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Singapore launches program to train financial risk management talent |
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21:17, July 06, 2007 |
Singapore Friday launched a doctorate scholarship program, aiming to further develop specialized skills in financial risk management.
Monetary Authority of Singapore (MAS), the central bank, has set aside a budget of 20 million Singapore dollars (about 13 million U.S. dollars) to co-sponsor up to 70 percent of qualifying expenses with the Singapore-based financial institutions and universities, and expects to award up to 50 scholarships over the next five years, MAS said in a statement on its website.
"The program aims to further develop specialized skills in areas such as financial risk management, financial engineering and economics to support the long-term growth of Singapore's financial services sector," the MAS said.
The program is part of its ongoing efforts to partner the industry to raise the quality of the talent in the financial services sector. Initiatives include the Financial Training Scheme and Financial Industry Competency Standards, which aim to benchmark and enhance competency and professionalism.
Announcing the launch of the program at a risk management institute's annual research conference, Heng Swee Keat, managing director of the MAS, said, "As our financial industry grows in scale and the range of activities, we need to build up risk management expertise in the industry, especially those relating to Asia's financial environment."
He told reporters on the sidelines of the conference that the MAS is enhancing to monitor banks and financial institutions for potential risks, according to local radio 938LIVE.
He said that as a regulator, the MAS is always vigilant about risks building up in the system.
Source: Xinhua
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