Source: Global Fintech Institute
Global FinTech Institute (GFI) announced today that it has signed a Memorandum of Understanding (MOU) with the Singapore University of Social Science (SUSS) and the Shanghai Institute of the International Finance Center (SIIFC) of Shanghai University of Finance and Economics (SUFE), to grow FinTech professionals in Singapore and China, and build a sustainable pipeline of talents to bolster the global FinTech ecosystem.
Gracing the virtual event were Professor David Lee, Co-Founder and Chairman of GFI, Professor Tsui Kai Chong, Provost of SUSS, Professor Zhao Xiaoju, Dean of SIIFC. The signing ceremony was also witnessed by Mr Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore (MAS).
The global FinTech market is expected to grow at a compounded annual growth rate (CAGR) of about 20% and is projected to reach a market value of approximately US$305 billion by 2025, according to a new report from ResearchAndMarkets . This reflects the huge potential of FinTech and demand for FinTech talent, especially as Singapore and several cities in China including Shanghai are pushing towards becoming global FinTech hubs.
Through this strategic partnership, GFI, SUSS and SIIFC will collaborate to introduce the Chartered FinTech Professional (CFtP) qualification. The CFtP qualification aims to promote the FinTech sector and raise the level of professionalism within the industry. In addition, the CFtP qualification provides a pathway for those professionals from other industries who aspire to embark on a career in FinTech.
The CFtP qualification consists of two levels - covering topics on finance, financial technology, applications and professional practice. Candidates will be awarded the qualification only upon successful completion of all assessments for both levels, as well as satisfying experience requirements.
Professor David Lee, Co-Founder and Chairman of GFI, who presented the opening speech said, “With the acceleration of digital transformation in the financial services industry, the Chartered FinTech Professional (or CFtP) qualification will help promote professionalism in the global FinTech industry. In addition, it will provide career opportunities for professionals from other industries who aspire to make a career in FinTech. We look forward to collaborating with SUSS and SIIFC to realise the huge potential of FinTech and demand for FinTech talent, especially as Singapore and several cities in China, including Shanghai, are pushing towards becoming leading FinTech hubs.”
Professor Tsui Kai Chong, Provost of SUSS said, “This MOU reflects SUSS, SUFE and GFI's desire to offer high quality FinTech accreditation opportunities to professionals in the growing FinTech industry. This strategic partnership will also allow SUSS to tap onto GFI's expertise to enhance its FinTech training and learning capabilities. We are excited by the rich opportunities this collaboration offers, and look forward to working closely with GFI and SIIFC.”
Professor Zhao Xiaoju, Dean of SIIFC, said, “In August 2019, the People's Bank of China issued the "Financial Technology Development Plan" and Shanghai established the goal of building a FinTech center. Meanwhile, many provinces and cities in China have issued plans or policies to support the development of FinTech. A large number of facts reflect the huge potential of the FinTech market, and also indicate that the market will have a huge demand for FinTech talents. It is an honour to participate in the initiation, establishment and construction of the CFtP program together with GFI and SUSS. The SIIFC of SUFE has held the "International FinTech Conference" for five consecutive years since 2015 and achieved significant influence over both academia and industry. Also, we are one of the first universities in China that have launched an undergraduate programme (in 2018) and a master program (in 2019) in FinTech. I hope that we can work together to make due contributions to the training of FinTech professionals, the construction of a healthy ecosystem for FinTech industry, and the steady development of global financial technology.”
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “As the global FinTech industry enters a stable growth stage, it is crucial to establish a consistently high-quality and professional workforce that will charter this path of progress with the highest distinction in the FinTech profession. I am delighted that the Chartered FinTech Professional (CFtP) qualification will help to promote a high standard of professionalism in the FinTech industry. This tremendous effort by GFI, SUSS and SIIFC will build future charter holders who are recognised globally for their commitments to serve the FinTech industry with strong roots in empathy, purpose and inclusivity.”