The Private Banking Industry Group launches a talent development initiative aimed at undergraduate students in Singapore.
The Private Banking Industry Group (PBIG) in Singapore will look to «enhance the employability and job readiness of students entering the workforce» by offering 200 undergraduate traineeship positions over the next three years, according to a statement.
Training will be related to in-demand roles such as relationship managers, product managers, data analysts, business risk managers and cybersecurity analysts.
The PBIG is made up of industry leaders in the city-state, including 14 banks, and is currently co-chaired by the Monetary Authority of Singapore (MAS) and UBS.
Candidates will be selected from a relevant program, of which 30 percent of the duration will be dedicated to the traineeship.
The longer traineeship period will allow banks to develop more meaningful structured on-the-job training to complement the academic courses taken by the trainees, allowing them to be better equipped for full-time roles upon graduation, and stand a better chance to pursue a career in the wealth management sector, the statement said.
Supporting financial institutions will benefit from a scheme that will fund 80 percent of the internship stipend, capped at $1,000 ($750) per month, for each trainee.
The initiative, entitled Build, Encourage, Nurture (BEN), is being driven in response to both the growth and diversity in demand for talent within the financial services.
The initiative will provide a sustainable pipeline of job-ready talent to Singapore’s private banking industry, which is essential for the sector’s growth, said Gillian Tan, an assistant managing director at MAS.
We believe that to stay competitive in an ever-changing and disruptive future, it is critical for the industry to develop and nurture a workforce of the future with the right sustainable skills that can further enhance the financial industry and Singapore’s role as a key global financial center, added August Hatecke, APAC co-head of wealth management at UBS.