Singapore, 13 September 2024 – The Institute of Banking and Finance Singapore (IBF) celebrated its 50th anniversary at the IBF 50th Anniversary Distinction Evening Gala today at the Ritz Carlton Millennia Hotel.
Guest-of-Honour Mr. Gan Kim Yong, Deputy Prime Minister, Minister for Trade and Industry and Chairman of the Monetary Authority of Singapore (MAS) delivered the keynote address, highlighting the development of Singapore’s financial sector and acknowledging the integral role that IBF has played in supporting the sector’s growth through its skills, talent and workforce development initiatives over the last five decades.
Please refer to Annex A for more information on IBF’s journey and achievements over the past 50 years including key initiatives launched in 2024.
Honouring 50 Years of Partnership with Financial Institutions in Jobs and Skills Development: IBF Golden Jubilee Awards
To commemorate IBF’s 50th Anniversary and to honour their commitment to skills and workforce development, 10 financial institutions were presented with special edition IBF Golden Jubilee Awards by DPM Gan.
The IBF Golden Jubilee Inspire Award was conferred to DBS, OCBC, Prudential, and UOB for their longstanding and outstanding dedication in uplifting their workforce through skills development, workforce transformation, talent pipeline building and leadership development.
The IBF Golden Jubilee Advance (Skills Development) Award recognised AIA, Great Eastern, and Manulife for their efforts in upskilling employees through IBF-accredited training programmes, alignment of in-house programmes to the Skills Framework for Financial Services (SFwFS) and attainment of IBF Certification.
The IBF Golden Jubilee Advance (Talent Development) Award recognised Bank of Singapore, Deutsche Bank, and Standard Chartered for their commitment in cultivating young and mid-career local talent as well as their efforts in developing local leaders.
Recognising Industry Leaders: IBF Distinguished Fellow and Fellow Awards
Five industry veterans were conferred the prestigious IBF Distinguished Fellow award. This award recognises industry captains who are the epitome of professional stature, integrity, leadership and commitment to the development of the financial sector.
One of the conferred IBF Distinguished Fellows is Albert Tse from Amundi who has demonstrated longstanding contribution to the asset management industry. Albert is currently a member of the IBF Asset Management Industry Workgroup. As Chairman of the IMAS Human Capital Committee since 2012, he has led numerous initiatives to support the capability building of asset management professionals. On ESG front, he has also worked with IMAS to create the first ever ESG Investment Profiler for the industry which empowers investors to discover funds and create portfolios that match their sustainability objectives.
In addition, 27 industry leaders were conferred the IBF Fellow award.
For details on the IBF Award categories and full list of recipients, please refer to Annex B.
IBF Golden Jubilee ITE Scholarship and Young Talent Pipeline Development
DPM Gan also presented the IBF Golden Jubilee ITE Scholarships to 54 ITE students. Since the launch of this Scholarship in May 2024, IBF, ITE and 13 financial institutions had conducted interviews and finalised the Scholarship recipients, who would receive a study award and a 5-month internship with the participating financial institutions commencing in October. It is aimed at expanding the talent pool and promote skills-based hiring within the financial sector.
In his speech, DPM Gan emphasised the importance of enabling more Singaporeans from diverse backgrounds to pursue meaningful careers in the financial sector. He encouraged more financial institutions to offer opportunities to young talent from the polytechnics and ITE, to build a strong pipeline of local talent for the financial sector.
Equipping The Financial Sector Workforce for The Next Bound of Growth
DPM Gan announced that IBF would be launching a refreshed suite of Future Enabled Skills (FES), which includes new horizontal foundational skills in areas such as sustainable finance and GenAI. These skills would complement the functional and technical skills that financial sector professionals currently have, and equip them for the next bound of growth. IBF has a range of accredited courses that support upskilling in these areas.
DPM Gan also announced that IBF and SkillsFuture Singapore (SSG) were working jointly to build sustainable finance capabilities amongst real economy companies, by leveraging IBF-accredited FES courses on sustainable finance. This would equip the companies’ employees, especially from small and medium enterprises (SMEs), to incorporate sustainable finance into their business and financing strategies.
Since the launch of the Sustainable Finance Jobs Transformation Map and new IBF Skills Badge in April 2024, IBF has accredited over 130 courses on sustainable finance, and issued over 3,000 skills badges to eligible trainees to recognise their mastery of sustainable finance skills.
Supporting the Financial Sector Workforce to Thrive
Mr. Chia Der Jiun, Chairman of IBF and Managing Director of MAS highlighted the significance of IBF's partnerships with industry, trade unions and government agencies, over the past 50 years, and said, “IBF has a key role in bringing together relevant parties for a common purpose and facilitate industry-wide initiatives. Financial institutions provide opportunities for upskilling and reskilling. Government and trade unions provide support and encouragement for individuals to take ownership of their professional development. This tripartite partnership between IBF, government, financial institutions, and trade unions supports a dynamic and skilled financial sector workforce.”
Reflecting on the 50th anniversary theme, Ms. Carolyn Neo, Chief Executive Officer of IBF, remarked, “In the last 50 years, we have built an ecosystem where we have continually reinvented ourselves. Looking forward, IBF remains committed to empower our financial sector workforce with the necessary skills and career opportunities they need to navigate and thrive in the evolving world of finance. We will continue to forge ahead with our tripartite partners in ‘Elevating Skills and Empowering Careers’ in the next 50 years and beyond.”
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 close to 250-member 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 Skills Framework for Financial Services, 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. IBF also provides personalised career advisory to Singapore Citizens and Singapore Permanent Residents exploring a new role in, or career switch into the financial industry, under IBF Careers Connect. Since mid-October 2020, IBF has been appointed by the National Jobs Council as the Jobs Development Partner for the financial industry.
Annex A |
Annex B
