Next, we need to address skills, jobs, and careers in an integrated manner. Finally, workforce transformation must become a core business capability for all firms. The main effect of technology is to transform jobs rather than to destroy existing ones or create new ones. Research1 has found that technology changes tasks within jobs rather than displaces entire jobs. 4/7  BIS central bankers' speeches  In other words, some tasks within jobs are made redundant by technology, but new tasks are created within that job or combined with tasks from other jobs. Let me share with you some insights from the financial sector. MAS commissioned Ernst & Young to study the impact on jobs in the financial sector from two specific technologies – data analytics and automation. The study looked at 121 distinct job roles in the financial industry, broken down by the various tasks within each role. It then examined how data analytics and automation are likely to change the tasks within each job role. It also identified the skills that would be necessary to perform any new tasks created. The study found that one in three job roles in the financial sector will be heavily transformed by data analytics and automation. This means that some tasks will be automated and others substituted by data analytics. The remaining tasks will converge into new job roles that require more judgement and customisation – both of which require new skillsets.
A private-sector-led panel will be set up later this year to advise the Ministry of Finance and the Monetary Authority of Singapore on matters relating to corporate governance, disclosure requirements and accounting standards. Through feedback from market players and continual reviews, we will continue to refine our regulations to promote competition and innovation whilst maintaining high prudential standards and the stability of the financial system. The future of SEACEN The Asian financial crisis clearly demonstrated that the world has become more inter-linked. Liberalisation of markets in the region resulted in the fortune of each economy being more intertwined to one another than ever before. There is much scope for co-operation, and room for economies to learn from the experiences of one another. Over the past couple of years, there has also been a proliferation of regional and international foras, bringing together regulators and government officials to deliberate the intricacies of financial stability. In this regard, the challenge for SEACEN is to remain attuned to the needs of its various members, and to maintain its relevance by reaching out to its members. The SEACEN Centre has played an important role in facilitating the exchange of information and expertise on financial supervision and the conduct of monetary policy among the staff of SEACEN central banks. There is room for greater co-operation among regulators, as well as with other regional groupings and international financial institutions. SEACEN should explore ways to leverage off the expertise of these various groupings, and to create greater synergies through partnership and co-operation.