The effort to nurture a new generation of local tech talents just got a boost. PayPal Pte Ltd signed a Memorandum of Understanding (MOU) with Singapore's five polytechnics and the Institute of Technical Education (ITE) today to collaborate on a FinTech program, which aims to nurture talent in the field through an industry-based applied learning experience.
Melding PayPal's industry expertise with the institutions' curriculum, the PayPal FinTech Program will equip students with industry-relevant skills and knowledge through hands-on application and internship opportunities.
Minister for Education, and Board Member, Monetary Authority of Singapore, Mr Ong Ye Kung, who witnessed the MOU signing, said, "The e-payment landscape is changing quickly, and we have yet to fully realise its potential in Singapore. Programmes such as this will help, by expanding the pool of talent who can support companies looking to digitalise their business, including embarking on e-payments. I thank PayPal, the polytechnics and ITE for making this meaningful push."
Over the next three years, more than 1,700 polytechnic and ITE students enrolled in Information and Communications Technology (ICT) courses will benefit from this initiative. PayPal will work with the polytechnics and ITE to enhance their curriculum and equip students with the foundation of e-payments by gradually integrating proprietary materials and case studies into four theory-based and technical modules – Payments 101, PayPal Solutions, API Integration and Testing in PayPal Sandbox. These modules will be delivered through a combination of coursework and practical lectures.
David Stock, Chief Executive Officer of PayPal Pte Ltd, believes that talent nurtured from the PayPal FinTech Program will address the growing demand for tech talents and fill in the manpower gap that challenges many SMEs. "SMEs will continue to be the lifeblood that powers the Singapore economy. As a leading Fintech company that has been based in Singapore for more than 10 years, this is our way of giving back to the local community. We want to help empower local tech talents with industry knowledge and cultivate a future-ready workforce who can meet the needs of SMEs which are looking to digitise their businesses. Driving Singapore's digital transformation requires a concerted effort across every stakeholder in the ecosystem and we are proud to be powering this movement for Singapore's workforce and businesses."
Representing the polytechnics and ITE, Mr Soh Wai Wah, Principal and CEO of Singapore Polytechnic, the lead Institute of Higher Learning (IHL) for the MOU signing said, "Fintech is fast gaining momentum in today's economy, and the polytechnics and ITE are committed to nurturing a pool of skilled talents for the sector. Through our collaboration with PayPal, we hope to further develop our students' skills and knowledge in the field through an authentic learning environment, ultimately strengthening Singapore's fintech ecosystem."