The Financial Authority of Singapore (MAS) will put aside S$8 million over the following three years for the Polytechnic Expertise for Finance scheme to develop the expertise pipeline within the monetary sector.

The scheme, which shall be administered by the Institute of Banking & Finance (IBF), contains three tracks.

The primary is an internship for polytechnic college students to equip them with skillsets to be job-ready, and employed upon commencement. The scheme will fund 80% of month-to-month internship stipends, capped at S$1,000 monthly, for as much as 12 months for qualifying interns.

Moreover, the scheme may even present apprenticeships for polytechnic graduates. It will present them with an alternate pathway to safe good jobs instantly after acquiring their polytechnic diplomas, obtain coaching and ultimately tackle college graduate-equivalent roles.

The scheme will present wage assist of as much as S$2,000 monthly, for as much as 12 months for these graduates. For apprentices which are positioned into college graduate-equivalent roles inside three years from the beginning of the apprenticeship programme, the scheme will present wage assist for a further interval of as much as 12 months.

Lastly, there shall be sponsorships for finance professionals who’re diploma holders to assist them pursue related post-diploma and degree-equivalent programmes while persevering with to be employed. The scheme will fund 50% of tuition charges, capped at S$10,000.

Talking at a Rising Timber occasion, Alvin Tan, Minister of State, Ministry of Tradition, Group and Youth, and Ministry of Commerce and Business, and Board Member of MAS, shared that the monetary sector presents good jobs and rewarding careers for polytechnic graduates.

Gillian Tan

Gillian Tan, Assistant Managing Director (Growth and Worldwide) at MAS added,

“Polytechnic graduates are a invaluable expertise pool for the monetary sector. The PTFS, which was co-created by MAS, the polytechnics and monetary establishments, will allow our polytechnic expertise to take up significant jobs and place them for fulfillment in monetary sector careers.”