PRESS RELEASES
Monday, 30 July 2007
Capacity-building, key to a vibrant capital market
Securities Commission announce new initiative to emphasise human capital development
Kuala Lumpur, 30 July 2007 – The Securities Commission today announced the incorporation of the Securities Industry Development Corporation (SIDC) and unveiled a new capital market development programme, called the Industry Transformation Initiative.
The two initiatives will serve as a catalyst for the SC to further emphasise human capital development within the Malaysian capital market.
Securities Commission Chairman, Dato' Zarinah Anwar, said, “The SIDC has played a pivotal role in nation-building, and has grown from a department within the SC into a training and development institution for the capital market that is recognised across the globe and is the envy of many.”
Citing its flagship programme for emerging market regulators, Zarinah said “The Emerging Markets Programme has attracted regulators from 50 jurisdictions, and has been recognised since 2001 as part of the government’s commitment to promoting South-South relations, enabling eligible participants to secure sponsorship from the EPU’s Malaysian Technical Co-operation Programme.
“The SIDC brand is now an asset that not only has to be preserved, but must be allowed to flourish and grow at an even faster rate.
“The SIDC’s role is critical in enhancing the competitiveness of the Malaysian capital market, and in fulfilling our aspirations to be an international financial centre,” she said.
The next phase of growth
Zarinah said that the SIDC has been entrusted with the task of developing and implementing a comprehensive human capacity building initiative for the Malaysian capital market. The Capital Market Development Fund has already committed a total of RM36 million from 2006 to 2011 to support the SIDC.
“The SIDC already has an excellent track record with an enviable reputation as a leading capital market education centre for the region and emerging markets across the world. A corporatised SIDC will seek new business opportunities unrestricted by regulatory considerations, and be better equipped to cater to local, regional and global demands,” explained Zarinah.
SIDC has been actively involved in facilitating the creation of skilled professionals for the capital market by providing education and training tools that promote continuous learning and skills upgrading. Since 1994, the SC has invested RM55 million into various training programmes for capital market participants.
Moving forward, the CMDF will invest RM24.38 million into the five-year Industry Transformation Initiative that is designed to help intermediaries deal with the inevitable changes in their environment. It has also allocated RM4.16 million for the Capital Market Graduate Training Scheme, and RM7.4 million for the Advanced Business Management Training Programme.
Explaining the next phase of growth, Zarinah said “SIDC is now ready to take on greater challenges in capacity building, and contribute to the development of the Malaysian capital market.
“A corporatised SIDC will seek new business opportunities, and be better equipped to cater to local, regional and global demands through a wider range of partners.”
The long-term focus, she said, is on changing intermediaries’ behaviour to add value to their clients. This will be done through a five-year project pioneered by the SIDC – the Industry Transformation Initiative.
ITI: Capital Markets Education for Intermediaries 2.0
John Zinkin, CEO of SIDC, said, “The Industry Transformation Initiative is a pioneer approach to integrated learning strategies for capital market intermediaries. The ITI is not just new to the region; there is quite simply nothing else like it in the world.
“Nowhere else can participants be taught technical content which is then used as a vehicle to learn the interpersonal skills that are so vital to success using a unique combination of subject matter experts and facilitators.”
Zinkin explained that ITI’s revolutionary approach was determined through broad and deep research, analysing the needs of the sector, intermediaries and job descriptions.
The SIDC sought advice from the world-leading Toronto International Leadership Centre for Financial Supervision to design modules and the curriculum as a whole that would effectively combine technical skills with interpersonal skills learning strategies.
Said Zinkin, “We are also working with the Securities & Investment Institute in the UK, and the Financial Services Institute of Australasia in Australia, to ensure that the technical content is recognised in London, Sydney, Singapore and Hong Kong. Both SII and FINSIA will moderate the modules with a view to internationally accredited certification.”
The CMDF is subsidising the course fees by 75% so that it costs participants only RM250 per two-day module.
He concluded: “The unique combination of technical and interpersonal skills to transform the behaviour of intermediaries lies at the heart of the ITI programme.
“It is this combination that will raise the bar and deliver the professional excellence needed to help make the Malaysian capital market the first choice for investors locally and globally.”
About SIDC
www.sidc.com.my
The Securities Industry Development Corporation, incorporated in March 2007, is the leading capital market education, training and information resource in ASEAN. Formerly the training and development arm of the Malaysian Securities Commission established in July 1994, it was known as the Securities Industry Development Centre. The SIDC’s objective is to create investor awareness; raise professional standards; and enhance skills of Malaysian capital market participants, as well as training and developing Malaysian and emerging market regulators.
About ITI
The Industry Transformation Initiative programme is a curriculum-based educational initiative designed to raise the standards of capital market intermediaries. It is a five-year project funded by the Capital Market Development Fund to improve the standing of the Malaysian capital market, enhance market professionalism and boost investor confidence.
Media enquiries:
SIDC (+60-3) 6204-8675