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Empowering finance industry employees with new skills relevant to compete, collaborate and innovate is the way forward to develop a resilient financial industry coping with the digital disruptions in Singapore; shared, Patrick Tay, Assistant Secretary General of NTUC at a meeting with the Finance Sector delegation from Denmark, who were on a study visit to Singapore from 19-22 November 2018. Patrick announced that the Danish Finance Sector delegations visit Singapore coincides at a time when the labour movement achieved a significant milestone in getting new Employment Act approved in the Parliament, to widen the scope of union representation for a larger group of the workforce.  In the light of this new development NTUC Asst. Sec Gen expressed hope to unionize the finance industry workforce under a new union Banking and Finance Industry Employees Union.

Finance cluster transformation map is driven with a multi-stakeholder collaborative approach under the guidance of the Monetary Authority of Singapore. Financial Sector Tripartite committee was institutionalized in 2016, targeting a growth of 2.4% in the finance industry with a net creation of 3000 jobs in Finance and 1000 additional jobs in the FINTECH industry.  Singapore’s labour movement is empowering a workforce; ready for new jobs,   relevant with new skills, and resilient with a new way of working. 

Danish finance industry delegation consisted of representatives from Danish Banking Academy, The Bank’s Association and officials of FSU Denmark led by Kent Petersen President and Michael Budolfsen President of UNI Europa Finance. 

Mr Ang Chai Soon, Asst. Chief Executive of The Institute of Banking and Finance Singapore [IBF] welcomed the delegation to the   IBF, one-stop resource centre for Finance industry stakeholders institutionalized by the Monetary Authority of Singapore. Elevating individual competency and setting industry standards is the mission of IBF, where future enabled skills are imparted on employees through an integrated skills development approach. The Professional Conversion Program (PCP) is an initiative to re-skill the Professionals, Managers, Executives and Technicians to find new careers in growth areas spearheaded by IBF.

Process Invention Events under 4 D; Discover, Define, Develop and Deliver framework the DBS Bank has introduced to bridge the DBS Technology to solve financial problems of customers was shared with the Danish delegation during their visit to DBS and the DBS Staff Union.  FSU Delegation also visited the UNI Apro office and engaged with an inspiring dialogue with the Regional Secretary Christopher Ng and a welcoming dinner was hosted by the Finance industry cluster unions SBEU, SBOA and SIEU at the SBEU premises following an interactive discussion.