Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the learnpress domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/307845.cloudwaysapps.com/guvzwmesxc/public_html/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the learnpress domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/307845.cloudwaysapps.com/guvzwmesxc/public_html/wp-includes/functions.php on line 6114
2024-04-17 – https://www.esgtoday.com/singapore-invests-s35-million-in-sustainable-finance-upskilling-of-financial-sector/?utm_source=rss&utm_medium=rss&utm_campaign=singapore-invests-s35-million-in-sustainable-finance-upskilling-of-financial-sector - ESGNA

Raw: [

The Monetary Authority of Singapore (MAS), the central bank and financial regulator of Singapore, announced […]]

Singapore Invests S$35 Million in Sustainable Finance Upskilling of Financial Sector – ESG Today

ESG Investing, sustainable finance & business sustainability news

ESG investing news, analysis, research and information

Top Stories ESG News
Companies
Government
Investors
Regulators
Sustainable Finance

ESG Solutions ESG Tools, Services

Companies Companies

Investors Investors

ESG Disclosure ESG Reporting
Analysis
Regulators
Reports, Studies

Newsfeed
Whitepapers
Events
About About us
Our Team
Advertise With Us

Government/ Regulators/ Sustainable Finance

Singapore Invests S$35 Million in Sustainable Finance Upskilling of Financial Sector

Mark Segal

April 17, 2024

The Monetary Authority of Singapore (MAS), the central bank and financial regulator of Singapore, announced today that it will allocate S$35 million (USD$26 million) over the next three years to support upskilling and reskilling initiatives in order to develop sustainable finance specialists in the financial services sector.

The new investment announcement was made alongside the release by MAS and Institute of Banking and Finance (IBF) of the Sustainable Finance Jobs Transformation Map (JTM), a new study predicting that the sustainable finance market in the Association of Southeast Asian Nations (ASEAN) over the next decade will amount to S$4 to 5 trillion, spurring a major need to upskill the financial services workforce in order to seize these opportunities.

Mr Chia Der Jiun, Managing Director, MAS, said:

“ASEAN’s sizeable sustainable financing needs over the next decade present significant opportunities for Singapore’s financial centre to support the region’s transition to net zero. MAS is strongly supportive of efforts across financial institutions and the training providers to upskill the financial services sector workforce in a timely fashion. I encourage professionals to tap on the available support and deepen their sustainable finance capabilities to capture these opportunities.”

The new JTM study, conducted by KPMG in Singapore, and supported by Workforce Singapore (WSG), predicted that more than 50,000 financial services professionals are expected to see new sustainable finance-related tasks added to their jobs to a moderate to high degree, across a broad set of career tracks ranging from risk, compliance and product solutioning to sales, distribution and relationship management. New tasks for professionals could include the incorporation of sustainability risks into enterprise management systems, and structuring products to meet sustainable finance needs.

The study also highlighted 20 key job roles as high priority areas for upskilling, such as corporate banking relationship managers who will need knowledge of sectoral decarbonization pathways and sustainable finance instruments to identify and explain service offerings to clients, and portfolio managers, who will need sustainable investment management skills to construct investment portfolios meeting investors’ sustainability strategies and preferences. The study also predicted the emergence of entirely new roles, in areas including sustainability risk and strategy.

The new investment announcement follows the launch by MAS last year of the Finance for Net Zero (FiNZ) Action Plan, its series of strategies to mobilize financing aimed at catalyzing the net zero transition in Asia, and decarbonization activities in Singapore, which included targeted areas of action ranging from improving access to climate data to advancing disclosure by financial institutions, as well as building a workforce with sustainable finance skills and expertise as a key enabler.

MAS highlighted some of the key initiatives it will focus on through its investment to upskill and reskill the finance workforce, including expanding the suite of sustainable finance courses, with the development of two new undergraduate programmes focusing on sustainable finance, and plans to launch more than 65 new executive courses and a new executive masters in sustainable finance this year by institutes of higher learning, as well as the implementation of an IBF Skills Badge for industry professionals to recognize the acquisition of sustainable finance skills, and supporting skills-based hiring by employers.

 Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board Member of MAS, said:

“If Singapore is to be Asia’s leading sustainable finance hub, we must equip our workforce to be ahead of complex and fast-evolving sustainable-finance related issues and opportunities.”

Click here to access the JTM study.

Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.

Related Posts

Government /

EU Adopts Rules Requiring All New Buildings to Be Zero Emissions by 2030

Regulators /

Japan Releases Proposed IFRS-Based Sustainability Reporting Standards

Sustainable Finance /

RWE Issues $2 Billion Green Bond in U.S. to Fund Clean Energy Buildout

‹ Tyler Technologies Releases 2023 Corporate Responsibility Report

ESG Today Newsletter – Subscribe

Subscribe to the ESG Today NewsletterJoin our mailing list for the latest breaking ESG investment news!

LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther

FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsR & DProcurement & ContractingSupply Chain & DistributionSustainabilityStrategyTechnologyOther

SUBSCRIBE!

You have Successfully Subscribed!

Sustainable Finance

RWE Issues $2 Billion Green Bond in U.S. to Fund Clean Energy Buildout

EdgeConneX Secures $1.9 Billion in Financing Tied to Sustainability Goals

Zero-Emission Truck Startup Windrose Raises $110 Million

Barclays Appoints Rafael Abati as Co-Head of Energy Transition Group in EMEA

Government

EU Adopts Rules Requiring All New Buildings to Be Zero Emissions by 2030

EU Parliament Adopts Law to Establish Carbon Removal Certification System

West Virginia Bans HSBC, Citi from Banking Contract over ESG Policies

SEC Pauses Climate Disclosure Rules Amidst Legal Challenges

Categories
Select Category
Business Wire
ESG News
   Analysis
   Climate
   Companies
   Energy Transition
   Environment
   ESG Reporting
   ESG Tools, Services
   Executive Moves
   Governance
   Government
   Guest Posts
   Investors
   M&A
   New funds & products
   Platforms & Markets
   Private Equity & Venture Capital
   Professional bodies
   Regulators
   Reports, Studies
   Social
   Social & Governance
   Sustainable Finance
Welcome

Back to Top

Home
About us
Disclosure, cookies & privacy policy

© ESG Today 2024

Don’t miss the top ESG stories!Join the ESG Today daily newsletter and get all the top ESG stories, like this one.
Subscribe now below!

LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther

FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsProcurement & ContractingR & DStrategySupply Chain & DistributionSustainabilityTechnologyOther

SUBSCRIBE!

You have Successfully Subscribed!

Never miss the latest breaking ESG investment news. Get ESG Today’s newsletter today!

Subscribe Now

c