This is a milestone year for IBF. To meet the needs of the financial sector workforce in a more comprehensive way, IBF will expand its range of services and take an integrated approach to skills development, career planning, and job matching. We are doing this in close partnership with financial institutions and the trade unions. I am pleased to report that IBF has advanced on several fronts of this integrated approach.

IBF is working with the banking industry to develop Professional Conversion Programmes (PCP), to help new and existing industry practitioners to transit into jobs in growth areas. A PCP has been put in place for Consumer Banking. The major consumer banks have committed to equip more than 3,000 existing consumer banking employees with skills in analytics, customer due diligence, and product development over the next two years. Next, IBF will develop PCPs in Operations and Wealth Management respectively.

IBF will launch in August this year the IBF Careers Connect, which will provide individuals with access to career advisory and job matching services. The functions of the Financial Industry Career Advisory Centre (FiCAC), currently managed by the Employment and Employability Institute (e2i), will now be incorporated under Careers Connect. This is in collaboration with our tripartite partners, e2i, the Monetary Authority of Singapore (MAS), National Trade Union Congress (NTUC) and Workforce Singapore (WSG).

IBF will continue to strengthen the ecosystem to facilitate lifelong learning and career progression through the IBF Standards and Certification framework. Industry practitioners can use this framework as a professional development roadmap to identify relevant skills based on their job roles or functions. They can choose from over 130 IBF-accredited training programmes. As at end-2017, close to 21,000 industry practitioners have attended such programmes, a 14% increase over 2016. IBF also certified 5,500 professionals, an increase of 25% over the previous year.

In partnership with the industry, IBF has developed Career Maps for practitioners in areas such as Compliance, Operations, Technology and Wealth Management. The Career Maps provide structured progression pathways for industry professionals and guidance for their learning and development needs.

IBF will be revising its Private Banking Standards this year, for relationship managers to deepen their capabilities as part of Continuing Professional Development (CPD). The revised Standards and CPD policies will take effect from next year.

IBF is working with SkillsFuture Singapore (SSG) to map the IBF Standards onto the Singapore Skills Framework. This will better articulate the skills required for the different jobs in the financial sector, including management and future-oriented skills. Being part of the Singapore Skills Framework will also help individuals explore career options across industries, including beyond the financial industry.

IBF has launched Learn@IBF, a mobile learning app for individuals to learn on-the-go. Learn@IBF provides popular content on new digital capabilities, and tools for innovation and human-centered design. It is encouraging that 22 FIs have subscribed to the app, benefitting close to 38,000 employees.

I am pleased to report that the broader IBF community has grown in strength. We welcomed 7 IBF Distinguished Fellows and 29 IBF Fellows, industry veterans who exemplify thought leadership and commitment to industry development. Their experience and knowledge, together with IBF’s existing network of practitioners, will be invaluable in guiding and mentoring others in a rapidly changing industry.

I would like to thank Ang Zhongren, Cher Ah Kow, Derek Teo and Khoo Kah Siang who stepped down from the IBF Council this year. I welcome Chong Yiun Lin, John Lee, Karl Hamann, Patrick Tay, Patrick Teow and Tony Cripps to the Council.

I also want to express my gratitude to Samuel Tsien, Chairman of the IBF Standards Committee, and Philip Lee, Chairman of the IBF Investment Committee. I express my thanks to Shirish Apte, Chairman of the IBF Audit Committee, who will step down this year.

I would like to acknowledge the contributions of the IBF Council, Standards Committee and Working Groups for their efforts to raise industry standards.

I look forward to our Members’ support in the coming year. Let us renew our commitment to build a workforce that is ready for the future.