These awards aim to equip Singaporeans, especially those in the early to midstages of their careers, to develop and deepen their skills through a wide range of programmes, including shorter courses, especially in areas where industry expertise remain in short supply. Subsidies for Continual Learning 37. Third, and most broadly, we will also provide generous subsidies to support Singaporean finance professionals in continual learning related to financial sector competencies. MAS currently funds up to 70% of the costs of financial sector training courses. In addition, as announced in this year’s Budget, subsidies for all Singaporeans aged 40 and above will be enhanced to a minimum of 90% of training costs for approved courses. This is a significant subsidy from the Government, as we recognise there are opportunity costs that mid-career Singaporeans face when they go for further education and training. Earn and Learn Programmes 38. The initiatives I have just described are aimed at all Singaporeans in the financial sector, and especially to help our PMEs stay on top of a changing world of professional jobs. Regardless of whether they start their careers with a master’s degree or diploma, we must help them learn continuously, and pick up the skills needed for new jobs in finance. 39. Our fourth initiative is more specific, and is aimed at providing fresh polytechnic graduates with good opportunities early in their careers. MAS will be introducing the Financial Sector Earn and Learn Programmes for this purpose. 40.
The DBU-ACU divide served us well for decades, but has been losing its relevance. There are a number of reasons for this development. First, since 2004, our developmental incentives have no longer been based on the domestic vs offshore distinction. Second, the divide between domestic and offshore banking has in practice become increasingly porous. 19. Third, and most importantly, there have been major global regulatory developments in the last five years, that have resulted in banks’ offshore activities being subject to rules that are broadly similar to those governing the domestic banking business in Singapore. 2  BIS central bankers’ speeches  •  New global rules have increased the amount and quality of capital as well as the liquidity buffers that banks need to hold  •  Global regulators have also agreed on a common framework to control large exposures to a single counterparty  20. These global regulatory reforms have put all banks on a sounder footing. It has also reduced the relevance of MAS rules that distinguish between offshore and domestic banking activities of foreign banks, since home regulators will now be requiring their banks to meet enhanced standards on a group-wide basis. 21. Post-global financial crisis, we have also seen a strengthening of co-ordination among home and host regulators. MAS is an active member of the global Crisis Management Groups of regulators of foreign banks with significant operations in Singapore. This aims to enhance regulators’ preparedness and coordination in crisis management. 22.