The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding with the five local polytechnics to promote the development of skills in financial technology (fintech).

The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding with the five local polytechnics to promote the development of skills in financial technology (fintech).

Among the initiatives lined up: Next year, Ngee Ann Polytechnic will start 100 fintech internships and build a pool of 100 fintech mentors.

More than 2,500 students who are enrolled in the banking and IT-related courses in the five polytechnics each year stand to benefit from the partnership. For instance, the MAS will work with the polytechnics to shape curriculum so as to meet the financial sector's needs in fintech.

Final-year students will also get internship opportunities in fintech-related roles in start-ups, financial institutions and regulatory bodies, with mentors, including venture capitalists and incubators, to guide them.

In addition, these students can get help pairing up with potential partners in the fintech community for their final-year projects, which will cover areas such as agile software development, mobile applications development, user interface/user experience, cloud application development, data analytics, Application Programming Interface development, and cybersecurity.

Previously, a KPMG report said Singapore has been more aggressive in pursuing fintech opportunities, and fintech consultancy tryb noted that all but a dozen of the around 210 fintech firms operating in Singapore have opened in the past two years - the fastest growth rate in Asia.

Source: Government of Singapore