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Continued from
FrontPage of Article
Short Remarks by
Deputy Managing Director Shane Tregillis at Launch of Securities and
Investment Institute Regional Centre at Fullerton Hotel on 19
September 2006 at 5.15 pm
"Developing a Deep Pool of
Financial Talent"
Ladies and gentlemen,
1. I am delighted to be
here with you this afternoon at the launch of Securities and
Investment Institute's (SII) regional centre in Singapore.
2. In a recent study by
the Corporation of London, the availability of skilled personnel was
cited as the single most important competitive factor affecting
international financial centres. The opening of this centre is
therefore timely, given the Singapore Government's focus on human
capital development in further enhancing Singapore's role as an
international financial centre.
Growth of the
Singapore Financial Sector
3. Singapore's financial
sector has performed well over the last few years, growing at 6.5%
in 2005 and is expected to grow strongly again this year. With the
expansion in wealth management activities and growing sophistication
of our investors, we see heightened interests in alternative asset
classes such as hedge funds, real estate and infrastructure
investments, and commodity derivatives. There is also mounting
interest in structured debt products such as commercial
mortgage-backed securities and collateralized debt obligations.
Growing Need for a Deep Pool of
Financial Talent
4. So what do these
trends mean for Singapore? The capital market is increasingly
competing on the basis of product innovation and differentiated
services. To stay at the forefront of these developments, talent
will be a key enabler.
5. So we have identified
two key priorities. First, we will need to enlarge our talent pool
by building a strong pipeline of talent into the financial sector.
Second, we need to raise the capabilities of the financial
professionals already working in the sector. This is where SII can
play an important role.
6. The increased
complexity and sophistication of the capital markets has led to a
strong demand for specialist expertise in alternative and structured
products. SII, as a leading examining, training and membership body
for the securities and investment industry, can help raise the
skills of professionals working in the finance sector so they can
keep pace with the product innovation and rapid changes in our
capital markets.
7. I understand that SII
is in discussion with the Institute of Banking and Finance to seek
accreditation and exemptions for its qualifications under the
Financial Industry Competency Standards (FICS) framework. This
framework was launched last year to benchmark competency standards
of financial professionals to international best practices. With
the provision of preparatory training programmes on its examinations
(through its training partners) and its assessment services, SII can
help securities and investment professionals to continually upgrade
their capabilities.
8. I am also happy to
note that SII has entered into a strategic alliance with the
Association of Certified Chartered Accountants (ACCA) and will be
signing a global Memorandum of Understanding later in this event.
Strong collaborations between industry associations and professional
bodies are important to raising professionalism and ethical
standards of the industry.
Conclusion
9. To conclude, this is
an exciting and challenging time for the financial sector in
Singapore and the region. Talent will drive the growth of the
industry, and financial institutions must continualluy invest in
upgrading their people's knowledge and skills. MAS will continue to
work with industry players to achieve our common objective of
developing a deep pool of financial talent here in Singapore.
10. On that note, I
congratulate SII on the opening of their regional office and wish
all of you a pleasant evening. Thank you.
Source:
www.mas.gov.sg News 19 Sep 2006
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UK Securities & Investment Institute
opens Singapore office
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