Cloud computing, Technology product management, Cybersecurity, Agile IT project management. These may sound very much like jobs found within the Information Technology sector, but they are also in-demand roles within the financial services sector.
The financial services sector is one of the strongest and most highly competitive sectors of the Singapore economy, accounting for about 13% of the economy and employing more than 170,000 workers in 2020. Given new growth drivers and trends in financial services, coupled with the rise of the digital economy and the shift towards sustainability, demand for new skills in technology has risen sharply. Manpower Minister Tan See Leng, in his speech at the IBF Distinction Evening 2021, acknowledged that demand for tech talent in the financial sector far outpaces local supply. In 2021, financial institutions offered 6,500 newly created positions, with half of these hiring opportunities in technology and consumer banking roles. The Monetary Authority of Singapore (MAS) estimates that 2,500 to 3,500 tech jobs will be created for the sector annually, over the medium term.
What is TFIP?
To meet new job and skills demands within the sector, one of the initiatives that Government and industry players have put in place is the Technology in Finance Immersion Programme (TFIP). Launched in April 2019 by MAS, Institute of Banking & Finance, Workforce Singapore, and Infocomm Media Development Authority, TFIP prepares mid-career professionals for a tech career in the financial services industry, even if they have no prior experience, by upskilling and reskilling them through structured training with industry-recognised training providers, such as SMU Academy, and an attachment with a financial institution.
Motivations for pursuing TFIP
Attach and Train programmes like TFIP have opened opportunities in technology areas in the financial service sector for many Singaporeans such as Tan Ke Wei. Having spent most of his working years in the non-IT related field, he made the decision to pursue a career in Cloud Computing through TFIP in December 2021. The three-month structured training jointly conducted by SMU Academy and AgilenLite proved to be an intensive and challenging experience, but as Ke Wei puts it, “nothing good comes easy”.
“I came to know about TFIP while searching for cloud certification courses. As someone who previously worked in the IoT space, I understood the importance of cloud as a fundamental enabler to a lot more other technologies, and so I thought, where could be a better place to start my tech journey if not from ground up?”, recounted Ke Wei. He cited structured classroom training and industrial placement as the key drivers for applying for the programme.
Likewise for mid-career switcher, Tay Shao Jie, it was the combination of structured training and real-world experience which TFIP offers that drew him to the programme. After six years in an FX operations role within a bank, Shao Jie was ready to move on to the next stage of his career. Recognising the importance of protecting and defending digital assets from malicious actors in an increasingly digitally-connected world, as well as an interest in IT, he chose to sign up for the TFIP - Cybersecurity track.
For Wong Chee Meng Daniel, the interest in increasing his domain knowledge and pursuing a career in the financial industry prompted him to sign up for TFIP – Agile IT Project Management track. The IT professional of over 20 years saw TFIP as an opportunity for him to gain the much-needed Agile experience and further hone his project management skills.
Seah Kim Ping was juggling her roles as a freelance tourist guide as well as a mother when the COVID-19 pandemic hit, essentially bringing tourism to a halt. With over 10 years of experience in private wealth management and asset management before starting a family she was drawn to the TFIP - Technology Product Management track because it is a role where innovation is made possible and she enjoys brainstorming to solve technology solutions
While the paths to making a career switch are paved differently, they each demonstrated resilience, grit and courage in their pursuit of a mid-career switch. Read on to find out about their learning experiences with the programme and SMU Academy and how TFIP has helped them with their career path and plans.
The TFIP experience with SMU Academy
Tan Ke Wei (TFIP – Cloud Computing)
Of course, the connections made throughout this programme should also not be discounted. Changing career/ industry is never a comfortable choice. With all the uncertainties lying ahead, having a community to support and encourage each other’s growth will definitely make the career transition much more seamless. With TFIP, I get the opportunity to build up valuable industry experience that stays with me, even if a conversion does not happen. This experience will certainly be the key to enhancing my employability within the sector.
That said, I am glad the programme has imparted adequate skills and fostered a like-minded community for us to kickstart a career in the exciting financial technology sector. All in all, I truly enjoyed the programme and would highly recommend it to whoever looking to enrol themselves into a finance-focused cloud technology programme.”
Tay Shao Jie (TFIP - Cybersecurity)
My biggest takeaway from the programme is definitely the friendships and network which I have forged with other mid-career switchers and like-minded professionals in my class as well as the capable and experienced instructors. When it came to picking up the technical skills required for Cybersecurity, we had a wide range of lessons from Threat Intelligence and Vulnerability Assessments to hands-on lab sessions on phishing, vulnerability scanning and data analysis.
I am excited to begin the next phase of my career as a cybersecurity professional, and look forward to learning more about cybersecurity in a real-world environment, as I gain experience and knowledge.”
Wong Chee Meng Daniel (TFIP - Agile IT Project Management)
TFIP has given me an appreciation of emerging technology’s impact on and challenges for the financial industry, and how the industry is adapting to, and/or adopting it. It also provided a conducive environment for me to work on and improve many soft skills, such as interpersonal, collaboration, communication and networking skills.”
Seah Kim Ping (TFIP - Technology Product Management)
The programme has a balance of technical and business modules, which enables us to grasp technology concepts in a very short time. From the programme, I developed a better understanding of advanced technologies such as Cloud Computing, Blockchain, Internet of Things and Artificial Intelligence. Besides the technology knowledge, I picked up vital business skills for product managers such as Agile methodology, design thinking, requirement gathering and stakeholder management. The numerous presentations that we were required to give also sharpened my presentation and communication skills. I will be starting my industrial attachment as a Product Management trainee soon, and I am confident that the training I have received at SMU Academy has prepared me well for it.”
Looking forward to the launch of TFIP 2022? Register your interest here. If you are looking to develop skills in key technology areas that are applicable across various sectors and industries, SMU Academy offers many interdisciplinary programmes that would help you keep pace with the rapid technological innovation and advancement. Browse our technology and intelligent systems programmes here.
