Speech - Welcome Address by Ms Low Khah Gek, CEO, Institute of Technical Education at the Launch Of The IBF Golden Jubilee ITE Scholarship on Tue, 14 May 2024 at ITE College East Auditorium, 9.30am to 11.00am

Mr Gan Kim Yong

Minister for Trade and Industry and

Deputy Chairman, Monetary Authority of Singapore 

Ms Carolyn Neo

CEO, Institute of Banking and Finance

Ms Phua Wee Ling

Executive Director, Financial Centre Development, MAS  

Distinguished partners and guests

ITE colleagues and students

Ladies and gentlemen

When we think about jobs in Singapore’s financial sector, what immediately come to mind are job roles like bankers, investment managers, insurance professionals and so on. They require a high level of technical knowledge and expertise which is likely beyond what the ITE graduates possess. 

However, the finance industry is undergoing rapid transformation driven by emerging technologies, AI, machine learning, cloud services and Cybersecurity. 

Against this backdrop of new job roles and new skills sets, there are job and career opportunities in the financial sector for ITE graduates.  In anticipation of these changes, ITE has started to broaden the curriculum and training for our students in Business and ICT courses: 

• Business students – we provide them crossdisciplinary exposure to tech skills such as blockchain, RPA (robotic process automation), data analytics, low-code apps development.

• ICT students – we provide them exposure to customer service and management, design thinking and business communication.
  

I am glad we have started to broaden the learning of our Business and ICT students as it would mean there will be suitable candidates for the IBF Golden Julibee ITE Scholarship that is being launched this morning. 13 financial institutions are offering 50 scholarships which comprise: 

• one-off $3,000 award

• 5-month internship at $800 allowance per month

Each scholarship is worth $7,000 and collectively, the 13 financial institutions are committing $350,000 for the 50 selected students. 

The job roles/functions for the internship attachments range from cloud automation, IT ops, IT systems and networks, cyber and network security, claims, Contact Centre, Customer Centre, operations, events, innovations etc. 

Our students are excited to have this unique scholarship and internship opportunity. One example is Khyber Ang Wei Jie, a Year 2 Accounting student from School of Business & Services. He has already completed two cross-disciplinary modules in block chain technology and robotics process automation. He looks forward to applying for the scholarship and internship and will use the experience to learn, apply his skills and understand the financial sector so as to chart his development and launch his career. 

We hope the financial institutions will discover talents and potential in this group of 50 ITE students and will be prepared to retain them by hiring them and sponsoring their Work-Study Diploma. ITE currently has 42 WSDip with some that are relevant for the financial sector e.g. Accounting; Customer Experience Management; AI & Data Intelligence; Cloud Management & Operations and Cyber

Security & Forensics. ITE is also happy to work with you to develop a new customised WSDip that focuses on financial services.

In conclusion, I wish to express our appreciation to Institute of Banking and Finance for galvanising the support of the 13 financial institutions to provide the scholarship and internship opportunities for our students. We are grateful to the financial institutions for your belief in the students’ potential and your commitment to nurture them. 

I see the IBF Golden Jubilee ITE Scholarship as both a catalyst and a pathfinder. It accelerates the partnership between the financial sector and ITE. It enables our ITE students and graduates to find pathways to take up various job roles, grow their competencies and build their career in the sector. 

Thank you.