Today, we are in a much better state. We have reopened our borders and business travel has substantially resumed. Global firms are now once again able to build up the necessary staff capacity to meet their expanding business needs. Second, public discussions on growing the Singaporean Core, and some recent changes in work pass policies have also added to concerns about whether Singapore continues to be welcoming to foreigners. As I have said earlier, growing the Singaporean Core is not a zero-sum game with attracting the best of global talents. An internal MAS study shows that there is generally a high degree of complementarity between high-skilled employment pass holders and local professionals in the financial sector. In fact, staying open to global talent has been critical to the growth and success of our financial centre. Our financial sector will not be where it is if we had not been welcoming of talents from around the world. As we become an even more international and sophisticated financial centre pursuing cutting-edge developments in technology and sustainability, it is even more critical that we remain open. The recent changes in employment pass policies will not hinder firms from continuing to have access to the talents that they need for their growth in Singapore. There are no quotas on Employment Pass holders. The purpose of the new Employment Pass Complementary Assessment or COMPASS framework is not to reduce the intake of employment pass holders.
She then pivoted to a role in sustainability, advising clients on developing their sustainability strategies and carbon credit verification projects, a role that drew on her audit skills and new knowledge acquired from completing a master’s degree in Environmental Management. Edris is now Head of ESG Research at Maitri Asset Management overseeing the firm’s ESG investment framework. MAS, Workforce Singapore (WSG) and the Institute of Banking & Finance (IBF) have been working together to support more systematically such mid-career transitions to the financial sector. One key initiative is the Technology in Finance Immersion Programme (TFIP), which has seen promising results. 90% of the 2019 cohort who were from non-tech jobs completed the programme and have taken on good tech jobs in financial institutions. Another 530 are going through the programme from the 2020 and 2021 runs. I am pleased to say that IBF is launching the fourth run of this programme this year, with close to 700 training places – which is double the number offered last year. IBF and WSG will also launch a new Wealth Management Accelerator Programme (WMAP, pronounced as “We-MAP”). WMAP targets mid-career professionals with a passion for customer relationship management and an interest in pursuing a career in wealth management. The three-month programme will include structured and on-the-job training to provide participants with the skills to be licensed and hired into relationship management roles. Seven major retail banks are participating in this inaugural programme, to fill close to 200 job roles.