The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) will be carrying out initiatives to generate a group of local experts and financial leaders to spur on the financial industry. Among the changes that will be introduced is one that will allow university graduates and those who wish to make a career-switch to the financial industry without experience to obtain certification under the Financial Industry Competency Standards (FICS). IBF will be working with four course providers,including SMU, to introduce the program to this group of professionals. The report also said that Singapore’s ability to maintain its competitiveness in an accomplished financial sector also depends very much on a more developed technological application. IDA has worked with MAS to appoint SMU to design a quality course programme for this group of IT professionals.