By Francis Chan

A GOVERNMENT-BACKED plan to boost hiring by financial institutions seems to be gathering steam.

Standard Chartered Bank in Singapore said yesterday that it will hire more than 100 graduates under the new Finance Graduate Immersion Programme (FGIP), an initiative of the Monetary Authority of Singapore (MAS).

StanChart's move comes after Citi Singapore announced last Thursday that it would hire about 200 new graduates under the same scheme.

MAS said in March that the Government has set aside $15 million to subsidise the pay of new graduates hired by the financial sector. Under the one-year programme, MAS hopes to provide entry- level graduates with job attachment opportunities at financial institutions during this downturn.

The programme could also develop a talent pool that can be quickly deployed in the industry once the financial sector recovers.

StanChart says it is committed to expanding its business in Singapore and the region, increasing its staff strength here by 200 - on top of the 100 staff it is hiring under the FGIP - for the first quarter of this year.

StanChart Singapore's chief executive Lim Cheng Teck said the bank remains well placed to support the initiative as it continues to invest in talent development and training in Singapore.

'Standard Chartered will offer an international perspective and development opportunities that build the important core skills in banking from a very broad perspective,' he said.

This article was first published in The Straits Times.