Question: If you’re a CEO of a large bank that is overly exposed to Hong Kong, what would you do?

Answer: Based on the data I have, Hong Kong is one of the world’s most profitable banking markets in the world, full-stop! On average, the banking system in Hong Kong generates profits of US$200,000 per bank employee. In Singapore, it’s about US$120,000. No bank in continental Europe comes close to this, and this is with interest rates being relatively low.

In Hong Kong, there have been eight new digital banking licenses given, with two going to incumbents. So, if you consider four of the big banks, two have gone for a standalone banking license as a defensive mechanism. For the big one that didn’t, they have a very strong market position and they will have the budget to spend on digital and technology if needed. However, peak profitability is probably behind them. But in a way it’s a better problem to have compared to some continental European banks that have 1-2% ROE!

Q: What do you think is the current state of talent, how is it changing and what needs to be done to keep pace with change?

A: I think the bigger issue isn’t about talent – it’s about incentives, governance and strategic direction. Some of the smartest talents we know are went into these banks; if they’re not smart right now, something happened to them in there!

It’s very easy to say talent is only here in my cool Fintech startup and not in banks. There is a lot of talent everywhere. However, there is the question of training and relevance. The bigger issue is how you manage these organisations. Getting new skills and taking courses is great, but for me it’s more important to consider how you think about managing these companies and governance.

Q: How do we deal with the challenge of changing approaches to banking when it comes to the workforce?

A: This reminds me of a lunch we did in Singapore. There was a lady asking Huy how to essentially future-proof her kids! In context to your question, there are many people moving from big companies to Fintechs, startups and challenger banks etc. If I had been asked this, I would’ve said it’s not about their technical, accounting or legal skills. It’s a different thing that suddenly they realise they’re not used to – standing on their own two feet. It’s about going from being an agent to a principal. 

All of us who work in big companies know about this – agents are just passing the buck! That is the biggest difference – the culture and psychology. I hope most of the people in these big companies have the skill set to be able to retrain themselves if they wanted to. It’s all about autonomy and responsibility, and not just thinking like an automaton.

Click here to read part 1.

To watch the full presentation on BrightTalk, click here.

Click here to subscribe to the CFTE BrightTalk channel, where you can catch up on all our presentations in full.

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About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post Q&A with Ronit Ghose – Part 2 appeared first on CFTE.

Question: For a long time, we’ve had low interest rates, so banks aren’t making the money they’d like to. Is this holding them back from changing their technology platform and so they are just tinkering on the side?

Answer: That’s a very good question. We had a checklist in the report where we tried to identify what allowed banks in different countries or system to embrace digital or technological change. One of the key factors was budget. For the banks in regions like Australia, Singapore and the US, the tech budget has been going up with the typical number being about 15-25% of total costs.

From 2010, that number has been growing steadily. In Europe, that ratio has been going down. There’s a very short-term firefighting focus among many European banks currently. The tech can be bought if needed, but it’s prioritisation and incentive that’s the biggest challenge.

Q: Digital banks are innovating with technology, but their fundamental philosophy is the same. Do you see cryptocurrency and direct ownership of money disrupting banking before digital banks?

A: The challenge that banks have is trying to work out what the use case is right now for blockchain and cryptocurrency. Obviously, there are a lot of problems that could be solved. But for me, perhaps 99% of the population care that a bank is like an institution – if anything goes wrong, I will go to the regulator and complain. So, the crypto critique of the role of institutions in banking is a relatively marginal one in my humble opinion.

However, there are lots of parts of banking are very slow and archaic and there could be solutions. I’ve just not seen one that’s industrialised at scale. My favourite non-answer is that it’s like the Internet, but in 1992! I think the problem is that there was so much hype two to three years ago, and it’s almost created this sort of bubble that blockchain is great, but we haven’t gotten the proof and that scale of applications yet.

Click here to read part 2.

To watch the full presentation on BrightTalk, click here.

Click here to subscribe to the CFTE BrightTalk channel, where you can catch up on all our presentations in full.

——————————————————————————————————————–

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

——————————————————————————————————————–

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

——————————————————————————————————————–

Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post Q&A with Ronit Ghose – Part 1 appeared first on CFTE.

CFTE created the first industry-led course for AI in Finance, a SkillsFuture-accredited course in partnership with Ngee Ann Polytechnic, a leading institution of higher education. Along the way, we quickly realised that many Singaporeans are simply unaware of funding on offer for accredited courses, as well as how to use their SkillsFuture Credits effectively. Simply put, many Singaporeans aged 25 and above have no idea that they’re eligible for $500 in free credits!

As a result, we want to break it down for you. Here’s our easy three-step guide explaining how to use SkillsFuture Credits to kickstart your career in Fintech, with AI in Finance used as an example:

1. Know Your Rights

Whether you want to upskill yourself or are part of a learning and development department looking to upgrade your collective knowledge, there are plenty of courses that have been accredited by Singapore, with enticing subsidies to boot!

SkillsFuture Singapore in Numbers:

• Over 18,000 available courses
• More than 285,000 people have benefited from SkillsFuture Singapore
• At least 4,600 have enrolled in ‘SSG for the Digital Workplace’, learning functional skills for the future digital economy
• At the same time, you can identify eligible courses for SkillsFuture credits through the course directory here

Funding and Potential Subsidies for Singapore citizens:

• SG$500 worth in credits if you are aged above 25
• Accredited courses will be partially funded by the state, with 70 to 90% funded for those aged above 40

On the Training Exchange page, you can search for courses related to certain areas of training, industry sectors, supporting agencies and types of training providers. Popular courses include the likes of Fintech, language skills, innovation in business, cybersecurity and more. 

On the course page, you will find information such as:

• Price
• Claim periods
• Mode of training
• Training duration
• Course language
• Prerequisites and minimum qualifications

However, it’s important to note that not all courses are hosted on the directory! To enrol and verify information like dates and course structure, you should get in touch with the course provider directly. This may be more effective if you refer to their website and, if available, attempt to enrol via their enlisted contact details.

2. Define Your Dream Course

It’s vital that you set some objectives for your ideal course(s). This gives you time to reflect on the areas of need in your career and will eventually optimise the outcome of anything you may learn.

Naturally, different courses will have differing levels of accreditation and prerequisites. It’s important to understand the aspects of the courses, and especially how they relate to or affect your future desired career.

Using Fintech as an example, you may already recognise the widespread industry disruption from emerging technologies like Artificial Intelligence. This evolution urgently calls for an appropriately skilled workforce. The CFTE AI in Finance course fulfils this industry need while providing a clear educational framework for professionals such as:

• A good understanding of the main concepts behind AI, including machine learning, deep learning, natural language processing and more
• Learning to identify potential use cases of AI in different sectors of finance
• Understanding the opportunities / challenges of implementing AI

To top it all off, you will also achieve SkillsFuture accreditation!

3. Apply for a course using your SkillsFuture Credits

Register for your desired course either directly via the course provider or through the SkillsConnect directory.

Using the example of AI in Finance, here’s how to claim directly via a course provider:

1. Head to www.np.edu.sg/lifelonglearning/Pages/aifinance.aspx
   
   
2. Click on the button labelled “Singaporean/Singapore PR Who Are Working Adults To Enjoy Subsidies” below “Apply Now As”.
   
   
3. Sign in with your SingPass ID and fill in any relevant details.
   
   
4. Complete the application and wait for confirmation from Ngee Ann Polytechnic.

As mentioned earlier, the course is SSG (SkillsFuture Singapore) accredited, with a standard price of SG$963. However, with state funding, you will qualify for extensive subsidies:

• Singapore citizens and PRs: $288.90
• SC Qualified for WTS (Promo code: WTS): $63.90
• SC Aged 40 and Above: $108.90
• SC & PR Sponsored by SME (Promo code: SME): $108.90

This accreditation means users can pay the remaining amount with their allotted credit. Here’s how to claim via SkillsFuture Credit:

1. Login to www.skillsfuture.sg/credit/
   
   
2. Click on “Login via SingPass”.
   
   
3. Login using your NRIC and SingPass ID.
   
   
4. Alternatively, you may also scan the QR code using the Singpass Mobile app to login.
   
   
5. Enter the course code: NP_SFAIFIN
   
   
6. Click on “Claim SkillsFuture Credit”.
   
   
7. Double check that your details are correct and confirm your claim.

That’s it, you’re done!

We hope this guide has helped you understand how easy it is to claim and use SkillsFuture credits on SSD accredited courses. You can also look around for our other courses to learn more about the latest trends in Fintech today.

It goes without saying that you should embrace this opportunity to upskill yourself by taking advantage of these subsidies. This is a rare opportunity to prepare yourself and hone your skills, gaining industry accreditation and becoming a better professional!

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post How to Use SkillsFuture Credits to Start Your Career in Fintech appeared first on CFTE.

Why should you care?

In today’s fast-paced world, the only constant is change. Gone are the days of employees clocking in decades of service at the same job, doing mostly the same roles. Therefore, a valued quality is thinking on your feet and being able to adapt quickly and nimbly to industry changes. To use one example, Fintech and AI have been disrupting the finance industry for several years and will continue to do so for the foreseeable future. This means that executives in the industry must learn about these new technologies and how they work in order to adapt and implement changes to remain effective components of the workforce.

Without a mind that can adapt, learn and overcome the various challenges posed by change, workers will become obsolete. Entrepreneurs face such challenges daily, and it is easy to see why such a mindset is highly valued by employers. No company has, or ever will, survive with a workforce consisting of yes men. Alternative points of view are needed, not only to challenge existing mindsets, but also to push the company forward and to embrace change for the better. 

Let’s consider the position of various banks and financial institutions. KPMG predicts that investment deals will continue to grow in 2019, with a focus on Fintechs with proven traction in order to lower risk, while financial institutions are expected to sign more partnerships, while incumbents invest in mergers and acquisitions. If traditional institutions like banks and corporate investors are setting aside funds to invest in change, why shouldn’t you either? Many of these firms now have dedicated innovation teams whose purpose is to accelerate the pace of change of the structure within. If banks realise they’re not safe from change, who’s to say you, as the employee, is?

CFTE Extrapreneurship Programme

Experiential learning is self-explanatory, whereby students learn through experience. In other words, it is sink or swim. This is very much in line with the working culture at many big companies and multinationals, not just fast-paced startups! Entrepreneurs face new challenges all the time, and without the right mindset to think of solutions, their businesses will go bust. Putting learners into their shoes, the Extrapreneurship course will encourage current executives to develop the thinking mind of an entrepreneur. 

Not only does this help extrapreneurship participants develop the right mindset, it also promotes a way of thinking that encourages positive initiatives and discovering new methods of operation that can improve productivity. Think of it as a mini MBA of sorts. While MBAs are built on existing curriculums, it may not be as up to date as CFTE’s Extrapreneurship programme, which uses current strategic issues and implement learning alongside high-growth startups. 

There is a point to be made for the classic education that comes with a traditional MBA, but there is also a very strong argument for alternatives such as Extrapreneurship. In this course, they will work together with startups and fellow learners to dissect and solve real challenges that are currently being tackled in today’s world of finance, making it very much a course that will prepare learners for the challenges they will face.

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The CFTE Extrapreneurship Programme allows professionals to experience the work environment & methodologies of a high-growth startup. Structured as an 8-week curriculum, participants will work in teams remotely and on a part-time basis, on a real problem statement issued by a high-growth startup and curated by CFTE.

Click here to learn more about the CFTE Extrapreneurship Programme.

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Cover image from mentoring.coleygts.com

Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post Why is Extrapreneurship Important? appeared first on CFTE.

Artificial intelligence in finance has undoubtedly brought the industry to the next level and is set to revolutionise the way it works. However, it may also have an adverse, short-term effect on human capital. With AI reducing the need for human labour when performing mundane or routine tasks, this may leave some people out of a job. Similarly, if smaller or mid-sized firms form alliances and partnerships, or are merged with other companies to diversify their data pools, this may also affect people in the short-term as some may be susceptible to retrenchment. 

Although AI will open up new avenues for humans to focus on, this will undoubtedly require training or upskilling to learn new skills. In any industry, efficient processes exist thanks to a combination of human and artificial strengths – some basic examples include a carpenter and his tools, doctors and medical machinery, or engineers and specialised software. In the same way, the world of finance has already been highly reliant on this combination of human and artificial strengths; AI is just the next step in this season of evolution.

This is reflected in the views of Erkin Adylov (Behavox) in the CFTE AI in Finance course, saying that thanks to automation, individuals will be free “to start using their imagination and go into more creative roles within the bank”. 

He adds that “this will be a big productivity boost because the creativity that it will unlock is going to be unseen in the context of human history.”

However, such creativity can only be unleashed with an understanding of AI in finance and how it works and its effect on processes. There may be casualties in the short-term, but it is also part of the growing pains that accompany any major industry development. In the same way that computers and the Internet completely changed the way in which we work, AI has the potential to break through existing barriers to create new boundaries for what is possible within not just finance, but all industries the world over.

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

——————————————————————————————————————–

These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

——————————————————————————————————————–

Cover image from numadic.com

Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post How AI in Finance Affects Human Capital appeared first on CFTE.

The rise of artificial intelligence in finance has resulted in a diminished need for search and comparison costs for customers. This pushes financial services providers to extreme ends of the market, with larger returns for large-scale companies and new opportunities created for innovators in specific niches. Overall, this is set to increase healthy competition as institutions begin forming alliances and partnerships to secure a more diverse pool of data, but it also poses potential strategic and operational risks.

Although such partnerships may be enticing, this could also mark the end of small- and mid-sized firms as the market will be skewed to favour large-scale players. For example, it is impossible to imagine a small firm in China taking on the likes of Ping An or Alibaba simply due to the sheer scale of their resources – monetary, data and user base.

The rise of AI platforms has led many consumers to lower-cost providers, while those with specific niche needs will find products that cater to their situation. Similarly, AI also makes it cheaper for firms to create products to respond to demand, accordingly, making it close to impossible for smaller companies to keep up when larger incumbents begin offering AI-driven services themselves.

However, this also creates a new headache for regulators who must decide how to respond to this consolidation in a bid to prevent near monopolies. Depending on the markets they govern, there may also be pressure to create regulations in order to allow new players to rise up, which can be a tricky scenario, especially when there is plenty of cross-border merging.

The alliances and partnerships formed by financial institutions with startups mirrors the words of Martin Markiewicz (Silent Eight) in the CFTE AI in Finance course – “AI is something that is already here. If you understand what it is, perfect timing. If you don’t, you’re kind of behind.”

It is through consolidation that the shortcomings in different areas can be fixed quickly, allowing mid-tier firms to survive and scale their niche offerings, while large-scale players can continue to reap the benefits of collecting diverse data sets. However, whether these alliances will result in healthy competition among alliances or absorption into a few large-scale players remains to be seen.

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

——————————————————————————————————————–

These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

——————————————————————————————————————–

Cover image from workamaniac.com

Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post How AI in Finance May Improve Healthy Competition appeared first on CFTE.

AI in finance is not just a fad that is designed to make a company look good on the outside; it also transforms how operations in the back-end work. In fact, it can improve operations to such an extent that some companies may even make it available as a commercial service, changing the way a traditional institution works. However, it can also have an adverse effect on talents, especially if they have not been upskilled to understand its potential.

For instance, let us assume that a financial institution makes use of artificial intelligence to drive change in operating models in their centres. Through algorithms and machine learning, these processes continue to improve by utilising data collected from its users, allowing it to self-improve at a rate much faster than previously thought imaginable. In some instances, the usage of cloud-based architecture allows for easy “plug-and-play” with third-party services, allowing more data to be processed in a shorter period. This also further pushes the agenda of centres of excellence becoming services, which can be demonstrated in the rise of open APIs and open banking.

Examples of best-in-class processes that have been made available as SaaS offerings include BlackRock’s Aladdin and Ping An’s OneConnect. So much so that BlackRock’s CEO Larry Fink says that he wants Aladdin to contribute 30% of the company’s revenue, while Ping An’s SaaS is used by almost 500 banks in China.

With open-source AI, it is not hard to mimic successful algorithms. This renders efficiency as a competitive differentiator obsolete as all institutions can now implement the best AI in finance practices. However, it also gives a clear advantage to early movers as it is much harder to collect quality data. Naturally, those that have been transitioning for longer will have much more data at their disposal, allowing them to learn and improve faster.

Shameek Kundu of Standard Chartered says in the CFTE AI in Finance course that “finance professionals have a tremendous opportunity ahead of them in an AI enable world” – this is reflected in how AI is changing operations models in financial institutions. It is now up to professionals in the field to learn how it works in order to make the most of such an opportunity.

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

——————————————————————————————————————–

These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

——————————————————————————————————————–

Cover image from finance-monthly.com

Latest Posts

• From AI Experimentation to AI as Usual: What It Takes to Scale AI in Banking
• From AI Pilots to Responsible Adoption: What Financial Services Needs Next
• What Do Payments Professionals Need to Know About Agentic Payments?
• What Singapore Gets Right About Building an AI-Ready Workforce
• AI Agents Are Getting Wallets. What Does That Mean for Payments?

Next Events

The post How AI in Finance Changes Operating Models appeared first on CFTE.