2. A tri-partite partnership between MAS, Singapore universities and financial institutions, the FSP is a postgraduate scholarship programme to groom a sizeable pool of specialists in targeted fields such as risk management, quantitative finance, financial engineering and actuarial science. Under the programme, Singapore-based financial institutions are encouraged to send promising executives or fresh graduates to undertake specialised Masters programmes in top-ranked international Universities. Upon graduation, FSP scholars will return to Singapore to contribute in their respective fields with their sponsoring financial institutions.

3. MAS will set aside a budget of S$30 million from the FSDF over the next 5 years . It expects to award some 150 FSP scholarships over the next 5 years. 13 financial institutions have come on aboard to co-sponsor 120 scholars and MAS expects more institutions to participate in the programme.

4. MAS will also leverage on our local universities to identify and prepare a pipeline of outstanding students with high potential to undertake the specialised Masters programmes in top Universities. Students identified will have an opportunity to be selected and sponsored by financial institutions for postgraduate studies under the FSP. The industry will also provide internships to successful candidates before they commence their postgraduate studies to give them practical exposure in their chosen specialisation.

5. Said Mr Heng Swee Keat, Managing Director, Monetary Authority of Singapore, “Looking further ahead, the greater sophistication of our financial services will place greater demands on specialist skills. We should aim to nurture a critical mass of specialists who can meet these demands and drive our next phase of growth.”

Information:
1. Financial Sector Development Fund
The Financial Sector Development Fund was set up to facilitate the development and enhancement of talent and infrastructure for Singapore’s financial centre. For more information on the Financial Sector Development Fund, please refer to:
http://www.mas.gov.sg/masmcm/bin/pt1Assistance to Financial Institutions.htm

2. List of Pioneer Financial Institutions Participating in the FSP
• ABN Amro Bank DV
• Barclays Capital
• BNP Paribas
• Citibank NA
• Credit Suisse
• DBS Bank Ltd
• Fortis Bank N.A/S.V
• Hong Kong and Shanghai Banking Corporation Limited,
• The Oversea-Chinese Banking Corporation Ltd
• Singapore Exchange
• Standard Chartered Bank
• UBS AG
• United Overseas Bank Ltd

source: www.theasianbanker.com