The Monetary Authority of Singapore (MAS) is working with local polytechnics to update their banking and IT courses to equip graduates with the skills necessary to join the burgeoning fintech sector.
The Singaporean central bank has developed a framework agreement with the state's five polytechnics, which currently count 2500 students on banking and IT rosters.
The MoU covers a curriculum review to ensure that studies are tailored to meet changing business requirements in the financial technology space. MAS says that it will additionally create internships within startups, local banks and regulatory bodies for graduating students and make introductions with relevant firms for students embarking on their final year projects.
MAS’ chief fintech officer, Sopnendu Mohanty, says: “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”.
A microsite has been set up inviting companies to register their interest in the programme, with the aim of creating 100 fintech internships and recruiting 100 skilled staff to act as workplace mentors.