2/23/2016

The stages that let to a top financial centre in SE Asia having no local banking and finance talents

I dunno know want to laugh or want to cry when people so happily chirped that Singapore has no local banking and finance talents to fill up the top banking jobs. And no one seems to be disturbed by this fact like it is a natural thing, an expected outcome. We were and still are the top financial centre but someone forgot to train or nurture banking/finance talents and now we have to import them from the 3rd world and less developed financial centres in the region whose banking systems are nothing better than finance companies and loan shark syndicates.

Just go back a couple of decades and look at the banking/finance landscape? Were not the top bankers mostly locals? What happened? Did these locals acted selfishly, foolishly by not training the next batch of talents to succeed them? Were they so irresponsible, so stupid not to see the need for succession planning? Didn’t they know that it was the govt of the day that consciously put them up into those positions of authority, to be indigenized, to be localized and be self sufficient with our own talents to run out own destiny?

Why is it that after this generation of top bankers had disappeared, there was a dearth of talents and the vacuum had to be filled by 3 world banking talents and not from local talents?

o reach such a state, assuming that we have clever people in charge, must either be a case of conscious design or someone fell asleep in his job. To take the position that someone fell asleep in his job is definitely unlikely.  The dangerous one is conscious design, a conscious choice or a conscious neglect, some kind of hidden agenda to get to where we are today, with no local top banking/finance talents. It cannot be by accident or neglect!

Let’s look at the stages of development to make this pathetic and deplorable state possible.

Stage 1. There is no succession planning. This will mean that after the last generation of top bankers left the scene, no one is suitable to fill the top banking positions through lack of success planning. Now isn’t this bad?

Stage 2.  Refusal or neglect, intentional or otherwise, not to train local talents or in a worst case scenario, intentionally by passing the local talents, not giving them the chance to move up, not giving them the exposure to gain experience to be at the top.

Stage 3. Consciously, by design, to go out to recruit foreigners in the name of foreign talents and so called international exposure as a prerequisite to rule out local talents, so local talents were swept into the dustbin. This becomes a vicious cycle, not given the chance, how to gain experience to become better, to fill the top positions?

Stage 4. Foreign CEOs were allowed to recruit more foreigners and giving foreigners more opportunities to gain experience and exposure and to move up. Local talents sidelined, by passed or made to do the unimportant tasks, backroom boys, office maintenance, jaga physical building security, anything but banking and finance.

Stage 5. The secondary and tertiary institutions were allowed to do as they pleased, even if they chose not to train banking and finance talents needed in the name of liberalization. But worst if the tertiary institutions were filled by foreigners who have different or hidden agenda. The result, no training of locals to feed the essential industries like banking and finance and no one would notice or be disturbed by this development. Bo cheng hu! No one in charge, no one consciously looking at the problem and allowed things to get worse and worse and the need for foreigners become more and more important and necessary. A self inflicted wound.

Stage 6. Allowing foreigners to call the shot. Foreigners said Singapore got no banking and finance talents, just accept it meekly and stupidly and let the foreigners in charge to bring in more foreigners. And let foreign recruiting agencies to have a field day recruiting whoever they want from 3rd world villages and calling whoever they brought in as talents.

Stage 7. Close one eye to all the fake certificates and degrees and recognize all the 4th and 5th grade village universities as good universities. No need to check. Accept everyone that produced a piece of paper as genuine and quality qualification.

Stage 8. The rice is cooked. The realities hit. No local talents. So? No one even bother to ask so? No one was there to ask so. No talent ah, never mind, we will train them in our universities and in 30 years time we will have all the top banking and finance talents we need. Hopefully there will still be a Singapore in 30 years times and not a Singapore with new owners that are not Singaporeans. By then, even if we produced our own talents, the new owners would rather choose to hire their own kinds.

It is not easy for a top financial centre to wake up one day and realized it has no local talents.  It takes a long time, a lot of neglect, a lot of stages and things to happen to reach such a sorry state of affair. How can a first world country that everyday blows its own trumpet about how good it is in planning ahead with so many super talents it has to plan for the future and find itself without local banking and finance talents?

The only thing I can conclude is that it is a miracle to happen this way, an act of God, beyond anyone’s control. It happened. No one is responsible. Or was it part of the plan?

21 comments:

Anonymous said...

So what's the issue for PAP?

Didn't they still win with 70% of votes despite having no local banking and finance talents, according to RB?

Always remember, whether you are politician or not, it is all about votes, and then money, not talents, OK?

Anonymous said...

Paving a way to a Connection with
very rich n powerful from other
Countries...eg..ft may b a bro of india/china/vip etc...

Such cases pls try import angels...

Anonymous said...

I think huh it is because Singaporeans are of inferior stocks, coolie stocks. So cannot produce talents. Whatever talents here are fakes or one eye jacks in the land of the blind. Only the aristocratic stocks from the villages of the third world are able to produce talented stocks to take over from the fake talents here.

Anonymous said...

If not of inferior stocks, how can the PAP win 70% of votes? The inferior quality is no longer an issue for the PAP. It is a blessing in disguise. When you have the blind leading the blind, who can complain? It is all planned, decades ago.

Anonymous said...

/// Hopefully there will still be a Singapore in 30 years times and not a Singapore with new owners that are not Singaporeans. ///
redbean

Uncle redbean.
As a Singaporean citizen, what exactly do you own?

Do you own your HDB flat?
No. The HDB owns your HDB flat.

Do you really own your own car?
If yes, then why every 10 years you have to buy the right (called the COE) to own your car.
If you have to buy the rights to own a car, then obviously ... someone else owns your car.

Do you own your time and your life?
If yes, then why must every young man spend 2 years working for peanut salary?
What is the market rate salary for a fresh poly graduate in the workforce?
What is the salary for a poly graduate in National Service?

As a Singaporean, do you own Singapore's National Reserves?
If you own it, then why don't you know how much it is worth?
Do you think the President knows how much it is worth?

So tell me Mr redbean.
Under a democratically elected Singaporean government, what do you own as a Singaporean?
Do you think you would own more if white people were to rule over Singapore instead?

Chua Chin Leng aka redbean said...

That is why I say we need to vote in a 'rogue' President.

Anonymous said...

That is why I say we need to vote in a 'rogue' President.
RB 11:25 am

Only when a 'rogue' opposition is first voted in as govt, then it is possible to vote in a 'rogue' President.

If not, how to have shit if you did not eat?

Ⓜatilah $ingapura⚠️ said...

Simple to read the trend lah. The "geniuses" 70% of you voted for are opening up the financial sector to anyone and everyone in a "free-for-all" in order to get "the best" people.

Call it MGM---Meritocracy Gone Mad.

Yes there'll be blood and epic collapses. But over the longer term, it'll be quite possibly the strongest financial center EVER.

No one likes free globalized trade and markets, but everyone appreciates the POSITIVE RESULTS of free markets and trade...like cheaper prices, more variety. People use their made-in-China phones, tablets and computers to complain about losing their jobs and how "unfair" the modern world is. Then they'll use their ATM or Smart Cards to pay for purchases from an Indian-managed supply chain, and Indian-secured payment network. The also use their cards to buy their next Chinese-made computer, which they'll use to blog about lack of job security.

Got irony? 😂 💣

Anonymous said...

How are we to find a 'rogue' who will be eligible.

The PAP is rewriting the rules to ensure that only their cronies like KFC Tan or Prata Nathan can stand for election. Are they your 'rogues'? Even if one can be found, the talented, making up the 69.9% of voters, will not elect him.

Saycheese

Ⓜatilah $ingapura⚠️ said...

>> How are we to find a 'rogue' who will be eligible. <<

Dun waste your time lah. Look for alternative plans for yourself and family.

Consider the power base here:

1. The Financial CORPORATIONS

2. The elected GOVERNMENT (executive) and PARLIAMENT (legislature)

3. Shit tonnes of MONEY

So you have money, absolute state power and boundless and global corporate power?

Do you think you can WIN this? 😂😂

Quick, pass me the joint you're smoking. It must be good shit...🚬

Anonymous said...

Along the way to the Alien takeover of Singapore
-----------------------------------------------
Singaporeans also voted in cock sucking parrots into parliament.

Anonymous said...

But why did Singaporeans vote in cock sucking parrots into parliament?
Is it because 70% of Singaporeans are cock suckers?

But why do Singaporeans suck cock?
Do Singaporeans suck cock because they think they are millionaires because they "own" their HDB flats?

Anonymous said...

Becoming a paper HDB millionaire by sucking cocks on our hands and knees.
One last question.
Besides sucking cock, do Singaporeans also swallow the fruits of our labour?
Spit or swallow?

Every 5 years during general elections.
Is it always the same question?
Spit or swallow?

Anonymous said...

HDB millionaires will last 99 years then pop, no more.

Anonymous said...

How on earth can we vote in a rogue president when the rules are made by the ruling party and 'particular candidates' are chosen by the ruling party and given all the resources, support and media coverage to ensure victory?

This 'rogue president' issue is just what they call talk cock and sing song. Maybe they should include a dance as well.

b said...

If one asks too much questions, one will not survive and will be asked to leave by any financial institutions.

Anonymous said...

House u live in can b taken back anytime.for mrt line

Anonymous said...

Singapore has no talent. Only PAP talent. This is a secret only foreigners know. Only non-PAP singaporeans think they are talented, because even their leaders think they are shit.

Anonymous said...

The acclaimed book Sapiens: A Brief History of Human Kind describes how humans made the leap from relatively tiny groups of simple hunter-gatherers to the more complex modern world full of enormous cities, cultures, groups and organizations.

It wasn’t necessarily a technological break-through that did the trick. It was our ability to tell stories:

http://www.amazon.com/Sapiens-A-Brief-History-Humankind/dp/0062316095
................................
6.9 million population.
- Do you think the Emperor is good at telling stories?

Anonymous said...

Banking and financial talents?
More like Con Talents.

Banks and finance traders nowadays are just licenced ah longs and their regulators are their pimps.


Chua Chin Leng aka redbean said...

Anon 11:16, you are spot on. They don't believe in all our straight As graduates from our world best universities and keep bringing in trash and fakes from 3rd world village universities to sit on top of our untalented and no skill straight As graduates from our best but useless universities.