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Singapore is one of the largest financial centers of the world with a clear dominance over the Asia-Pacific region. Following the liberal economic reforms by the progressive government, this sovereign Island-State has managed to become a true leader in Asia. Today, Singapore hosts more international financial institutions from overseas than any other city within the region. Therefore, its importance in terms of the financial sector is undoubtedly big.
The economy of Singapore is quite completely dependent on the services industry, primarily specializing in finance. Therefore, its workforce is tailored to the country’s needs and the labor market, resulting in the ever-growing number of economists, financial advisers, and accountants. However, with the sudden rise of the forex trading sector, the workforce seems to be needing a refresh. The Singapore forex brokers list is expanding constantly and quickly due to the soaring demand for foreign currencies within the state. However, other factors such as the tolerant environment and regulation-free market are also contributing.
Moreover, the high rate of digitalization has brought many benefits, as well as challenges to the Singapore economy. Financial institutions benefit from faster, more efficient, and convenient services. However, Singapore, despite being highly technologically advanced, does not possess an adequate workforce with commuting abilities. Software and hardware developers are high on demand across the entire country. However, more specifically, demand is extreme for fintech specialists. This invention of the recent decade allows institutions to provide better services at lower costs. Therefore, this mega financial hub of the Asia-Pacific is taking its chances within the niche.
This is exactly why the Monetary Authority of Singapore (MAS) is setting up a one of a kind research facility working with the future generation of fintech learners. The work was done in cooperation with the National Research Foundation (NRF) and the National University of Singapore (NUS). Yet, the institution offering courses will be the Asian Institute of Digital Finance. This is the official name of the newly established body, bracing to work within this very specific area in an attempt to deliver highly qualified workers for the Singapore labor market. It will also feature an incubation unit in order to foster innovation and novelty in the digital finance field.
The joint program of these very influential and well-respected educational institutions will offer a master’s degree in digital finance. Students with outstanding records will have an opportunity to access the scholarship, allowing them to conduct research studies at a doctoral level. The institution will also train post-graduate fellows in the specific areas they choose. The NUS President, Tan Eng Chye said that the new institution will serve as a hub and kind of a ‘pipeline’ for Singapore and a general region. “Fintech is making a profound impact on financial services, and will continue to drive the transformation of the financial services industry in Singapore,” he says. “NUS’ thought leadership in digital technologies such as artificial intelligence, blockchain, cloud computing, and data science makes us perfectly positioned to address the challenges of the digital economy in Singapore and other parts of the world.”
NUS will also conduct research in fintech and discover new areas. It will operate a so-called “fincubator” project, driving innovation and developing ideas that exist within the institution and beyond. With its extensive infrastructure and the network of influential academic stuff, NUS will certainly become a jewel of modern financial education in Singapore and a wider region. Through applied research and active collaboration with industry, AIDF will help to build strong capabilities in digital finance and fintech. The Institute will facilitate the expansion of knowledge and skills among fintech leaders in the region and support the digitalization of economies in ASEAN and beyond.” said Ravi Menon, the Managing Director of MAS.
