The financial industry is dramatically shifting with the introduction of new technologies. As consumer demands for the latest innovation increase, financial market players are running into a serious problem: a shortage of technological talent. In order to close this talent gap, it is necessary to ensure future generations are well-prepared in all things technological. This means that business and governments alike should invest in FinTech by partnering with educational institutions to offer FinTech-related training courses.
One such place where this is already underway is Singapore. There, the Monetary Authority of Singapore (MAS) has committed more than USD 160 million to educational initiatives that will turn the country into a global FinTech hub within the next 5 years. Specifically, curricula have introduced FinTech to young learners, incorporating expertise and experience from businesses to inform the curricula. Businesses, such as Singapore-based DBS Bank, are also getting involved, partnering with educational initiatives as well as providing important resources necessary for FinTech learning.
Ultimately, investing in youth is imperative for a country’s success. And countries and businesses should look to Singapore for inspiration. With the rise of technology, it’s smart to adapt accordingly in order to prepare for the future.