MAS announces new efforts to ensure job retention and development in finance

From: RegTech Analyst

Singapore’s central bank has announced new measures to support workers in the financial sector.

The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) jointly announced the new measures as well as a series of webinars called Growing Timber and other events aimed at providing a forum for key manpower issues in the financial services sector to be discussed.

The new measures include ensuring better retention through upskilling amid changing tasks and roles.

It also included the launch a new Work-Study Support Programme (WSSP) to develop job-ready graduates as the longer-term strategy to build Singaporean talent pipeline for the financial services sector.

The new scheme will fund 80% of the internship stipend, capped at $1,000 per month, for Singaporean undergraduates who serve their internships at financial institutions as part of the SkillsFuture Work-Study Degree Programme

MAS will also extend its Training Allowance Grant (TAG) for company-sponsored trainees by six months from 31 December 2020 to keep up the training momentum of in-demand skills, such as technology, and in new growth areas, such as green finance.

FinTech firms wishing to take part of the scheme must be certified by the Singapore FinTech Association (SFA).

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