief Executive Officer of IBF.

5       “As businesses tackle the challenges posed by COVID-19, WSG remains steadfast in helping Singaporeans stay employed during this period and improving their employability. With the extension of the TFIP, this provides an avenue for Singaporeans to embark on new careers involving technology in the Financial Services sector. Given the increased adoption of new technologies, the skills gained through this programme will be highly transferable and will help improve their longer term career prospects”, said Mr Tan Choon Shian, Chief Executive of WSG.

6        Ms Theresa Phua, Singapore Head of Human Resources, DBS Bank said “As Singapore’s largest bank, we are honoured to be able to play a leading role in grooming technology talent for the Financial Services sector. As one of the pioneer participating banks when the TFIP was launched in 2019, we are training 19 individuals in areas such as Full Stack Development, Cloud Computing and Cybersecurity. We firmly believe that digital is the way forward for the industry, and this is mirrored in DBS’ own digital transformation journey which started over six years ago. We look forward to our continued partnership with IBF in 2020 on the TFIP, and to future-proofing our workforce.”

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About the Institute of Banking and Finance Singapore

The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial industry. IBF represents the interests of over 200 members that are financial institutions - including banks, insurance companies, securities brokerages and asset management firms.

IBF is the national accreditation and certification agency for financial industry competency in Singapore under the IBF Standards, which were developed in partnership with the industry. Since 2018, IBF is the appointed programme manager for the administration of professional conversion programmes for the financial industry. under Workforce Singapore’s Adapt and Grow initiative. IBF also provides personalised career advisory and job matching services to Singapore Citizens and Singapore Permanent Residents exploring a new role in, or career switch into the financial industry, under IBF Careers Connect.

About Workforce Singapore

Workforce Singapore (WSG) promotes the development, competitiveness, inclusiveness, and employability of all levels of the workforce. Its key mission is to enable Singaporeans to meet their career aspirations, take on quality jobs at different stages of life, and help enterprises be competitive and manpower-lean. Workforce Singapore’s focus is on strengthening the Singaporean core and ensuring that Singaporeans are able to have better jobs and careers. Workforce Singapore, in partnership with key stakeholders, also provides support to business owners and companies to enable them to transform and grow, while building a future-ready workforce. For more information, please visit  www.wsg.gov.sg.

ANNEX A: FACTSHEET ON TECHNOLOGY IN FINANCE IMMERSION PROGRAMME 2020

The Technology in Finance Immersion Programme (TFIP) aims to help individuals gain skills and experience in key technology areas, such as Artificial Intelligence (new in 2020), Cloud Computing, Cybersecurity, Data Analytics and Full Stack Development, within the Financial Services sector. 

Launched in 2019, the programme is jointly developed by the Institute of Banking and Finance Singapore (IBF) and Workforce Singapore (WSG), in consultation with Infocomm Media Development Authority (IMDA) and Monetary Authority of Singapore (MAS); with the support and validation of participating financial institutions.

TFIP is a Professional Conversion Programme (PCP) – Attach and Train under the Adapt and Grow initiative offered by Workforce Singapore (WSG); and supports the TechSkills Accelerator initiative.

The first intake saw 70 individuals trained in four identified technology growth areas (Cloud Computing, Cybersecurity, Data Analytics and Full Stack Development) and then placed as trainees across 10 financial institutions. In 2020’s intake, the number of participating financial institutions has increased from 10 to 13 and the corresponding training places from 70 to 140.

Successful applicants will undergo rigorous structured training and on-the-job training with participating Financial Institutions for up to two years. Depending on various factors including performance, trainees under TFIP may be offered permanent employment during or after the programme.

Eligibility Criteria

Individuals who are passionate about pursuing a career in Artificial Intelligence, Cloud Computing, Cybersecurity, Data Analytics, or Full Stack Development and who fulfil the following pre-requisites may apply:

• Singapore Citizens or Permanent Residents
• Graduated from school or completed National Service (whichever is later and where relevant) at least 2 years prior at the point of application
• No prior work experience in Artificial Intelligence, Cloud Computing, Cybersecurity, Data Analytics or Full Stack Development

Programme Format

The Technology in Finance Immersion Programme (TFIP) provides individuals with the opportunity to acquire relevant skills through fully sponsored training with industry-recognised training providers, and on-the-job training with leading Financial Institutions, for a career in key technology areas in the Financial Services sector.

The full duration of the programme is 18 months for Data Analytics and 24 months for Artificial Intelligence, Cloud Computing, Cybersecurity, and Full Stack Development.  TFIP trainees will receive a monthly training allowance of S$5,500 for the entire duration that they remain on the programme. The programme will commence in October 2020.

Participating Financial Institutions in TFIP 2020

¹New FIs onboard TFIP 2020

TFIP Application Process

1. Online Applications now open till 11 May 2020.

www.ibf.org.sg/go/TFIP

Contact IBF at 6350 5666 or pcp@ibf.org.sg to find out more.

About TechSkills Accelerator

An initiative of SkillsFuture, TechSkills Accelerator (TeSA) aims to build and develop a skilled Information and Communications Technology (ICT) workforce for Singapore’s digital economy. TeSA is driven by the Infocomm Media Development Authority (IMDA) and in collaboration with the industry, SkillsFuture Singapore, Workforce Singapore and the National Trades Union Congress. IMDA takes an integrated approach to ICT skills acquisition and practitioner training, enabling professionals to acquire the relevant in-demand skills.

To find out more about TeSA, please visit  www.imtalent.sg/tesa

ANNEX B: MEDIA PROFILES

Media profile in Full Stack Development from DBS

Media profile in Cloud Computing from OCBC

ANNEX C: TRANSLATED TERMS