The Monetary Authority of Singapore (MAS) has committed S$35 million (USD$26 million) over the next three years to initiatives aimed at upskilling and reskilling professionals in the financial services sector, focusing on developing sustainable finance specialists. This funding aligns with the release of the Sustainable Finance Jobs Transformation Map (JTM) by MAS and the Institute of Banking and Finance (IBF), which forecasts a significant growth in the ASEAN sustainable finance market, projected to reach S$4 to 5 trillion over the next decade. The JTM study, conducted by KPMG in Singapore and supported by Workforce Singapore (WSG), indicates that over 50,000 financial professionals will need to adapt to new sustainable finance-related tasks across various roles, including risk management, compliance, and relationship management. Highlighting 20 key job roles for urgent upskilling, the study underscores the necessity for professionals like corporate banking relationship managers and portfolio managers to acquire specialized knowledge in sustainable finance. Additionally, MAS’s investment supports the broader FiNZ Action Plan objectives to transition Asia towards net zero emissions, focusing on enhancing climate data access, advancing financial disclosures, and building a skilled sustainable finance workforce. This initiative includes the launch of new educational programs and the introduction of an IBF Skills Badge to certify professionals’ expertise in sustainable finance, reinforcing Singapore’s ambition to become a leading sustainable finance hub in Asia.
