The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF), with the support of Workforce Singapore (WSG), have launched the Sustainable Finance Jobs Transformation Map (JTM).

This map outlines how sustainability trends affect jobs in Singapore’s financial services sector and the skills required to meet the region's demand for sustainable finance. Mr. Alvin Tan, Minister of State for Trade and Industry, and Culture, Community, and Youth, and MAS Board Member, launched the map.

Key Insights from the JTM Study

A study by KPMG in Singapore projects that the sustainable finance market in ASEAN will be worth between S$4 and 5 trillion over the next decade. A well-trained workforce will enhance Singapore’s position in this market, with financial service sector workers encouraged to upskill over the next three years. Other key findings from the study include:

• Over 50,000 professionals in the financial services sector will see new sustainable finance-related tasks integrated into their roles, particularly in career paths like risk, compliance and legal, product management, sales, and relationship management. These tasks could include incorporating sustainability risks into risk management frameworks or designing products to meet sustainable finance demands.
• Twenty unique job roles are identified as high priority for upskilling. For instance, relationship managers in corporate banking will need knowledge of sector-specific decarbonisation pathways and sustainable finance tools to guide clients. Portfolio managers will need skills in sustainable investment management and constructing investment portfolios based on sustainability strategies and preferences.
• New job roles will emerge, such as sustainability risk and sustainability strategy roles. These positions will become more common as financial institutions make sustainability a key part of their business strategies, requiring specialised sustainable finance skillsets. For example, a sustainability strategy role involves creating sustainable finance strategies and implementing sustainability risk management policies.

Initiatives by MAS and IBF to Support Upskilling

MAS has allocated S$35 million from the Financial Sector Development Fund to support workforce upskilling and reskilling, as well as developing sustainable finance specialists over the next three years.

Key initiatives to enhance the skills of the financial services sector workforce include:

• Increasing the number of sustainable finance courses available for individuals. For example, Nanyang Technological University will offer a Bachelor of Accounting in Sustainability Management starting in August 2024, and the National University of Singapore is planning a new specialisation in sustainable finance within its business school. Also, over 65 new executive courses and an executive master's degree in sustainable finance will be launched this year.
• Introducing an IBF Skills Badge to recognise industry professionals’ sustainable finance skills. This badge will provide an industry standard for evaluating skill levels and facilitate skills-based hiring and promotions.

These initiatives expand existing support for finance and non-finance professionals to reskill for sustainable finance job roles, particularly through WSG’s Career Conversion Programme (CCP) for Financial Services.

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Source: MAS