Speech - Launch of IBF Golden Jubilee ITE Scholarship on 14 May 2024 Opening Remarks by Ms Carolyn Neo, Chief Executive Officer The Institute of Banking and Finance (IBF)

Mr Gan Kim Yong, Minister for Trade & Industry and Deputy Chairman of the Monetary Authority of Singapore

Ms Low Khah Gek, CEO, Institute of Technical Education 

IBF Council members 

Financial sector partners 

ITE principals and students

Ladies and gentlemen

Good morning. Thank you for joining us for the launch of the Institute of Banking and Finance or IBF Golden Jubilee Scholarship for ITE students. And special thanks to Ms Low, Dr Yek and ITE colleagues for hosting us in this beautiful campus.

In my remarks, allow me to share: 

• Why is IBF spearheading this scholarship initiative?

• Who are the financial sector partners? 

• How will we support ITE students?

First, why is IBF launching the scholarship initiative? As the Jobs Development Partner for the financial sector, IBF seeks to build a skilled and resilient workforce. This includes building a pipeline of young local talent for the growing financial sector. Launching the IBF Golden Jubilee ITE Scholarship demonstrates our commitment to cultivating talent, promoting diversity, and providing avenues for ITE students to excel. To attract ITE talent, we need to raise awareness on the opportunities in the financial sector, and create industry exposure for ITE students to explore meaningful careers in this sector. Concurrently, we need to enhance the understanding and appreciation of ITE students' capabilities among financial institutions. This scholarship, the first industry scholarship of its kind, serves as a catalyst to foster partnerships between ITE and financial institutions. As IBF celebrates its 50^th anniversary, we are pleased to confer 50 scholarships to ITE final-year students.

Second, who are our financial sector partners? I am glad to share that we have garnered strong interest from 13 financial institutions. I would like to take this opportunity to thank BNP Paribas, DBS, Great Eastern, HSBC, Howden, J.P. Morgan, Maybank Singapore, Mizuho Bank, MSIG Insurance, OCBC, Prudential Singapore, Singapore Exchange and UOB. We are grateful for your strong support for this initiative, and your commitment to nurturing ITE talent. 

Third, how will we support ITE students? The IBF Golden Jubilee ITE Scholarship comprises a study award and a 5-month internship with participating financial institutions. Today we have also put together a financial sector showcase. I encourage all students here to visit the booths set up by the financial institutions, to find out more about the exciting internship opportunities available across a wide range of job functions. IBF also has a booth with career advisers who can help you navigate the career pathways in the sector.  To prepare shortlisted ITE applicants, we will also be organising an interview preparation workshop in the coming months.       

To the ITE students in the audience – IBF and the financial sector partners are deeply committed to work with ITE to nurture young talents like yourselves, to equip you with relevant industry skills through experiential learning and mentoring, to better position you for future careers.

I hope that this is just the start of many more dialogues and partnerships. Going forward, IBF, ITE and financial institutions will explore the interest for a new Work-Study Diploma in financial services, to offer further upskilling opportunities for ITE graduates. I look forward to deepening partnerships to promote skills-based hiring, and create diverse pathways for local talent to tap the financial sector opportunities.

The story of IBF has been one of partnership and collaboration since its inception in 1974. In the early years, IBF started off as a training institute. In 2001, IBF repositioned itself to take on a more strategic role of setting competency standards, and accrediting training programmes for the financial sector. In 2018, our mandate expanded to include jobs development. We have continually reinvented ourselves, and co-created many bold initiatives with the industry. Every milestone was only possible with the support of our tripartite partners. 

Thank you. Here’s to the next 50 years of partnership!