This led to the creation of IBF in 1974, as a dedicated institute for financial sector training. More initiatives were introduced to deepen skills, such as the launch of the Chartered Financial Analyst (CFA) examinations locally in 1982 and the establishment of the Wealth Management Institute (WMI) in 2003. As the training landscape  BIS central bankers’ speeches  1  developed over the years, we subsequently evolved IBF into a standards-setter for financial sector competency. Today, Singapore’s financial sector comprises almost 12% of Singapore’s GDP, with more than 1,000 financial institutions performing roles in Singapore, the region and globally. It employs almost 190,000 people, of which about 70% are Singaporeans. The jobs are now diverse and increasingly complex. Beyond traditional corporate lenders and retail bank tellers, many more jobs have been created in portfolio management and investment analysis, product structuring, risk management and technology. Our financial sector has significant opportunities ahead of it. However, growth will demand deeper skills and expertise, rather than a large expansion of jobs. The deceleration in job growth in Singapore’s financial sector in the last few years1 is not a temporary happening. It reflects the slowdown in our local labour force growth, as well as major forces that are reshaping global finance. I will say a little more about these global forces, before going on to talk about what we have to focus on to remain a competitive and dynamic financial centre in the years to come. The evolving global financial landscape Globally, we are seeing countervailing forces.
Asia will grow, and the demand for quality in finance will grow. As global financial institutions restructure, and as technology transforms jobs in the next decade and beyond, we must ensure we are well prepared with the skills, depth of expertise and innovative capabilities to stay relevant and competitive. We have to continue to build globally competitive teams in Singapore, by proactively developing our Singaporean core while remaining open to foreign professionals with needed specialised experience and skill-sets. Skills that make the financial sector of tomorrow In short, we can excel in finance and build rewarding careers for Singaporeans. We move ahead from a solid base: a well-reputed financial centre with extensive links to the world, and a competent and skilled workforce. As we look to the future, we must develop capabilities in five areas, which I will touch on briefly in turn: (I)  Deep Functional Expertise;  (II)  Cross-Functional Capability;  (III)  Regional Knowledge and Experience;  (IV)  Technological Skills and Adaptability; and  (V)  Leadership  (I)  Deep functional expertise  First, we need to deepen functional expertise, across all areas of finance – in banking, capital markets and insurance. We are seeing a greater demand for specialised skills, for example in structured trade finance, reinsurance and specialty insurance. Financial institutions need strong expertise in risk management and compliance. In wealth management, there is demand for more sophisticated investment strategies that better hedge risks, and for being able to execute these strategies efficiently.