[SINGAPORE] Ten financial institutions (FIs) are partnering the Institute of Banking and Finance (IBF) to roll out some 300 internship and traineeship positions over the next two years.
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.
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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.
