Singapore trade body Private Banking Industry Group (PBIG) has unveiled the ‘Build, Encourage, Nurture’ talent development initiative, as reported by Fund Selector Asia‘s sister publication, International Adviser.
It will help encourage local talent to take on roles in private banks as well as enhance the employability and job readiness of students entering the workforce.
As part of the initiative, PBIG member banks aim to offer 200 undergraduate traineeship positions over the next three years.
The trainees will be undergraduates selected from relevant work-study degree programme offered by universities in Singapore.
They will be trained in participating private banks for in-demand roles such as relationship or product managers, data analysts, business risk managers and cybersecurity analysts.
Trainees will complete a traineeship period with the bank which will make up at least 30 per cent of the university programme duration, while the rest of their time will be spent completing the academic curriculum at the universities.
The longer traineeship period will allow banks to develop more meaningful structured on-the-job training to complement the academic courses.
PBIG member banks will also benefit from the programme recently launched by the Monetary Authority of Singapore (MAS), as the scheme will fund 80% of the internship for each Singaporean undergraduate taken on as part of the programme.
Gillian Tan, assistant managing director of development and international at the MAS, said: “The wealth management industry in Singapore has continued to enjoy good growth, generating demand for highly-skilled talent.
“The initiative introduces key elements of a structured on-the-job training programme and standardised training curriculum across different banks, which will benefit both students and employers.
“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.”
The PBIG comprises senior industry leaders and representatives from the private banking industry. It was re-constituted from the Private Banking Advisory Group in 2011, with the support of the Mas to further strengthen the competency and market conduct standards of the private banking industry in Singapore.
It is currently co-chaired by the MAS and UBS. The PBIG executive committee comprises The Association of Banks in Singapore (ABS) and 14 banks (Bank Julius Baer, Bank Pictet & Cie, Bank of Singapore, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, DBS, HSBC, JP Morgan, LGT Bank Singapore, Standard Chartered Bank, UBS AG and UOB).
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