[26 August 2009]
SMU partners ACI Asia and ACI Singapore to develop professional training in wholesale financial markets

The first major academic collaboration between SMU, ACI Asia and ACI Singapore will result in a comprehensive suite of courses covering the whole spectrum of financial markets job functions.

Singapore, 26 August 2009, Wednesday – The Singapore Management University (SMU) has established a collaboration with ACI Asia – The Financial Markets Association Limited (????????) and ACI Singapore – The Financial Markets Association to be the academic partner to launch a series of training and certification programmes for professionals in the financial markets industry in Singapore and the region. This marks the first major academic partnership between a local university and the leading regional association of wholesale financial markets professionals in Asia.

At a Memorandum of Understanding signing ceremony this afternoon, the Financial Training Institute (FTI) at SMU has tied up with ACI Asia and ACI Singapore to co-develop and deliver a comprehensive suite of courses covering the broad spectrum of treasury operations from front, middle to back office functions. This is the first time that such an extensive curriculum has been designed and developed to provide a structured training and certification roadmap for the professional development of wholesale financial markets practitioners working in trading, treasury sales, product control and operations support services.

For new entrants to financial markets treasury operations, the foundation course offered aims to provide participants with essential product knowledge on financial instruments and application. For the experienced professionals, they can opt for advanced or specialised training programmes that enhance their competencies in their respective fields of expertise. Duration of the training programmes ranges from two months for certification courses to up to six months for specialist diplomas. Taught by SMU faculty and industry professionals, the first course is slated to commence in the fourth quarter of 2009.

The curriculum and certification examinations have been designed to meet the professional standards of ACI, benchmarked to industry best practices as well as the stringent requirements of Singapore's Financial Industry Competency Standards (FICS). Banking professionals from financial institutions and qualified individuals in Singapore who enrol in the FICS accredited training programmes can apply for 90% funding support under the Financial Sector Development Fund (FSDF) set up by the Monetary Authority of Singapore (MAS).

“The global financial crisis points to a critical need for financial market professionals to go back to basics and knowing how to link the value chain in financial services, be it in trading, treasury sales, product control, risk management or back office support. SMU's partnership with ACI Asia and ACI Singapore is both timely and strategic. By bringing onboard a leading regional association in financial markets and top-tier industry experts in this area, we are able to develop a cutting-edge curriculum and training roadmap that will meet the ever evolving needs of the industry,” said Associate Professor Annie Koh, Dean of Executive and Professional Education.

“ACI Asia sees this partnership with SMU & ACI Singapore as a milestone in raising the professional competency levels of our members throughout the Asian region. Our education platform is crucial to developing a set of common and consistent standards of best practices which will ensure efficient and seamless execution of financial products and services across the region,” said Mr Eddie Tan, President ACI Asia.

"ACI Singapore has been very successful with its Settlement Operations Training Course (SOTC) and Middle Office Training Course (MOTC) training programmes, and has trained over 2,000 professionals since 2006. We are delighted with the opportunity to collaborate with SMU, as it enables ACI Singapore to expand on its suite of training programmes by tapping on the academic experience and vast educational infrastructure of SMU. We are committed to raising the standards of professionalism not only in our Singapore market but, together with ACI Asia, throughout the region, and education is the main platform through which we expect to serve our members and our industry,” said Mr Mervyn Fong, Managing Director, ACI Singapore – The Financial Markets Association.

About Wholesale Financial Markets

‘Wholesale Financial Markets' are the markets in which financial assets are traded in large quantities, dominated by interbank transactions. These include stock exchanges for trading company shares and government debt, the money market for trading short-term loans, the foreign exchange market for trading currencies, and a number of specialised markets trading financial derivatives.

About the Financial Training Institute at SMU

The Financial Training Institute at SMU (FTI@SMU) is the lead training and assessment provider for Financial Industry Competency Standards (FICS) accredited training and assessment programmes for 28 job families in Corporate Banking, Corporate Finance, Financial Markets, Fund Management, Private Equity and Securities & Futures. It is an extension of SMU's leadership in professional education, and the delivery of quality executive education for banking and financial professionals. FTI@SMU aims to meet market needs for an independent training and assessment provider that fulfils the highest standards set by the Institute of Banking & Finance (IBF); to champion a broad suite of FICS accredited courses which are relevant, critical and forward-looking in developing competency skills; and to provide an interactive learning environment that gives participants ownership in charting their learning roadmap that is most effective in fulfilling the individual's career aspirations. Since it was established, FTI@SMU has developed over 30 programmes which are FICS-accredited and trained more than 150 financial practitioners, helping them acquire competency skills and expertise to move laterally within the financial services sector. www.smu.edu.sg/centres/fti

About ACI Asia – The Financial Markets Association Limited

ACI Asia is affiliated to ACI – The Financial Markets Association. Currently ACI Asia has 14 national associations in the Asia-Pacific Region. These cover the region from Korea in the north to Australia and New Zealand in the south, and to the countries of the Indian/Pakistani sub-continent in the west. ACI Asia was established in July 2008 to strengthen the presence of ACI in Asia. The parent ACI – The Financial Markets Association is headquartered in Paris, and is the largest international association in the wholesale financial markets, with over 13,000 members in more than 60 countries worldwide. Its objective is to contribute to market development through education, market practices, technical advice, and networking events for financial markets practitioners in the world.

About ACI Singapore – The Financial Markets Association

ACI Singapore – The Financial Markets Association was initially established as the Forex Association of Singapore in 1973. Since then, the Association has responded to the significant structural changes that have taken place in the financial markets, and in 1998 was officially renamed ACI Singapore – The Financial Markets Association. ACI Singapore is now the standard bearer for financial markets professionals in Singapore. Our members deal in asset classes covering currencies, interest rates, equities and commodities, and hold a wide range of positions from Junior Dealers to Treasury Managers, to Country Heads of Banks and Financial Institutions. In recent years, the Association has focused on continuous education and skill enhancement programmes for members. It has also become an important conduit through which members have been able to contribute not only to market professionalism and development, but also in mobilising active support of social and charitable causes. ACI Singapore's annual Charity Golf event (initiated over 10 years ago) now raises more than $700,000 per annum for worthy charitable causes.