Updated: Jul 24, 2020
Welcome to episode 17 of the Innovating Advice show.
I’m joined by Samantha Wong, CEO of the Financial Planning Association of Singapore, or FPAS.
In this episode, we chat about the many innovations that make Singapore the smartest city in the world and the innovations making their way in to financial planning.
Samantha provides an overview of financial services in Singapore and their retirement scheme, the Central Provident Fund, or CPF.
We also discuss FPAS’ great initiatives to increase awareness of financial planning and that it’s not just for the wealthy. And we discuss their work with the regulator, the Monetary Authority of Singapore, or MAS, to raise the bar of professionalism.
What makes Singapore the Smartest City in the World.
How financial planning technology and business models are evolving.
That building the profession should be focused on quality of professionals, not quantity.
How FPAS is emphasizing that financial planning isn’t just for the wealth.
About Singapore’s interesting pension and savings scheme, the Central Provident Fund (CPF).
Additional note on CPF: Apart from the difference in salary contribution, for different age groups the contribution also differs. For example, below 55 years old, the contribution at this time is 37%, comprised of 20% from the employee and 17% from the employer.
Samantha Wong, CEO of the Financial Planning Association of Singapore (FPAS), has over 15 years of experience in financial services. She has a BSc in Computing from Staffordshire University in the UK and a Master in Finance from University College Dublin in Ireland.
Resources and Terminology
MAS: Monetary Authority of Singapore
CPF: Central Provident Fund