The Monetary Authority of Singapore (MAS), in collaboration with the Institute of Banking and Finance (IBF) and Workforce Singapore (WSG), has launched the Sustainable Finance Jobs Transformation Map (JTM).
This initiative outlines the necessary skills updates for the local financial services sector due to increasing sustainability trends.
MAS has identified 20 unique job roles as high priority for upskilling. Key roles include relationship managers in corporate banking, who will require knowledge of sectoral decarbonization pathways and sustainable finance instruments to better identify and explain relevant services to clients.
Portfolio managers will need advanced skills in sustainable investment management and the capability to construct investment portfolios that align with investors’ sustainability strategies and preferences.
Additionally, the sector will see the emergence of new job roles in areas such as Sustainability Risk and Sustainability Strategy, reflecting the increasing emphasis on sustainability in business strategies.
These roles will demand specialised knowledge, such as the ability to design enterprise-level sustainable finance strategies and implement sustainability risk management policies.
A recent study by KPMG anticipates the ASEAN sustainable finance market could grow to S$4 to S$5 trillion over the next decade.
This projection underscores the importance of preparing over 50,000 financial professionals to integrate sustainable finance tasks into their roles, particularly in risk management, compliance, and client relationship sectors.
To support this skills transformation, MAS has committed S$35 million from the Financial Sector Development Fund.
This fund will enhance the capabilities of financial professionals through a range of new educational programmes.
Initiatives include the introduction of sustainable finance-focused undergraduate programmes at Nanyang Technological University and the National University of Singapore, alongside over 65 new executive courses launching this year.
These efforts are augmented by the implementation of the IBF Skills Badge, which will recognise professionals’ expertise in sustainable finance, aiding in skill-based hiring and promotions.
Chia Der Jiun
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.”
