MAS taps into polytechnics to boost FinTech skills development

It signed a MOU with five local polytechnics.

As the FinTech sector is expected to boom in the coming years, the Monetary Authority of Singapore is taking a step ahead as it set a framework with five city-state polytechnics to boost FinTech skills development.

MAS and the five local polytechnics comprising of Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic, and Temasek Polytechnic signed a Memorandum of Understanding (MOU) in the efforts of reviewing and enhancing the polytechnics' curricula in the next three years.

In a joint statement, MAS and the polytechnics said this is to prepare graduates for new emerging FinTech jobs.

"More than 2,500 students who are enrolled in the banking and IT-related courses in the polytechnics each year will benefit from this initiative," they said.

With the agreement, MAS will work with the polytechnics to shape curriculum and engender greater alignment with the financial sector’s needs when it comes to financial technology developments.

MAS will also facilitate introductions for final year students who wish to explore internship opportunities in FinTech-related roles.

According to MAS Chief Fintech Officer Sopnendu Mohanty, the MOU will also give students the opportunity to work with the FinTech community on joint projects that allow them to apply their technical skills.

“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 Skills Future drive,” Mohanty said.