Investing In Talent And Building Friendships Across The Region
Six Temasek Regional Regulators Scholarship (TRRS) scholars from five countries, namely China, Indonesia, Japan, Korea and Thailand, recently concluded the Master of Science in Wealth Management (MWM) programme. The MWM programme consists of five study blocks spanning a course of 12 months.
The TRRS programme builds and develops the capabilities of promising officers from regional central banks and financial regulatory institutions, by equipping them with relevant knowledge and experiences to better formulate policies and guidelines in their respective work areas. The programme also promotes stronger network and relationships among Asian financial regulatory institutions, encouraging open communication among them.
Two TRRS scholars, in particular, were grateful for the experience during which they picked up new global perspectives on the market as well as formed new friendships despite their different backgrounds. Siragunya Chiarapong (Sira) is a senior analyst at Bank of Thailand, while Li Xueqing (Jo) is deputy section chief of financial department at The People's Bank of China.
For Jo, specifically, the programme has been exceptionally enriching because it gave her a window into the realm of private banking, which is something she less familiar with.
"Our classmates come from different countries and industries, and include private bankers as well as regulators like me, so it has helped widen our understanding of the financial industry and markets," she said. Pointing to Sira as her closest friend in class, Jo added, "It's my first time studying overseas and only my second time travelling out of China. So my friendship with Sira is very important both for my studies and personal life."
Sira said she had also learnt a lot from chats with Jo and other classmates. "A lot of these cannot be taught on paper," she said.
To create a world class programme to build talent for the wealth management industry, the MWM is jointly offered by the Wealth Management Institute (WMI) and Singapore Management University, in collaboration with Swiss Finance Institute and Yale School of Management. WMI arranges for all MWM students to study at the three institutions across Singapore, Switzerland and the United States. Last year, the programme was ranked second in the world, among comparable masters in finance courses, by Financial Times.
"The MWM programme encouraged me to think about things in a different way, just like how a coin always has two sides…and actually, it has helped me see three sides!" Sira quipped.
Sira expressed fascination at the different views and thoughts bankers from each country had even though they were dealing with the same subject. This reminds her to remain open to different viewpoints when dealing with persons from a different country or nationality or profession.
The Thai analyst said she picked up new knowledge about what it takes to nurture a country like Singapore into a bustling financial centre. For example, she noted that regulation must always be well balanced and incorporate global best practices and governance.
For Jo, the programme exposed her to regional and global markets that are focused on creating the right environment for global investments--something which is very valuable in her role back home.
"Singapore's private banking sector is well established and the laws here are very conducive and moreover, there is a deep understanding among Singapore businesses in respecting the role that regulation plays.”
"There's a very good environment here to develop the private banking industry, where the corporate tax structure is well established to encourage investors and boost the market," she observed.
"The TRRS programme has opened many doors and showed me so many things I never knew existed in the financial industry," Sira added. "This is very helpful for me as a regulator. The lecturers have very wide industry experience and helped expand my own views about the market."
Jo also learnt about new structured products, which she finds very suitable to apply back home. For instance, students learnt in class how to set up and use trust funds to help reduce family conflicts. She shared that there has been an increasing demand for wills and trust funds in China as families are starting to recognise the need for succession planning.
Cynthia Teong, Executive Director and CEO of WMI, shared the multi-facet benefits and strengths of the MWM programme. She believes every MWM graduate will be empowered with a deep understanding of wealth management knowledge and global best practices, which in turn creates a larger and better trained pool of wealth management talents for the industry.
“The opportunity to learn across three continents encourages a greater global perspective and deeper appreciation of how wealth management is practiced across the world,” she added.
For the TRRS scholars, WMI specially arranges for internships with Temasek and its related subsidiaries to provide them insights on the inner-workings of financial entities operating in the Singapore economy. TRRS was launched in 2004 in conjunction with Temasek’s 30th anniversary. Since then, a select group of Asian central bankers and financial regulators are invited every year to participate in MWM under this scholarship.
This year marks the 10th anniversary of TRRS. Over the decade, 67 scholars from China, Japan, Indonesia, Korea, Malaysia, Thailand and Vietnam have graduated from MWM and maintain the strong bonds and friendships with each other. In conjunction with Temasek’s 40th anniversary this year, the TRRS scholars were invited back to Singapore on 11 July 2014 to reconnect with one another. The TRRS 10th anniversary celebrations included a keynote address by WMI Founder Chairman Mr Ng Kok Song, a lunch hosted by Temasek and a site visit to the Monetary Authority of Singapore, culminating in an evening at Universal Studios Singapore.
For more information about WMI or the MWM programme, please visit http://www.wmi.com.sg/