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The Monetary Authority of Singapore (MAS) will ensure fair hiring opportunities while grooming Singaporeans as leaders and specialists in the financial services sector, said Transport Minister Ong Ye Kung on Tuesday (Sep 1).
Mr Ong, who is also a board member of MAS, cited concerns that some firms may have an “unconscious bias amongst business heads towards hiring people from their own nationality”, without giving Singaporeans a fair chance.
“MAS holds our financial institutions to high standards and will not condone firms that fall short of fair hiring practices,” he said in a speech in Parliament during the debate on the President's Address.
Other than ensuring fair hiring, the MAS is creating opportunities for Singaporeans, he said, through schemes like the Finance Associate Management Scheme. The scheme supports financial institutes to hire and groom Singaporeans through structured talent development programmes.
Another scheme is the International Postings scheme, which provides incentives for financial institutions to send Singaporeans for international exposure.
Mr Ong, who is also a board member of MAS, cited concerns that some firms may have an “unconscious bias amongst business heads towards hiring people from their own nationality”, without giving Singaporeans a fair chance.
“MAS holds our financial institutions to high standards and will not condone firms that fall short of fair hiring practices,” he said in a speech in Parliament during the debate on the President's Address.
Other than ensuring fair hiring, the MAS is creating opportunities for Singaporeans, he said, through schemes like the Finance Associate Management Scheme. The scheme supports financial institutes to hire and groom Singaporeans through structured talent development programmes.
Another scheme is the International Postings scheme, which provides incentives for financial institutions to send Singaporeans for international exposure.
