The Monetary Authority of Singapore (MAS), Institute of Banking and Finance (IBF), and Workforce Singapore (WSG) have launched the Sustainable Finance Jobs Transformation Map (JTM), an initiative that aims to support the upskilling the city-state’s financial services sector workforce in sustainable finance.

The JTM study, conducted by KPMG in Singapore, highlights the impact of sustainability trends on jobs in Singapore’s financial services sector and the emerging skills that the workforce will require to meet the sustainable financing demand in the region.

More than 50,000 professionals in the financial services sector will see new sustainable finance-related tasks added to their jobs to a moderate to high degree, the study forecasts.

With the sustainable finance market in the Asean region projected to amount to US$3.6 trillion over the next decade, authorities believe a robust and skilled workforce is essential to strengthening Singapore’s ability to serve the growing market.

To support the development of relevant skills, MAS has set aside S$35 million (US$25.7 million) in the Financial Sector Development Fund to support upskilling and reskilling, and develop specialists in sustainable finance over the next three years. 

“Asean’s sizeable sustainable financing needs over the next decade present significant opportunities for Singapore’s financial centre to support the region’s transition to net zero,” says MAS managing director Chia Der Jiun. “I encourage professionals to tap on the available support and deepen their sustainable finance capabilities to capture these opportunities.”

Key initiatives to upskill the financial services sector workforce include expanding the suite of sustainable finance courses for individuals with two undergraduate programmes focusing on sustainable finance to be developed.

More than 65 new executive courses and a new executive masters programme in sustainable finance will be launched this year by institutes of higher learning, training providers such as the Singapore College of Insurance and Wealth Management Institute, and centres of excellence such as the Singapore Green Finance Centre (SGFC)  and the Sustainable and Green Finance Institute (SGFIN).

In addition, the National University of Singapore is also working towards introducing a new specialization in sustainable finance within its business school in the near future.