Polytechnics in Singapore are about to start teaching fintech with the help of Germany-headquartered Fidor Bank.
Fidor is a digital bank that partners with other companies and clients to advise on and build digital banking services. This includes financial APIs, middleware, and internet banking products.
The bank is working with the Monetary Authority of Singapore to insert the Fidor Student Academy Singapore program into the curriculum of banking and IT-related diplomas offered by five polytechnics in the city-state.
To implement the program, the bank will invest US$588,000 plus an additional US$118,000 per year to run it.
A pilot of the program has started at Singapore’s Ngee Ann Polytechnic, where 38 final-year students on the Financial Informatics diploma will learn to develop services like banking through messaging apps and ewallets. Students will be able to test their knowledge and ideas on Fidor’s proprietary sandbox.
The bank will also offer internship opportunities to selected students.
The program targets more than 500 students across the five schools.
“The polytechnics’ partnership with Fidor will no doubt further develop the fintech ecosystem in Singapore through knowledge sharing. MAS looks forward to a high level of interest for this program and the benefits it will provide to the tertiary institutions,” says MAS chief fintech officer Sopnendu Mohanty, in a statement.
Fidor also announced it will be setting up an office in Singapore to better serve its partners here and to surf the region’s fintech wave.
Converted from Singapore dollars. US$1 = S$1.36
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