The Monetary Authority of Singapore (MAS), in collaboration with the Institute of Banking and Finance (IBF) and Workforce Singapore (WSG), has launched the Sustainable Finance Jobs Transformation Map (JTM).
This initiative outlines the skills updates needed for the local financial services sector due to growing sustainability trends.
MAS has identified 20 unique job positions as high priority for skills development. Key roles include relationship managers in corporate banking, who will require knowledge of sectoral decarbonization pathways and sustainable finance instruments to better identify and explain relevant services to clients.
Portfolio managers will need advanced sustainable investment management skills and the ability to construct investment portfolios that align with investors’ sustainability strategies and preferences.
Additionally, the sector will see the emergence of new roles in areas such as sustainability risk and sustainability strategy, reflecting the growing emphasis on sustainability in business strategies.
These roles will require specialist knowledge, such as the ability to design corporate-level sustainable finance strategies and implement sustainability risk management policies.
A recent study by KPMG forecasts that ASEAN’s sustainable finance market could reach S$4-5 trillion over the next decade.
This projection highlights the importance of preparing more than 50,000 finance professionals to integrate sustainable finance tasks into their roles, particularly in the areas of risk management, compliance and customer relations.
To support this skills transformation, MAS has committed S$35 million from the Financial Sector Development Fund.
This fund will build the capacity of financial professionals through a range of new educational programs.
Initiatives include the introduction of undergraduate programs focused on sustainable finance at Nanyang Technological University and the National University of Singapore, as well as more than 65 new executive courses launched this year.
These efforts are reinforced by the implementation of the IBF skills badge, which will recognize the expertise of professionals in sustainable finance, thereby facilitating skills-based recruitment and promotions.
Chia Der Jiun, Managing Director of MAS, said:
“ASEAN’s significant sustainable financing needs over the next decade provide significant opportunities for the financial hub of Singapore to support the region’s transition to net zero emissions.
MAS strongly supports the efforts of financial institutions and training providers to timely upskill the financial services industry workforce. I encourage professionals to take advantage of the support available and deepen their sustainable finance capabilities to seize these opportunities.
