Singapore Outlines Skill Set for Sustainable Finance

Technical skills and competencies set out for FIs to use to upskill finance professionals and build deeper talent pools for sustainable finance.

The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) have identified 12 technical skills and competencies needed for individuals to perform various roles in sustainable finance.

The Sustainable Finance Technical Skills and Competencies (SF TSCs) are part of the IBF Skills Framework for Financial Services, which provides information on occupations and job roles, career pathways, and training programmes for skills upgrading and mastery.

The SF TSCs cover a range of thematic and functional knowledge topics, including climate change policy developments, natural capital, green taxonomies, carbon markets and decarbonisation strategies.

Functional knowledge topics cover how sustainability is applied across major functions in the financial sector, such as sustainability risk management, sustainability reporting, sustainable investment management, and sustainable insurance and re-insurance solutions.

MAS urges financial institutions and training providers to design training programmes around the SF TSCs, based on their relevance to their employees and organisations.

IBF said it will work closely with the industry to curate high-quality training programmes, and onboard training providers whose curricula are aligned with the SF TSCs.

Participants who enrol in IBF-accredited training programmes can defray up to 90 percent of training expenses under the IBF-Standards Training Scheme grant.

The SF TSCs will be reviewed periodically to take account of evolving developments and needs in sustainable finance. Future enhancements could include raising the competency standards for specific roles and introducing more SF TSCs for new job roles.

“We are seeing strong and growing demand for sustainable finance talent as Singapore plays a larger role as a sustainable finance hub for the region,” said MAS deputy managing director Leong Sing Chiong.

“The launch of the SF TSCs today is a critical step in building a deep talent pool in sustainable finance, and I encourage all financial institutions to use them as a benchmark to achieve excellence in sustainable finance skills and talent development.”

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