The Monetary Authority of Singapore is backing a finance scholarship programme designed to underpin the current wealth and asset management ...

The Monetary Authority of Singapore is backing a finance scholarship programme designed to underpin the current wealth and asset management boom in the city state. MAS is giving S$30 million ($18.8 million) to the scholarship programme, which will be designed to develop specialised skills to support the long-term growth of Singapore's financial services sector. MAS said the Finance Scholarship Programme is a small step towards nurturing talent as Singapore aims to become a global wealth management centre. "To succeed as a leading wealth management hub, it is critical to strengthen and grow skills - both quantity and quality. Ideas and execution are what will set one apart from the competition, and in aggregate, will take the industry to the next stage of growth," said Ong Chong Tee, deputy managing direct of MAS, at a recent conference. Existing assets under management in Singapore now exceeded S$600 billion, more than double from six years ago. The government-backed Singapore Investment Corporation estimates the private banking sector will need up to 1,000 senior wealth managers.