Singapore Central Bank MAS and IBF Launches Skills Map for Family Office Advisors
28th July 2020 | Singapore
Singapore Central Bank, Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance Singapore (IBF) have launched a skills map for family office advisors. The skills map will help family office advisors deepen their specialist skillsets to serve Singapore’s growing family office ecosystem.
” MAS and IBF launches skills map for Family Office Advisors “
The Family Office Advisor Skills Map
The Family Office Advisor Skills Map will set out the skills and competencies that professionals advising family offices should possess, such as wealth planning administration and corporate governance. Under the Skills Framework for Financial Services in Singapore, the Family Office Advisor role will expand the career pathway for private banking relationship managers.
The Family Office Advisor Skills Map is co-created with the financial services industry, legal and tax advisors. The skills map will be a valuable resource for training providers and financial institutions to design and calibrate relevant training curriculum. It will also be useful for family offices to use as a reference in their hiring process.
Training Programmes and Certification
Training programmes accredited by IBF under the skills map will be able to benefit from the IBF-Standards Training Scheme grant, which offsets training expenses. In addition, private banking professionals who have acquired the relevant skills and experience will be able to apply for IBF Certification.
More details: Family Office Advisor Skills Map
Benny Chey, Assistant Managing Director (Development and International), MAS:
” The family office community in Singapore has continued to grow strongly in numbers and sophistication over the past few years due to our strong rule of law, sound financial regulation, as well as ready access to global and regional financial markets. Our family office professionals must continuously deepen and grow relevant skillsets and competencies to provide valued advice and customised solutions that meet their clients’ needs and aspirations.
The launch of the Family Office Advisor Skills Map is timely and will further propel efforts to lift our family office capabilities to a new level.”
Ng Nam Sin, Chief Executive Officer, IBF:
“The new skills map reflects growing recognition of the need for a unique set of skills to engage family offices effectively. We are appreciative of the strong support from the industry in the development of this new skills map, which is the first of its kind in the world. Finance professionals who acquire relevant skills and experience can apply to be recognised professionally through IBF Certification.”
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. The Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities.
As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education.
MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial industry. IBF represents the interests of close to 200 member financial institutions including banks, insurance companies, securities brokerages and asset management firms. In partnership with the financial industry, government agencies, training providers and the trade unions, IBF is committed to equip practitioners with capabilities to support the growth of Singapore’s financial industry.
IBF is the national accreditation and certification agency for financial industry competency in Singapore under the Skills Framework for Financial Services, which were developed in partnership with the industry. Individuals who complete the IBF-accredited skills training programmes and meet the relevant criteria may apply for IBF Certification.