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17-06-2013, 07:10 AM
Wonder who started the ironies - DBS? Foreigner CEOs always better than local bankers? Luckily UOB managed to takeover OUB years ago and continued its disciplined growth path while OCBC remains rock solid despite controlled foreign hirings...
http://www.todayonline.com/singapore/gov...orean-core
singapore
Govt working with banks to develop ‘S’porean core’
Deputy Prime Minister Tharman Shanmugaratnam at a dialogue with Indian youths on Sunday, organised by the Singapore Indian Development Association (SINDA). Photo: Don Wong
Tharman stresses need to strike the right foreign-local balance in financial sector
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BY
WONG WEI HAN
-3 HOURS 3 MIN AGO
SINGAPORE — Acknowledging that some financial institutions, particularly the foreign banks, have to do more to develop a “Singaporean core”, Deputy Prime Minister Tharman Shanmugaratnam said yesterday that the Government has been holding an “active discussion” for over a year with these institutions to improve the situation.
Noting that they have been “very responsive and positive” to the Government’s call, Mr Tharman stressed that it was “not just a numbers game”.
Pointing out that, overall, Singaporeans “still hold a very large majority of professional jobs” in the financial sector, Mr Tharman said: “There has to be real opportunities ... real training and exposure given to Singaporeans so that they can take up positions as their career progresses.”
Mr Tharman, who is also the Finance Minister, said that the Monetary Authority of Singapore is in “constant discussion” with the banks on the issue, while both he and Acting Manpower Minister Tan Chuan-Jin have been talking directly to the lenders’ chief executive officers.
He added: “There are differences between the banks — some of them have Singaporeans much better represented in the range of functions, some others have Singaporeans pretty much in the middle and back office. So it depends on the bank. But the local banks do a better job clearly.”
Mr Tharman pointed out that the Ministry of Manpower has adjusted its policies on employment passes to slow down the inflow. Reiterating that the composition of the foreign workforce was “very important”, he said that it was important for the sector to “stay open to true talents, and slow down at the middle ... very significantly”.
Mr Tharman was speaking to reporters after a dialogue with 145 Indian participants aged between 16 and 24, as part of the Singapore Indian Development Association (SINDA)’s Youth Leaders Seminar. Almost a third of the 18 questions posed to Mr Tharman stemmed from concerns about the influx of foreigners and the competition for jobs.
Ms Ananthi Gunasekaran, a 20-year-old student at Nanyang Polytechnic, cited her experience during an internship with DBS Bank. Noting how there were usually more foreigners compared to Singaporeans in the lift as she makes her way to office, she said she was worried about her future in the financial sector.
In response, Mr Tharman said the Government is looking at the situation, including the “type of jobs” held by Singaporeans in the sector to “make sure that different functions of a bank ... have a right balance, within an institution as well as the industry as a whole”.
He acknowledged that “in some institutions — not DBS by the way, which has a large proportion of Singaporeans, overwhelmingly — there’s a larger proportion of foreigners”.
But Mr Tharman stressed it was important not to “focus on numbers but on proactive development of Singaporeans in their careers”.
He added: “Never close our doors, or else we’ll wither as a financial centre. Make sure we’ll be able to get true talents with real track records and knowledge about markets outside of Singapore. We need to have a right mix of skills … but make sure the core is very clearly Singaporean.”
Mr Kuppan Chockalingam, an 18-year-old student at Anglo-Chinese School (Independent), asked whether the growing number of international schools would create problems for social integration.
Mr Tharman replied that the Government is not keen on having too many international schools catering to a single ethnic group or nationality.
Nevertheless, he noted that the presence of these schools, which allow expatriates’ children to continue their education uninterrupted, is needed for the Republic to maintain its competitiveness “as a business centre”.
“We’re careful about the balance, and we don’t intend for there to be unlimited growth of international schools … it’s important for those who intend to stay in Singapore for the long term to attend our local schools,” he said.
National University of Singapore law undergraduate Nithya Devi, 19, asked whether the transportation system can cope with the population growth as more foreigners come to Singapore. In response, Mr Tharman reiterated that the Government is “investing massively” in public transport. “We’re focused on this task — to improve the bus system in the short term and the MRT system in the medium to long term,” he said, adding that he expects significant improvements in seven to eight years.
Among the other topics raised by the participants included work-life balance and rising living costs.
Mr Tharman shared with the youths the importance of productivity improvements as the Government restructures the economy and creates better jobs for Singaporeans. Narrowing income disparity is also on the Government’s agenda, he said.
“Helping all young Singaporeans have the skills and employability is a critical strategy … It’s about continuous education, and we’re working profession by profession, to upgrade the jobs for those lower down on the income ladder,” he said.
http://www.todayonline.com/singapore/gov...orean-core
singapore
Govt working with banks to develop ‘S’porean core’
Deputy Prime Minister Tharman Shanmugaratnam at a dialogue with Indian youths on Sunday, organised by the Singapore Indian Development Association (SINDA). Photo: Don Wong
Tharman stresses need to strike the right foreign-local balance in financial sector
View all 0 comments
Share on Tumblr
BY
WONG WEI HAN
-3 HOURS 3 MIN AGO
SINGAPORE — Acknowledging that some financial institutions, particularly the foreign banks, have to do more to develop a “Singaporean core”, Deputy Prime Minister Tharman Shanmugaratnam said yesterday that the Government has been holding an “active discussion” for over a year with these institutions to improve the situation.
Noting that they have been “very responsive and positive” to the Government’s call, Mr Tharman stressed that it was “not just a numbers game”.
Pointing out that, overall, Singaporeans “still hold a very large majority of professional jobs” in the financial sector, Mr Tharman said: “There has to be real opportunities ... real training and exposure given to Singaporeans so that they can take up positions as their career progresses.”
Mr Tharman, who is also the Finance Minister, said that the Monetary Authority of Singapore is in “constant discussion” with the banks on the issue, while both he and Acting Manpower Minister Tan Chuan-Jin have been talking directly to the lenders’ chief executive officers.
He added: “There are differences between the banks — some of them have Singaporeans much better represented in the range of functions, some others have Singaporeans pretty much in the middle and back office. So it depends on the bank. But the local banks do a better job clearly.”
Mr Tharman pointed out that the Ministry of Manpower has adjusted its policies on employment passes to slow down the inflow. Reiterating that the composition of the foreign workforce was “very important”, he said that it was important for the sector to “stay open to true talents, and slow down at the middle ... very significantly”.
Mr Tharman was speaking to reporters after a dialogue with 145 Indian participants aged between 16 and 24, as part of the Singapore Indian Development Association (SINDA)’s Youth Leaders Seminar. Almost a third of the 18 questions posed to Mr Tharman stemmed from concerns about the influx of foreigners and the competition for jobs.
Ms Ananthi Gunasekaran, a 20-year-old student at Nanyang Polytechnic, cited her experience during an internship with DBS Bank. Noting how there were usually more foreigners compared to Singaporeans in the lift as she makes her way to office, she said she was worried about her future in the financial sector.
In response, Mr Tharman said the Government is looking at the situation, including the “type of jobs” held by Singaporeans in the sector to “make sure that different functions of a bank ... have a right balance, within an institution as well as the industry as a whole”.
He acknowledged that “in some institutions — not DBS by the way, which has a large proportion of Singaporeans, overwhelmingly — there’s a larger proportion of foreigners”.
But Mr Tharman stressed it was important not to “focus on numbers but on proactive development of Singaporeans in their careers”.
He added: “Never close our doors, or else we’ll wither as a financial centre. Make sure we’ll be able to get true talents with real track records and knowledge about markets outside of Singapore. We need to have a right mix of skills … but make sure the core is very clearly Singaporean.”
Mr Kuppan Chockalingam, an 18-year-old student at Anglo-Chinese School (Independent), asked whether the growing number of international schools would create problems for social integration.
Mr Tharman replied that the Government is not keen on having too many international schools catering to a single ethnic group or nationality.
Nevertheless, he noted that the presence of these schools, which allow expatriates’ children to continue their education uninterrupted, is needed for the Republic to maintain its competitiveness “as a business centre”.
“We’re careful about the balance, and we don’t intend for there to be unlimited growth of international schools … it’s important for those who intend to stay in Singapore for the long term to attend our local schools,” he said.
National University of Singapore law undergraduate Nithya Devi, 19, asked whether the transportation system can cope with the population growth as more foreigners come to Singapore. In response, Mr Tharman reiterated that the Government is “investing massively” in public transport. “We’re focused on this task — to improve the bus system in the short term and the MRT system in the medium to long term,” he said, adding that he expects significant improvements in seven to eight years.
Among the other topics raised by the participants included work-life balance and rising living costs.
Mr Tharman shared with the youths the importance of productivity improvements as the Government restructures the economy and creates better jobs for Singaporeans. Narrowing income disparity is also on the Government’s agenda, he said.
“Helping all young Singaporeans have the skills and employability is a critical strategy … It’s about continuous education, and we’re working profession by profession, to upgrade the jobs for those lower down on the income ladder,” he said.
