Online payments giant PayPal will introduce financial technology modules at Singapore tertiary institutions over the next three years under a programme that will benefit more than 1,700 students in information and communications technology courses.
The US company will be working with five polytechnics and the Institute of Technical Education (ITE) to introduce industry-based applied learning through four modules, it was announced yesterday.
Students will be able to use their technical knowledge by applying PayPal’s payment solutions in industry projects or internships.
Singapore Poly principal and chief executive Soh Wai Wah said the programme would strengthen Singapore’s financial technology ecosystem: “Fintech is fast gaining momentum in today’s economy, and the polytechnics and ITE are committed to nurture a pool of skilled talents for the sector.”
Mr David Stock, CEO of PayPal Pte Ltd, said the programme would help meet demand for talent and assist small and medium-sized enterprises (SMEs) here.
“We want to help empower local tech talents with industry knowledge and cultivate a future-ready workforce that can meet the needs of SMEs, which are looking to digitise their businesses,” said Mr Stock, who also noted that the idea started from a conversation he had with Education Minister Ong Ye Kung three years ago.
PayPal’s international headquarters, which is at Suntec City, has been based in Singapore for more than a decade.
The company’s payments platform has 267 million active account holders and is available in more than 200 markets.
The initiative with local schools comes amid a push for a national cashless system. More than 80 per cent of consumers have adopted e-payments, and almost 60 per cent of merchants accept such payments.
The memorandum of understanding between PayPal and the educational institutes was signed at the Suntec Convention Centre yesterday.
Mr Ong, who is also on the board of the Monetary Authority of Singapore, was on hand to watch the event.
He noted: “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.”