Growing Timber: Grooming Industry Leaders

“In today’s more volatile and uncertain world, the premium on trust and good leadership has grown.” – Mr Heng Swee Keat, Deputy Prime Minister of Singapore

At a recent Singapore Financial Leaders Network (SFLN) event, The Monetary Authority of Singapore (MAS) shared that there are now around 4,000 Singaporeans holding senior roles in the financial sector – a figure that has more than doubled since 2016.

This growth is crucial as the financial sector is an integral part of the Singapore economy, and therefore it is important that we invest in developing more Singaporean financial sector leaders with the right values, competencies and strategic grasp of issues.

The MAS and IBF are committed to supporting leadership development in various ways, including through initiatives that help expand opportunities for Singaporean leaders to take up overseas postings or leadership programmes.

Two of such initiatives are the Asian Financial Leaders Scheme (AFLS) and the International Postings Programme (iPOST) , which has supported many financial sector leaders – such as William Ang , Chief Technology and Operations Officer (CTOO), Singapore and ASEAN, Standard Chartered Bank, as well as Teresa Chan, CAMS , Senior Vice President, Financial Crime Operations, Group Wholesale Banking, UOB - in their journeys to develop international capabilities and hone their leadership skills.

Taking The Initiative

William first took an interest in the Asian Financial Leaders Programme (AFLP) due to the programme’s highly regarded reputation, as well as recommendations from his peers in the financial services sector.?

The AFLP, initiated by the MAS and supported by the AFLS, aims to cultivate top talent in the financial sector to assume regional and global leadership positions in the various financial institutions.

“I was drawn to the format of the programme, with modules held at esteemed overseas institutions such as Tsinghua University in Beijing”, William explains.

He added that he saw the AFLP as a good platform for leaders to gain a better understanding of the developments and challenges in Singapore’s financial sector, and to grow his industry connections.

For Teresa, it was during the COVID-19 pandemic, and through iPOST, that the opportunity to broaden her international exposure came about.??

The iPOST is a talent development initiative administered by IBF to increase opportunities for Singaporeans to be groomed through international exposure, to build capabilities for future global and regional leadership roles.

"There was an opening [in Hong Kong] at that time. I decided to take up the opportunity as part of UOB’s career mobility programme," she recalls.

With the full support of her team and management, the process went smoothly. After years of collaborating remotely with her Hong Kong counterparts, the in-person experience profoundly changed her perspective on leadership.

Expanding Horizons

Teresa’s iPOST experience underscored the importance for leaders to be present, to enhance trust and boost collaboration.

“There were times when we discussed work matters over Zoom, but being there with them, I could show them how it’s done. Our communication improved tremendously - not just with the team, but with stakeholders as well”, she shared.

The overseas posting also helped Teresa gain a better understanding of the business landscape overseas.

“I became friends with many other Hong Kong-based Singaporeans working in different industries. Through our interactions, I gained valuable insights into how businesses were conducted there”, Teresa noted.

For William, a highlight of his AFLP experience was the opportunity to engage with top industry leaders, such as the CEOs of the three local banks, as well as then-Managing Director of MAS Mr Ravi Menon, all provided valuable insights from their inspirational career journeys.

These opportunities for interaction were invaluable in reinforcing the modules covered by the AFLP, which included strategic thinking, disruption management and talent development, among others.

“What stood out to me was the foresight that these leaders had in anticipating industry changes and taking the initiative to address them early,” William noted.

He also resonated with their willingness to take risks and invest in their people, even when success was uncertain. “A big part of being a leader is about people management, which is something these leaders do very well”, he added.

Staying Curious

Reflecting on his extensive experience and career, William emphasises the importance of staying curious.?

“I make it a point to be well-read about emerging trends and developments,” he notes.?

Engaging in courses, conferences, and workgroups helps William stay ahead in the evolving landscape. His diverse roles across different countries and functions have given him a unique perspective on risk management and decision-making, allowing him to navigate complex scenarios effectively.

“Technology doesn’t stand still, so we shouldn’t too. It’s crucial to anticipate changes to stay ahead of the curve as much as possible,” William says.

For Teresa, curiosity also entails learning about other cultures. Her international posting only the beginning of more to come.

“Venturing out of my comfort zone is something that comes naturally to me,” she says. “It’s not just a one-off experience. The global perspective I’ve gained has changed my approach as a leader.”

Laying the Path for Future Leaders

William’s journey through AFLP exemplifies how continuous learning and global exposure can enhance leadership capabilities. He highlights the value of building a network that extends beyond the programme, recognising that the financial industry thrives on interconnectedness.

William’s advice to those considering AFLP is simple:?

Go for it! Keep an open mind, embrace different perspectives, and connect with your fellow participants and trainers.

His experiences have reinforced his commitment to fostering innovation, integrity, and empathy within his team, setting a benchmark for future leaders in Singapore’s financial sector.

Echoing this sentiment, Teresa emphasises the importance of embracing international opportunities, even in challenging times.?

She advises:

Step out of your comfort zone and seize the chance to work in different environments.

Her journey illustrates that balancing modern leadership practices with traditional values can create a more cohesive and motivated workforce, ready to tackle global challenges.