Bank of Singapore partners Wealth Management Institute and Nanyang Technological University to launch an advanced diploma in private banking programme
Singapore, 24 May 2016 – Bank of Singapore （新加坡银行）today announced that it is partnering the Wealth Management Institute (WMI) （财富管理学院，新加坡）and Nanyang Technological University (NTU)（南洋理工大学, 新加坡）to launch a new training and development programme – Advanced Diploma in Private Banking （私人银行高级文凭）- for its private bankers. This partnership marks the first time that NTU, ranked 1st in the world1 among universities that have been in existence for less than 50 years, is collaborating with a financial institution to award an advanced diploma in the field of private banking.
The programme will be accredited by the Institute of Banking and Finance Singapore (IBF) (新加坡银行与金融学院) as an IBF Standards Level 2/ 3 Programme in Wealth Management – Private Banking. This is the highest level of accreditation for this industry specialisation under the IBF Standards, which serve as a professional development roadmap for industry practitioners. IBF is the national accreditation and certification agency for the financial industry in Singapore.
WMI, Asia’s first centre of excellence for wealth management education, plays the lead role in the curriculum design and delivery of this coveted programme including partnership with NTU.
With the launch of this new Advanced Diploma Programme, Bank of Singapore will rank among the few private banks based in Singapore to offer its bankers a holistic suite of training programmes that all meet the full spectrum of the IBF Standards (Level 1 to Level 2/3).
Commissioned by Bank of Singapore and awarded by NTU, the Advanced Diploma in Private Banking Programme is designed to equip Bank of Singapore private bankers not only with in-depth knowledge but hands-on experience across the various aspects of wealth management such as wealth advisory, risk management and relationship building.
The inaugural cohort of Bank of Singapore private bankers will commence their programme at the end of June and graduate in November 2016.
Bank of Singapore Chief Executive Officer, Mr Bahren Shaari (博林, 新加坡银行首席执行官) said: "As Asia’s Global Private Bank, it is important for us to set the highest professional standards of private banking in Asia. This requires us to continually deepen and sharpen the skills of our private bankers, not just in theory but also in complex analytical and application skills.
"Our aim is to help our private bankers to succeed. Now that we can offer them a robust training and development programme complementing what we already have - a sound business model and strong open-architecture product platform - our bankers need not look elsewhere to carve out fulfilling careers. They also need not sacrifice their own personal time to look for upgrading opportunities," he added.
With the Advanced Diploma Programme, Bank of Singapore bankers will receive tutelage from an established panel of lecturers specially convened by WMI and NTU, who are largely senior practitioners renowned for their knowledge and experience in the financial industry. They include Dr. Aaron Low, CFA, and Associate Professor Low Buen Sin, associate dean at NTU’s Nanyang Business School.
Dr. Aaron Low （刘雄威博士，Lumen 咨询有限公司董事合伙人）is the first Singaporean to be elected as the Chair of the CFA Institute Board of Governors and served his term from 1st September 2014 to end August 2015 and continues to serve on the Board as Immediate Past Chair. He is currently a Principal of Lumen Advisors in San Francisco and Singapore, where he manages emerging markets macro long/short funds and oversees Lumen’s operations in Asia. Associate Professor Low is the Associate Dean of Nanyang Executive Education and the Associate Professor of Finance (刘万燊博士，新加坡南洋理工大学南洋商学院副院长、及银行与金融系副教授）at the Nanyang Business School in NTU. He has won numerous teaching and research awards at NTU.
Mr Shaari explained, "The private banking industry is undergoing a period of radical change – with the global call for greater transparency, the evolving regulatory environment and the advancement of financial technology. Constant upgrades through training and development are one of the key ways we can equip our people to stay relevant and be able to serve our clients better. Our partnership with WMI and NTU is testament of our unwavering commitment to our people and ultimately our clients – we give our clients the best and most suitable talent to help manage their wealth.
"Investing in our people also benefits the company as we are effectively increasing our internal pool of talent to meet future expansion plans rather than just hiring from outside," he added.
Bank of Singapore’s Commitment to Talent Development
Since the inception of Bank of Singapore in 2010, it has invested heavily in the development of its employees. To date, close to US$30 million has been invested in human resource initiatives and programmes, focusing on five key areas – Talent management and leadership, employees’ professional development, corporate values and practices, client experience and client education.
A wide variety of training courses is availed to staff including customised learning for each job function, training the next generation of leaders and lunchtime talks with industry leaders.
In 2015 alone, Bank of Singapore employees clocked in twice as many training hours as they did the year before. Client-facing employees averaged 90 hours of training.
Statement from Ms Foo Mee Har, Chief Executive Officer, Wealth Management Institute （胡美霞， 新加坡财富管理学院总裁）
"We are deeply encouraged by Bank of Singapore’s passion for education and substantial investment in the training and development of their people. This opportunity to develop a fully customised Advanced Diploma programme for Bank of Singapore’s senior private bankers leverages our expertise in wealth management education for industry professionals as well as our strong network of faculty consisting of local and global thought leaders and distinguished industry practitioners. The programme will focus on deepening bankers' skills to provide total wealth advisory capabilities that meet the full spectrum of clients' investment and wealth planning needs. We are excited about this partnership with Bank of Singapore and NTU, forged with the singular aim of developing Asia’s best wealth managers."
Statement from Professor Freddy Boey, Deputy President and Provost, Nanyang Technological University (梅彦昌 教授, 副校长兼教务长, 南洋理工大学, 新加坡)
"NTU is privileged to partner with the Bank of Singapore and the Wealth Management Institute in this endeavour. This specially-tailored programme is an excellent example of how NTU strongly advocates lifelong learning, and the important role we play in ensuring Singapore’s workforce remains highly skilled and globally competitive. NTU’s Nanyang Business School professors will be working closely with our partners to design a rigorous curriculum with global relevance. Participants will benefit from the latest thought leadership and best practices, gleaned from academia and skilled practitioners in the private banking world."
Statement from Ms Ong Puay See, Chief Executive Officer, Institute of Banking and Finance Singapore （王佩诗，首席执行官，新加坡银行与金融学院）
"I congratulate Bank of Singapore, WMI and NTU on this key milestone to raise industry standards and drive professional excellence. The IBF Standards serve as a professional skills roadmap for the industry. By having training programmes accredited under the IBF Standards, training providers, IHLs and financial institutions demonstrate their commitment to enhance practitioners’ capabilities so they can thrive in an industry facing fundamental transformation."
1 In 2015, NTU was ranked 1st in the world among universities below the age of 50 by Quacquarelli Symonds (QS) for the second consecutive year.