MAS launches fintech scholarship scheme for Singapore’s universities

Speaking at a Growing Timber event today, Alvin Tan, Minister of State, Ministry of Culture, Community and Youth, and Ministry of Business and Trade, and board member of MAS, said the financial sector offers good jobs and rewarding careers for polytechnics. recent graduates. Financial institutions can do more to tap into polytechnic graduates as a source of talent to expand the overall pipeline of talent in the sector.

MAS, through the Financial Sector Development Fund, will set aside S$8 million over the next three years for the Polytechnic Talent for Finance scheme. The scheme, which will be administered by the Institute of Banking & Finance (IBF), consists of three tracks:

For polytechnic students: Internships to equip them with skills to be job-ready and employable after graduation. The scheme will fund 80% of the monthly internship stipends, capped at S$1,000 per month, for up to 12 months for qualifying interns.
For polytechnic graduates: Apprenticeships to provide them with an alternative route to secure good jobs immediately after obtaining their polytechnic diplomas, receive training and eventually take on equivalent roles for university graduates. The scheme will provide wage support of up to S$2,000 per month, for up to 12 months. For apprentices who are placed in university-equivalent roles within three years of starting the apprenticeship programme, the scheme will provide wage support for an additional period of up to 12 months.
For finance professionals who are diploma holders: Sponsorships to fulfill their academic ambitions to pursue relevant post-diploma and degree-equivalent programs while continuing to be employed. The scheme will fund 50% of school fees, capped at S$10,000.

Ms Gillian Tan, Assistant Managing Director (Development and International), MAS, said: “Polytechnic graduates are a valuable talent pool for the financial sector. The PTFS, which was created by MAS, polytechnics and financial institutions, will enable our polytechnic talent to take up meaningful jobs and position them for success in the financial sector.

Mr William Lim, Director, School of Business & Accountancy, Ngee Ann Polytechnic (NP), who is the appointed Sector Coordinator for the Accountancy and Finance sector, said: “The PTFS initiative builds on our existing efforts to develop a sustainable pipeline of talent, as well as supporting upgrading and reskilling needs. Through this collaborative effort, we look forward to strengthening the connection between industry and academia and creating more opportunities for polytechnic students and recent graduates to continue their professional development and careers at financial institutions.”