The Monetary Authority of Singapore (MAS) is ramping up fintech readiness in the country.
Today it has signed a Memorandum of Understanding (MOU) with the five local polytechnics — Temasek Polytechnic, Singapore Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic and Nanyang Polytechnic — to equip students with the necessary fintech skill sets.
MAS will work with the polytechnics to build curriculum that will fit the needs and requirements of the burgeoning fintech sector.
It will also help create more opportunities for final-year polytechnic students who wish to explore internships in fintech — includes stints in startups, financial institution and regulatory bodies.
Additionally, MAS will connect students with VCs, incubators and mentors in the fintech space.
Students will be able to work on joint projects with the fintech community to hone technical skills such as agile software development, mobile applications development, user interface/user experience, cloud application development, data analytics, Application Programming Interface development, and cybersecurity.
One of participating fintech programmes is The FinLab, an innovation accelerator programme jointly set up by UOB and Infocomm Investments Pte Ltd (IIPL).
“This initiative demonstrates Singapore’s commitment to developing skills and capabilities in FinTech, as students get to experience first-hand the breadth of innovation, creativity and industry collaboration before a product goes to market. We look forward to welcoming the next generation of innovators to our teams at UOB and The FinLab,” said Janet Young, Head of Group Channels and Digitalisation, UOB, in an official press statement.
More than 2,500 students enrolled in banking and IT-related courses are expected to benefit from this initiative.
“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,” said Clarence Ti, Principal of Ngee Ann Polytechnic, in an press release.
Image Credit: MAS