FINANCIAL SERVICES | Staff Reporter, Singapore

Banking sector to get a facelift as Singapore launches new tripartite committee

MAS, NTUC have teamed up to upgrade the industry.

In Singapore’s latest bid to upgrade its banking sector, the Monetary Authority of Singapore (MAS) has teamed up with the National Trades Union Congress (NTUC) to establish a Financial Sector Tripartite Committee (FSTC). 

In the first phase, the FSTC is partnering with The Association of Banks in Singapore (ABS) as well as NTUC’s Financial and Business Services Cluster of unions, to enhance versatility, facilitate mobility and build resilience in the banking sector.

To address the changing nature of the industry, the FSTC will develop structured progression pathways for evolving job segments, such as consumer banking. This will encourage continuous learning and upskilling among professionals.

The FSTC will also set up a financial sector-specific one-stop career advisory facility in April 2016, to provide guidance to those keen to join the financial industry as well as those looking to move to new jobs within the industry. 

Lastly, the FSTC will also pilot a change management programme that will help the financial sector workforce embrace new mindset towards skills upgrading.the three local banks (DBS, OCBC and UOB) will be participating in the programme in March 2016.

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