MAS signs MoU with five local polytechnics to enhance fintech curriculum

The Monetary Authority of Singapore (MAS) announced that it has signed a Memorandum of Understanding (MoU) with five local polytechnics to promote the curriculum for graduates to equip in skill development, necessary to gain new fintech related jobs in the financial sector.

According to the official release, the MAS signed MoU with Singaporean polytechnics including Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic and Temasek Polytechnic. This initiative will benefit over 2500 students who are enrolled in the banking and IT-related courses in these polytechnics each year.

“In 2017, we are going to start 100 FinTech internships and build a pool of 100 FinTech mentors. A new microsite www.polyfintech100.sg will allow companies to register their interest to provide internship or mentorship. Our partnerships with the industry will help ensure that polytechnic students acquire relevant skills to meet the evolving needs of the FinTech sector,” Clarence Ti, Principal of Ngee Ann Polytechnic, which is the SkillsFuture Sector Coordinator for Accountancy and Financial Services, said.

The Memorandum covers curriculum reviews by working with polytechnics to shape curriculum according to fintech developments. The MoU also emphasize on internships by facilitating introductions for final-year polytechnic students who wish to explore internship opportunities in fintech-related roles within the fintech community and recommend mentors for them. It will also cover students’ joint projects with fintech community.

“This MOU signifies the concerted effort being taken by MAS and the local polytechnics to nurture a pool of skilled manpower for the growing FinTech community in Singapore and will be a key area of focus in the financial sector’s SkillsFuture drive,”  Sopnendu Mohanty, MAS’ Chief Fintech Officer said.

Last month, MAS and the Swiss Financial Market Supervisory Authority (FINMA) collaborated and signed a cooperation agreement in a move to foster greater cooperation on fintech.