Professor Lily Kong, President of SMU,
Ms Carolyn Neo, CEO, Institute of Banking and Finance,
Distinguished Guests,
Ladies and Gentlemen,
Educators and students,
1. A very good morning to all of you.
2. It is my great pleasure to join you this morning at this year’s Financial Industry Fiesta. I am especially glad to see so many of our students with us this morning.
3. Many of you are thinking about your careers and your future – what careers to pursue, what skills to build, and how to prepare for a world that is changing so rapidly.
4. That is a natural concern. The global economy is indeed going through a period of significant uncertainty and volatility.
a. Geopolitical tensions are reshaping trade and investment.
b. Technologies like artificial intelligence – or AI – are transforming how companies operate and changing the nature of work.
5. At the same time, they also create extraordinary and exciting opportunities for Singapore and Singaporeans.
a. As companies navigate a more complex world, they will look for places that are trusted, places where they can manage risk, access talent, deploy technology, and serve regional and global markets.
b. Singapore is well-positioned to play this role.
6. The financial sector is a good example.
a. Today, it contributes about 14% of our GDP, and employs around 200,000 professionals, more than 80% of whom are locals.
b. Many of these are good jobs in areas such as analysis, complex problem-solving, risk management, and client management.
c. Singapore’s strength as a stable and trusted place for business operations has allowed us to remain attractive as a financial hub with good growth potential.
7. As new opportunities emerge, we will help our students and workers acquire the relevant skills, gain industry exposure, and build confidence to seize these opportunities.
8. Let me reassure you that you are not navigating this journey alone. The Government, our Institutes of Higher Learning, and industry are working together to support you every step of the way.
Strengthening pathways from education to work
9. First, we will strengthen the bridge between education and work.
10. Many students already acquire practical experience through internships, work-study programmes, or even taking a leave of absence to pursue longer attachments.
a. These experiences are valuable.
b. They help students understand the workplace, test their interests, and build both technical skills and soft skills such as critical thinking, communication and teamwork.
11. But access to such exposure should not depend only on students’ ability to source opportunities on their own, or on whether they can afford to delay graduation for a longer attachment. We therefore want to explore more structured pathways that integrate industry exposure into formal studies.
12. With that in mind, I am pleased to announce the launch of the Young Talent Programme for AI in Finance, or YTP-AIF. This programme is designed to equip students with both applied AI and financial sector skills that are in demand.
a. Participants will get to work on industry-relevant projects from financial institutions, and receive mentorship from industry practitioners.
b. Those who perform well will be given internship and traineeship opportunities with financial institutions involving AI applications.
c. The pilot run will commence in August, with around 20 participating financial institutions.
d. More details will be made available on IBF’s website later today.
13. The YTP-AIF Programme is a collaboration between our IHLs and the industry.
a. IBF has brought together key financial institutions, as well as SMU, NTU and technology partners to co-develop and deliver the programme.
b. SMU and NTU will recognise the curriculum delivered by them for academic credits, allowing their students to gain valuable applied experience while progressing in their studies.
c. We hope to bring more institutions and firms on board over time, and potentially extend the model to other emerging growth areas.
14. We are also exploring more work-study pathways for polytechnic students in the financial sector.
a. IBF, NTU, the five polytechnics and participating financial institutions are working together to explore possible degree programmes for financial services.
b. This will provide additional pathways for polytechnic graduates who wish to pursue a career in the financial sector.
Supporting graduates as they transition into employment
15. Second, we will strengthen the transition between graduation and employment.
16. For many young people, the first step into the workforce is an important one.
a. You may have the right attitude and potential, but still need some structured exposure, training and mentoring before securing a permanent role.
b. This is especially so as entry-level roles become more complex, and employers look not only for academic qualifications, but also for applied skills, adaptability and work readiness.
17. That is why MAS and IBF are working with industry to offer an expanded range of traineeships.
a. These traineeships provide structured training in relevant critical skills, exposure to leading financial institutions, and serve as a meaningful stepping stone into permanent employment.
b. One example is the UBS Singapore University Programme for Employability and Readiness, or SUPER.
i. It combines structured training, on-the-job experience and mentoring, with opportunities for placement in UBS at the end of the programme.
ii. This year, UBS plans to take in over 30 university and polytechnic graduate trainees in areas such as global wealth management, investment banking, risk control and human resource management.
c. Altogether, MAS and IBF have worked with around 20 financial institutions to make available more than 1,000 internship and traineeship positions over the next one year.
Building AI-enabled capabilities across the workforce
18. Third, we will continue to support financial institutions in hiring and developing young talent for the jobs of the future.
19. AI-related roles are not limited to specialists in technology.
a. We do need people who can build AI systems.
b. But we also need talent who can bridge technology and business – people who understand AI well enough to work with technical teams, and who also understand the business sufficiently to apply AI to real business problems.
c. Workers who are comfortable using AI, and who also have strong domain knowledge, will have a clear advantage.
d. UOB’s Artificial Intelligence and Data Analytics Programme is a good example of how to prepare young talent for this.
i. The two-year programme is co-developed with NUS, with funding support from IMDA and MAS, and administered by IBF.
ii. Fresh graduates hired into the programme receive certifiable AI skills, undergo specialised on-the-job training, and are mentored by senior data practitioners.
iii. This is a useful model because it combines formal learning with applied experience in real business environments.
e. We will support more of such programmes, so that financial institutions can build a stronger pipeline of AI-enabled talent.
20. I also encourage more institutions to partner our universities, polytechnics and training providers to create structured pathways for young talent and mid-career workers alike.
a. This is especially important because the AI transition is not only about future graduates.
b. It is also about the existing workforce that are already in the financial sector, many of whom will need to refresh their skills, redesign their roles, and learn how to work effectively with new AI-enabled tools.
A shared responsibility
21. Allow me to thank our educators and training providers for your continued partnership.
a. Your role is becoming increasingly important as the boundary between education and work becomes more fluid.
b. We must prepare our students and workers not just for their first job, but a lifelong career of learning and adaptation.
22. To our industry partners, I encourage you to invest in our young talent, for they are the future of your organisations and our financial sector.
a. Give them meaningful exposure, mentor them well, and help them build the capabilities that we will need in the years ahead.
b. MAS and IBF will partner you along the way.
23. To the students here today, it is natural to ask questions about the future.
a. Yes, the nature of jobs is changing; but there are also tremendous possibilities ahead, and multiple pathways to help you succeed.
b. The initiatives we have announced today will strengthen these pathways. But these are just launchpads. Success will ultimately depend on your willingness to reach out for these opportunities, learn, adapt, and grow.
c. I encourage all of you to make the most of the activities lined up today to better understand the financial industry, speak to practitioners, and explore the opportunities available.
24. Singapore has navigated change well by staying open, adaptable, and committed in investing in our people. We must continue to do so.
25. If Government, industry, educators and workers each play our part, we can keep our financial sector competitive and resilient. More importantly, we can ensure that it continues to provide good jobs and meaningful careers for Singaporeans.
26. Thank you.
