These are all areas in which Singaporeans can excel. (II)  Cross-functional capability  Second, we are seeing greater demand for finance professionals with cross-functional abilities, besides a core competence in a particular business area. This is obviously helpful in small institutions, but is also in demand in large institutions as different financial services are being integrated and packaged together for the customer. Cross-functional knowledge and competence also enables financial professionals to take on larger responsibilities, and to achieve greater resilience in their careers in a fast-changing financial sector landscape. (III)  Regional knowledge and experience  Third, regional knowledge and experience. It is now an essential for a good career in finance, not just nice to have. We must give it far greater emphasis, and encourage and support Singaporeans in building up this capacity. Cross-border solutions and transactions are increasingly the norm in the business. Strong regional knowledge is also necessary in meeting clients’ needs, whether in relationship management, transaction banking, specialised finance or product structuring. It also enables financial institutions to manage  BIS central bankers’ speeches  3  their risks well, and operate effectively in Asia’s still diverse regulatory frameworks and market environments. (IV)  Technological skills and adaptability  Fourth, technological adaptability. I spoke earlier about how technology is changing the business, and changing jobs. It is not a matter of defending ourselves against the onslaught of technology, but taking advantage of it.
It requires both depth and breadth, and will increasingly require both local and global experience and know-how. MAS already has several initiatives in place to further this objective, including the Finance Scholarship Programme and the Finance Associate Management Scheme (FAMS) for Singaporeans early in their finance careers2, as well as the International Posting Programme (iPOST)3. To equip local practitioners with Asia-relevant leadership capabilities, MAS will be launching a new Asian Financial Leaders Programme (AFLP) later this year for Singaporeans who aspire to take on regional or global leadership positions. Through the AFLP, participants will be able to learn from regional policy-makers, as well as interact with fellow financial sector leaders from other countries. IBF will complement these initiatives by introducing a new IBF Fellows Scheme. Financial industry veterans will be recognised as thought leaders and serve as trainers, speakers and panel discussants, or as mentors. Many of our industry pioneers and senior professionals have a wealth of experience to share, having been through the ups and downs of the industry and various market cycles. This scheme will provide a structured way for us to transfer knowledge from past to future leaders in the industry, complementing what is done within individual financial institutions. Financial sector skills and leadership development is a key priority for the industry, and MAS takes this very seriously. It will define our continued success as a financial centre. MAS will continue to invest in developing Singaporeans who are committed to a career in the financial sector.