Financial sector taps polytechnic talent with new pathways, 300 roles in pipeline
Targeted at polytechnic students, the move is part of a wider push to improve job readiness and workforce development in Singapore's financial sector.
The initiative was announced on Wednesday (Jul 9) at the Financial Industry Fiesta held at Ngee Ann Polytechnic's convention centre, and offers students practical exposure to the sector while also giving employers an earlier view of potential hires.
The scheme also reflects growing interest in tapping a broader base of talent, amid questions over whether traditional, graduate-only hiring models remain sufficient for the financial sector's evolving needs.
At the event, IBF also signed a memorandum of understanding with UOB and three universities – the National University of Singapore, Nanyang Technological University, and the Singapore University of Social Sciences – to enable work-and-study pathways.
These pathways will explore the workplace training offered by FIs, including those accredited by IBF. Besides granting employers a longer runway for identifying and developing talent, they will allow students to balance further education with real-world work experience.
A NEWSLETTER FOR YOU
Friday, 3 pm Thrive
Money, career and life hacks to help young adults stay ahead of the curve.
Sign Up
Sign Up
Speaking at the event, Minister of State for Trade and Industry Alvin Tan noted that the financial sector is an important pillar of Singapore's economy, accounting for about 13.8 per cent of gross domestic product, as well as employing around 200,000 people.
'The financial sector does not stand alone. It's a key enabler for other sectors to function and grow. Even amid uncertainty, (FIs) are stepping forward to offer internships, traineeships and work-study programmes. That gives cause for optimism,' he said.
'What's incumbent upon us is to create opportunities and remain optimistic that (the financial sector) will continue to grow and offer great opportunities for Singaporeans – particularly our students.'
Students attending the Financial Industry Fiesta also got to speak with representatives from various FIs and visit booths hosted by the participating institutions, the Singapore College of Insurance, the National Trades Union Congress, and IBF.
In addition, eight FIs held two learning journeys in which students visited their offices and were given an introduction to financial sector activities.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
11 hours ago
- Business Times
Daily Debrief: What Happened Today (Jul 25)
Stories you might have missed Singapore manufacturing output grows by better-than-expected 8% in June Output in the key electronics sector is up 6.6%, extending May's 3.4% increase. Private home prices up 1% in Q2, rents rise 0.8%: URA The latest index figure is higher than the flash estimate released earlier; new home sales halve to 1,520 units, from 3,139 units in Q1. Median resale prices top S$1 million for 4-room HDB flats in three towns in Q2 BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Overall resale flat prices continue to moderate in the quarter with 0.9% rise. Most Singaporeans are unprepared and underinsured for long-term care: Singlife While long-term care costs close to S$3,000 a month on average, the insurance provider finds that more than half of those surveyed underestimate the amount. Home-based pet boarding in Singapore grows on low cost, high demand Unlicensed but in demand, informal pet sitters are reshaping the scene. But with regulatory hurdles, does this micro-industry have a future?
New Paper
21 hours ago
- New Paper
'Should CDC vouchers be per pax or per household?': Scheme sparks debate on fairness
A new batch of Community Development Council (CDC) vouchers was rolled out in May, with Singaporean households receiving an additional $500 to help with daily expenses. But public response to the long-running scheme has been mixed, sparking renewed debate online over whether its distribution model is fair and effective. While many households welcomed the payouts amid rising costs, others argued that the current system, which allocates vouchers per household, disadvantages larger families. A Reddit post by Dizzy_Boysenberry499 in May titled "Opinion: CDC vouchers should be per pax and not per household" quickly gained traction on r/singapore, garnering over 1,400 upvotes and more than 300 comments. This was before the announcement that the one-off SG60 vouchers - meant to recognise all Singaporeans' contributions in the nation's 60th year of independence - would be given to individuals in July. These vouchers are also usable at all CDC voucher-accepting merchants. Netizens express scepticism "Imagine if a household has 5 people living in one address. This household is taking up less 'space' and yet they are being 'punished' because they get less voucher support per capita," wrote Dizzy_Boysenberry499. Redditor Auph agreed: "We vote as individuals, not by households. CDC vouchers should also be given to individuals, not by households. It doesn't make sense when $500 is shared among five house members vs $500 shared by a married couple." Some users went further, suggesting that wealthier households should receive less, and that financial assistance should be more targeted. "People that are doing well actually don't need it as much as the less well off," commented Redditor Ok_Set4063. Netizen CommieBird agreed: "This can't be emphasised enough. I'm okay with the principle of distributing vouchers and GST relief to those who need it the most. "Eventually the tax revenue has to come from somewhere, and the government shouldn't be building a society reliant on handouts." Questions were also raised about the long-term sustainability of the scheme. Some view it as a symptomatic response to the larger issue of rising costs of living, without actively preventing costs from skyrocketing further. Netizen ZaroPauper asked: "How sustainable is this voucher handout scheme that's touted to be a long-term plan?" "These vouchers are a band aid and lack proper targeting mechanisms," added Redditor ceddya. "No one's saying we should rush it, but I don't see why we can't have more discussion around other ways, like wealth taxes or making our income tax more progressive, to address the funding gap." Responsive measures are timely and effective Others, however, had a more positive take. Some defended the payouts as timely support that helps alleviate immediate pressure from inflation and strengthens local businesses. One user, InspiroHymm, suggested that the CDC vouchers are in fact a long-term measure to curb cost of living, by funnelling more money into the economy. "People always say 'do something permanent about cost of living'. In modern economics the only permanent measure is economic (GDP) growth, which boosts wage growth." "There is value in using band aids, especially when the source of the wound is by and large out of your control," quipped Reddit user vecspace. Government's decisions are for the benefit of Singaporeans In a press release issued on April 15, the Ministry of Finance announced that each household will receive $800 in CDC vouchers in FY2025 - $500 in May and $300 in January 2026 - on top of the $300 disbursed in January 2025. At the scheme's launch event in May, Prime Minister Lawrence Wong said the Government was committed to helping Singaporeans cope with rising costs. He also addressed concerns about sustainability and such financial assistance as temporary measures. "I assure all of you that this is not a one-off exercise. The Government will provide the help for as long as it is needed. "We want to make sure that when we spend more, we are doing it for the benefit of Singaporeans, but the spending is also sustainable over the medium to longer term."
Straits Times
21 hours ago
- Straits Times
Mice industry will need more manpower in areas like technology, sustainability: Alvin Tan
Minister of State for Trade and Industry and National Development Alvin Tan speaks during the Mice Awards Gala Dinner at Sands Expo & Convention Centre on July 24. SINGAPORE – Singapore will need more people in the Mice industry – that is, meetings, incentives, conferences and exhibitions – to hit its goal of tripling Mice tourism receipts from $1.4 billion in 2019 to $4.5 billion by 2040. It is especially looking for those with expertise in sustainability and technology, said Minister of State for Trade and Industry Alvin Tan, on the sidelines of the Singapore Mice Awards 2025 on July 24. These skills will help draw global event organisers to Singapore, he added. He cited examples such as using machine learning and artificial intelligence to make organising Mice events more exciting and less labour-intensive. 'People, as we know, are behind the heart of every Mice experience and behind every successful Mice event – where you start from 5.30 in the morning to those who are cleaning up after today's dinner,' Mr Tan said. 'That's why we must continually identify, grow and develop talent in our industry.' Singapore recently secured several Mice events for multi-year contracts such as the Milken Institute Asia Summit, which will be from 2026 to 2028. It will also host the Asian edition of world-leading trade shows from Europe, such as Passenger Terminal Expo Asia and Breakbulk Asia in 2026, and InnoTrans Asia in 2027. They span growing industries, such as aviation, logistics and transport technology. The groundwork for this talent pipeline is already being laid, Mr Tan added. Top stories Swipe. Select. Stay informed. Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Asia Cambodia and Thailand are willing to consider ceasefire: Malaysian PM Anwar Asia Deadly Thai-Cambodian dispute puts Asean's relevance on the line Business MAS' measures spark cautious optimism for Singapore stock market revival: Analysts World Trump and Fed chief Powell bicker during tense central bank visit Life Hulk Hogan, who helped turn pro wrestling into a billion-dollar spectacle, dies at 71 The Singapore Mice Development initiative will be launched on July 25 as part of the three-day Singapore Mice Forum that kicked off on July 23. The forum, organised by the Singapore Association of Convention and Exhibition Organisers and Suppliers (Saceos), is expected to see more than 1,500 attendees from the industry. Leading Mice companies will be able to engage with over 600 students from 13 institutes of higher learning (IHLs), and mid-career professionals exploring opportunities in the industry as part of this initiative. In a speech at the Singapore Mice Awards at the Sands Expo and Convention Centre, Mr Tan noted that the global Mice market is projected to double in value, with the Asia-Pacific as one of the fastest growing markets. Singapore is intensifying efforts to attract more Mice visitors, who are estimated to spend twice as much as leisure visitors, and studying the development of a new Mice hub in the downtown area. The new facility is expected to complement and bolster Mice facilities in the vicinity, and will leverage existing and upcoming amenities, including hotels and lifestyle experiences. A total of 16 awards were given out at the Singapore Mice Awards, which celebrated outstanding individuals and organisations in the business events industry. The forum also saw the signing of four agreements on July 23 between partners such as Saceos, IHLs and the Singapore Tourism Board (STB), aimed at strengthening the pipeline of talent and enhancing training standards. With the aim of lowering barriers to launch, scale and anchor new and innovative events in the Republic, and cultivate them into impactful international events, STB and Saceos launched BeInspiredSG on July 24. The event incubator and accelerator pilot programme will provide promising local event concepts with mentorship from industry veterans and professional consultancy services.
