Press Release - IBF launches Golden Jubilee ITE Scholarship with Internship Opportunities in the Financial Sector

14 May 2024 – The Institute of Banking and Finance (IBF) inaugurates its 50^th Anniversary celebration with the launch of the IBF Golden Jubilee ITE Scholarship.  The scholarship comprises a study award of S$3,000 and 5-month internship with a financial institution, reflecting a collaborative effort between IBF, Institute of Technical Education (ITE) and 13 financial institutions.

2               The Guest of Honour, Mr Gan Kim Yong, Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore (MAS) said, “ITE graduates are an important part of our talent pipeline. This scholarship will expand Possibilities within the financial sector for ITE students through internships, catalyse Partnerships between financial institutions and ITE, and reframe Perspectives by advocating for skills-based hiring to recognise the potential of ITE talent. This will allow ITE students to gain industry exposure and explore career opportunities in the financial sector.”

3               A total of 50 scholarships will be awarded to eligible ITE final-year students.  These ITE students will gain industry exposure to a wide range of roles within the financial sector through internships. They will acquire practical experiences and industry-relevant skills, besides getting to engage industry practitioners and mentors who can guide them in navigating future career opportunities in the sector. This initiative will also enable financial institutions to better understand the qualities and capabilities of ITE students, and leverage on the potential value they can bring to the financial institutions.  

4               The scholarship would also serve as a catalyst in creating greater partnerships between IBF, ITE and financial institutions. IBF, ITE and financial institutions will explore the feasibility of a new Work-Study Diploma in financial services offering students practical work experience alongside academic credentials.

5               Memorandum of Understanding (MoUs) on collaboration of talent development for the financial sector were also signed at the launch between the IBF, ITE and the 13 participating financial institutions, to further solidify their commitment to provide scholarship and internship opportunities to ITE students. 

6               To mark IBF’s Jubilee year, the 50th anniversary logo was unveiled together with a commemorative microsite to showcase its partnership with the industry, government agencies and unions on various skills and jobs initiatives over the years.

7               Ms Carolyn Neo, Chief Executive Officer, IBF, said, “To commemorate our 50^th anniversary, IBF is excited to launch this Golden Jubilee Scholarship with ITE and the financial industry. It embodies our commitment to help young local talent including ITE students, develop industry-relevant skills and unlock meaningful career opportunities in the financial sector. This initiative not only catalyses new possibilities and partnerships, but also promotes inclusivity and skills-based hiring in the financial sector.”

Mr Dean Tong, Head of Group Human Resources, UOB, said, “ITE graduates are an untapped talent pool for the banking and finance sector. With proper training and opportunities, these graduates have the potential to grow meaningful and purposeful careers with financial institutions. We are pleased to play our part through the IBF Golden Jubilee ITE Scholarship and UOB’s own U Unleash Programme, where we partner with all Singapore polytechnics and ITE institutions, to help these students gain first hand exposure in the industry and get a head-start in their finance careers.”