OCBC aims to double the Bank’s annual intake of fresh polytechnic graduates

Singapore, 12 June 2024 – OCBC today launched OCBC Ignite, an accelerated banking career programme, for 500 polytechnic students over the next three years. The programme, designed in partnership with all five polytechnics in Singapore, contributes to the nation’s goal of boosting the number of polytechnic graduates with full-time jobs in the financial sector. OCBC Ignite aims to double the Bank’s annual intake of fresh polytechnic graduates.

The government launched the Polytechnic Talent for Finance Scheme last year, with the goal of increasing the number of polytechnic graduates who take on full-time permanent jobs in the financial sector by more than 80 per cent, from about 160 in 2021 to at least 300 by 2025. The scheme is being administered by the Institute of Banking and Finance (IBF). According to a survey jointly conducted by the polytechnics in 2021, only 3% of graduates joined the financial sector in full-time permanent roles upon graduation.

OCBC Ignite builds on OCBC’s current 12-month tech internship programme with Ngee Ann Polytechnic and Temasek Polytechnic students. More than 70 students have completed this programme to date.

OCBC Ignite offers an accelerated career pathway comprising an internship that will take place during their final year of studies and a structured full-time apprenticeship after they graduate. At the end of the 18-month learning and development journey, OCBC Ignite participants will be appointed to the Assistant Manager rank, compared to what would currently take about 3 years. The rank of an Assistant Manager is typically accorded to fresh university graduates.

The launch at OCBC Centre was graced by Mr Alvin Tan, Minister of State, Ministry of Culture, Community and Youth, and Ministry of Trade and Industry, and Board Member of MAS, Ms Helen Wong, OCBC Group CEO, and senior representatives from the five polytechnics. About 100 students were in attendance.

Ms Lee Hwee Boon, Head of Group Human Resources, OCBC (1st from left) with Mr Alvin Tan, Minister of State, Ministry of Culture, Community and Youth, and Ministry of Trade and Industry, and Board Member of MAS (4th from left), Ms Helen Wong, OCBC Group CEO (5th from left), and senior representatives from Singapore’s five polytechnics at the OCBC Ignite launch on 12 June.

This programme is a first-of-its-kind by a Singapore bank that offers extensive training of this scale and job placement opportunities for polytechnic students.

Ms Lee Hwee Boon, Head of Group Human Resources, OCBC, said, “Polytechnic graduates are a compelling talent pool that we want to bring onboard. They bring industry-relevant skills to the role, are good problem-solvers and operate well in an inter-disciplinary environment. We are excited that the introduction of the OCBC Ignite programme will empower polytechnic graduates with an alternative pathway to gain valuable real-world industry experience and practical skills that can give them head start in their careers.”

An accelerated career programme for future talent

Under OCBC Ignite, there are two pathways that polytechnic students can choose from – Tech or Business. Regardless of pathway, they will undergo an internship with OCBC during the final year of their diploma programme to equip them with industry-relevant skillsets to be job-ready.

Upon graduating, and if selected, they will join OCBC on a full-time basis to receive further training and mentoring through an apprenticeship in functions such as consumer banking, wholesale banking as well as technology and operations.

At the end of the apprenticeship, participants will be fast-tracked to the rank of Assistant Manager to take on university graduate-equivalent roles.

The duration of the internship and apprenticeship differs depending on the pathway.

Teo Jia Loong Jeffersen, a Year 2 Business student at Republic Polytechnic shared, “I see the OCBC Ignite Programme as a great platform for aspiring banking professionals like me to have a head start in a banking career. The exposure I will gain during the 18 months will provide me with a strong foundation and holistic understanding of the banking sector. I’m eager to learn from leading banking professionals as well as my peers to contribute to the bank’s success.”

Quotes from Polytechnics

Mr Russell Chan
Principal and Chief Executive Officer, Nanyang Polytechnic
“This partnership cements the close ties we have with OCBC. We are glad that our graduates – who are equipped with in-demand skills – are appreciated by industry partners and are given a direct path to management. I am confident that the management trainees with OCBC Ignite will enjoy a rewarding career in the banking sector.”

Mr Lim Kok Kiang
Principal and Chief Executive Officer, Ngee Ann Polytechnic
"Ngee Ann Polytechnic is privileged to have pioneered the 12-month tech internship programme with OCBC in 2021. Together, we have enabled close to 120 students to gain valuable industry exposure and insights into technology careers in the dynamic financial sector. Building on the success of initial programme, the launch of the new accelerated career pathway will create more opportunities for our students to pursue professional development and get a head start in their careers.”

Ms Jeanne Liew
Principal and Chief Executive Officer, Republic Polytechnic
“Republic Polytechnic is pleased to partner with OCBC for the OCBC Ignite Programme. The programme offers an added advantage for students studying business and tech-related diplomas, such as the Diploma in Business and Diploma in Financial Technology, to have a head start in the financial services sector upon graduation. Through this collaboration, we are confident that our graduates will become effective contributors in meeting the sector’s evolving needs.”

Ms Georgina Phua
Deputy Principal (Development), Singapore Polytechnic
“OCBC has played a crucial role as an industry partner in enhancing our students' cutting-edge technology skills. The OCBC Ignite Programme collaboration not only strengthens our partnership with OCBC, but also creates new opportunities for academic and professional growth. This collaboration exemplifies the immense potential when education and industry converge, breaking barriers to foster a world of excellence, innovation, and meaningful impact. It nurtures a strong talent pipeline, cultivating a dynamic, skilled workforce prepared to drive transformative change.”

Mr Peter Lam
Principal and Chief Executive Officer, Temasek Polytechnic
“Temasek Polytechnic is excited to partner with OCBC to equip our students with the necessary skills and industry exposure to prepare them for the future economy. The partnership on OCBC Ignite will provide opportunities for our students to gain valuable hands-on and real-world learning experience at OCBC. It also provides a direct pathway for our students to pursue a banking career through this unique programme.”