The Uzbekistan Industrial and Construction Bank (SQB) has entered into a transformative collaboration with the Management Development Institute of Singapore in Tashkent, the National Information Agency of Uzbekistan reported. The strategic partnership was formalized through the signing of a Memorandum of Cooperation focusing on education and the exchange of expertise between the two entities.
The initiative aligns with the Development Strategy of New Uzbekistan for 2022-2026 and the Strategy for Reforming the Banking System of the Republic of Uzbekistan for 2020-2025, both endorsed by the country's president. These strategies underscore the importance of personnel recruitment, continuous professional development, and the training and retraining of specialists to meet the demands of the evolving financial landscape.
As part of the ongoing education reforms led by the Head of State, SQB has been actively working towards modernizing educational programs and enhancing the quality of personnel training by incorporating international best practices. The collaboration with the Management Development Institute of Singapore marks a significant milestone, being the first instance of a higher education institution's involvement in the Uzbekistan banking system.
"Transformation is a new atmosphere of the work process, a new method of work. We have improved our personnel policy and created the basis for this operating principle. Our next actions are aimed at being competitive with the activities of leading foreign banks," Aziz Akbarjonov, Chairman of the Board of SQB, stated.
SQB, with support from the International Finance Corporation, the Asian Bank, and the European Bank for Reconstruction and Development, has already undertaken various measures to meet international standards. This includes the development of employee service standards, international training courses, a KPI personnel incentive system, and collaboration with the Moscow School of Management Skolkovo.
Abdulaziz Orifjonov, Acting Director of the Personnel and Organizational Development Department of SQB, expressed confidence in the choice of the Management Development Institute of Singapore.
"The higher education institution, in collaboration with prestigious universities around the world, puts forward various educational programs in the banking, financial sector, and management. We hope the Institute’s experience will improve our cooperation,” Abdulaziz Orifjonov noted.
Under this collaborative educational program, SQB employees are slated to undergo retraining and advanced training in areas such as risk management, compliance control, business analysis, and project management. The program further includes opportunities for internships in prominent training centers in England, Germany, Singapore, Korea, and Switzerland.
This year, SQB plans to provide training to more than 3,500 employees, encompassing the bank’s head office, front and back offices, and top management, with a focus on facilitating the attainment of international certifications including FRM, CFA, ACCA, and PMI.
Founded in 1922, SQB stands as one of Uzbekistan's oldest banks and is the second-largest state-owned bank. Recognized as a stalwart in the banking market, SQB has continually adapted to changes, providing steadfast support to its clients and actively contributing to the financial and economic development of Uzbekistan. In 2023, the bank was acknowledged by the European Bank for Reconstruction and Development (EBRD) for its pivotal role in advancing energy-saving technologies in the country.
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