Private Banking Industry Group Launches Initiatives to Grow Private Banking Talent in Singapore
2nd December 2020 | Singapore
The Private Banking Industry Group (PBIG) in Singapore has launched a new initiative for private banks to grow private banking talent in Singapore over the next 3 years (2021 to 2023), with opportunities for Singapore university students to secure 200 traineeship roles in leading private banks such as UBS, Credit Suisse, JP Morgan, Citibank, HSBC, Deutsche Bank, Bank of Singapore and many more.
” Private Banking Industry Group launches new initiative to hire 200 trainees in leading private banks in Singapore “
200 Traineeships in Private banks
The new initiative PBIG-BEN, “Build, Encourage, Nurture”, will provide work-study opportunities to 200 university students in traineeship roles for in-demand jobs in private banks. At least 30% of their university curriculum will comprised of a traineeship in the private banks, in roles such as relationship mangers, product managers, data analysts, business risk managers and cybersecurity analysts.
The longer traineeship period will allow private banks to develop more meaningful structured on-the-job training to complement the academic courses taken by the trainees, allowing them to be better equipped for full-time roles in the private banking & wealth management industry upon graduation.
Support from Singapore Central Bank, MAS
Singapore Central Bank, Monetary Authority of Singapore (MAS) supports the program by funding 80% of the internship stipend, capped at $1,000 per month for each Singaporean undergraduate.
The Private Banking Industry Group (PBIG) is currently co-chaired by Monetary Authority of Singapore and UBS.
The PBIG Executive Committee comprises of The Association of Banks in Singapore (ABS) and 14 banks (Julius Baer, Pictet, Bank of Singapore, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, DBS, HSBC, JP Morgan, LGT, Standard Chartered, UBS and UOB).
The PBIG-BEN Initiative:
- 200 undergraduate traineeship positions over 3 years (2021 to 2023)
- For relevant Work-Study Degree (WSDeg) Programme offered by universities in Singapore
- Roles such as relationship mangers, product managers, data analysts, business risk managers and cybersecurity analysts.
- Complete Traineeship that makes up at least 30% of University programme duration
Gillian Tan, Assistant Managing Director (Development and International), MAS:
“The wealth management industry in Singapore has continued to enjoy good growth, generating demand for highly-skilled talent. The PBIG-BEN initiative introduces key elements of a structured on-the-job training programme and standardised training curriculum across different banks, which will benefit both students and employers.
The initiative will provide a sustainable pipeline of job-ready talent to Singapore’s private banking industry, which is essential for the sector’s growth.”
August Hatecke, Co-Head of Wealth Management Asia Pacific, UBS:
“I am delighted to co-lead this very important industry initiative with MAS. We believe that to stay competitive in an ever changing and disruptive future, it is critical for the industry to develop and nurture a workforce of the future with the right sustainable skills that can further enhance the financial industry and Singapore’s role as a key global financial center.
This PBIG-BEN initiative will provide the best of both worlds as the undergrad trainees will undergo a robust apprenticeship and gain relevant industry experience, while the banking industry works hand in hand to nurture the future banking talent of Singapore.”
The Private Banking Industry Group (PBIG)
The Private Banking Industry Group (PBIG) comprises senior industry leaders and representatives from the private banking industry. It was re-constituted from the Private Banking Advisory Group in 2011, with the support of the Monetary Authority of Singapore to further strengthen the competency and market conduct standards of the private banking industry in Singapore.
The PBIG is currently co-chaired by Monetary Authority of Singapore and UBS AG. The PBIG Executive Committee comprises The Association of Banks in Singapore (ABS) and 14 banks (Bank Julius Baer, Bank Pictet & Cie, Bank of Singapore, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, DBS, HSBC, JP Morgan, LGT Bank Singapore, Standard Chartered Bank, UBS AG and UOB).
The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore.
Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of more than 150 local and foreign banks.
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