New Zealand’s University of Waikato Looks to Lead Fintech Education
The demand for fintech specialists has surged in a world where the financial landscape increasingly relies on digital technology. New Zealand’s University of Waikato has answered this call by launching an innovative three-year degree program, the Bachelor of Banking, Finance, and Technology (BBFinTech), to equip students with expertise in open banking, digital currencies, and related technologies. This move mirrors a global trend, as highlighted by the Monetary Authority of Singapore’s (MAS) significant investment of $112 million in the Financial Sector Technology and Innovation Scheme (FSTI). Together, these initiatives underscore the growing significance of fintech and digital currencies in the global economy.
Bridging the Knowledge Gap in Fintech: The BBFinTech Program
Under the stewardship of vice-chancellor Matt Bolger, the University of Waikato’s Waikato Management School recognises the pivotal role of digital technology in modern finance. Bolger aptly stated, “The world of finance runs on digital technology.” This realisation has driven the development of the BBFinTech program over two years, a crucial step in addressing the shortage of undergraduate degrees in New Zealand that integrate competencies in finance and technology.
The BBFinTech program will provide students comprehensive insights into open banking, digital currencies, and their underlying technologies. Bolger’s emphasis on the program’s “huge growth potential” underscores the promising career opportunities that await graduates in the fintech industry. The program aims to attract 30 to 40 enrolments in its inaugural year, welcoming students from New Zealand and beyond.
Singapore’s Commitment to Financial Innovation
On the other side of the globe, Singapore, often hailed as a global tech hub, further cements its position with a substantial investment in financial innovation. The Monetary Authority of Singapore (MAS) allocates $112 million over three years to the Financial Sector Technology and Innovation Scheme (FSTI). This commitment will support cutting-edge finance projects, including web3 solutions, signifying Singapore’s unwavering dedication to fostering innovation in the financial sector.
Managing Director of MAS, Ravi Menon, stressed Singapore’s continuous efforts to promote innovation. He stated, “Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector.” With FSTI 3.0, Singapore is poised to advance purposeful financial innovation further.
The FSTI program’s third iteration, as announced by Lawrence Wong, Singapore’s deputy prime minister and minister for finance, focuses on Artificial Intelligence and Data Analytics (AIDA), Regulation Technology (RegTech), and Environmental, Social, and Governance (ESG) Fintech solutions. This forward-looking approach positions Singapore as a frontrunner in the global fintech arena.
Recognising the Growing Importance of Fintech and Digital Currencies
The University of Waikato’s BBFinTech program and MAS’s substantial investment in fintech innovation underline digital currencies’ rising significance in today’s global economy. These initiatives acknowledge the growing need for expertise in these fields and stand as testaments to the ongoing transformation of the financial industry. As the world continues its digital evolution, the collaboration between academia and industry, as exemplified by these initiatives, remains vital for shaping the future of finance.
