MAS launches scheme to encourage FinTechs to hire and train university students in Singapore

By Leandra Monteiro

The Monetary Authority of Singapore (MAS) announced the launch of the Polytechnic Talent for Finance Scheme to encourage financial institutions to hire and train polytechnic students and graduates.

Speaking at a Growing Timber event, Alvin Tan, Minister of State, Ministry of Culture, Community and Youth, and Ministry of Trade and Industry, and Board Member of MAS, shared that the financial sector offers good jobs and rewarding careers for polytechnic graduates. Financial institutions can do more to tap on polytechnic graduates as a talent source to expand the overall pipeline of talent in the sector.

MAS, through the Financial Sector Development Fund, will set aside S$8 million over the next three years for the Polytechnic Talent for Finance scheme. The scheme will be administered by the Institute of Banking & Finance (IBF).

Gillian Tan, Assistant Managing Director (Development and International), MAS, said, “Polytechnic graduates are a valuable talent pool for the financial sector. The PTFS, which was co-created by MAS, the polytechnics and financial institutions, will enable our polytechnic talent to take up meaningful jobs and position them for success in financial sector careers.”

William Lim, Director, School of Business & Accountancy, Ngee Ann Polytechnic (NP), which is the appointed Sector Coordinator for the Accountancy & Financial Services sector, said, “The PTFS initiative builds upon our existing efforts to develop a sustainable pipeline of talent, as well as support upskilling and reskilling needs. Through this collaborative effort, we look forward to strengthening the industry-academia nexus and creating more opportunities for polytechnic students and graduates to pursue their professional development and careers with financial institutions.”