Empowering Young Women in Fintech: The Launch of Stem First
On April 22, Singapore witnessed the launch of an innovative educational programme aimed at empowering young women to break into the fintech industry. Named Stem First, this initiative is designed to equip female students aged 16 to 24 with essential skills and the confidence needed to thrive in the rapidly evolving world of finance and technology.
A Collaborative Effort
Stem First is a collaborative initiative between Citi and United Women Singapore (UWS). This partnership underscores a commitment to fostering gender diversity in the tech sector, particularly in fields traditionally dominated by men. The programme aims to address the gender gap in STEM (science, technology, engineering, and mathematics) careers by providing targeted support and resources to young women.
Programme Structure and Offerings
The programme will kick off with a comprehensive research study and curriculum development, followed by a six-month experiential learning pilot for 40 female participants. This pilot will serve as a foundational step, allowing participants to engage with various aspects of fintech through hands-on experiences.
Citi Foundation has generously provided a grant of US$200,000 (S$273,000) for the first year of the programme, ensuring that it can deliver high-quality training and resources. The curriculum will cover critical topics such as artificial intelligence, machine learning, blockchain, cloud and cybersecurity, and data analytics.
Mentorship and Networking Opportunities
One of the standout features of Stem First is its emphasis on mentorship. Participants will gain exclusive access to mentorship circles, job shadowing opportunities, and workplace visits to leading STEM employers. This exposure will allow them to gain first-hand insights into various careers in the fintech sector. Notably, volunteers from Citi will play a pivotal role as mentors and workshop facilitators, providing invaluable guidance and support.
As the programme matures, it is expected to benefit up to 100 young women in its second year, further amplifying its impact on the community.
Addressing Confidence Gaps
At the launch event held at 80RR Fintech Hub SG, UWS board member Harmin Kaur highlighted a critical finding from UWS research: many young women lack confidence rather than competence when it comes to pursuing careers in STEM. This insight is crucial, as it suggests that fostering interest and confidence in technology from a young age can significantly increase female representation in the field.
Indranee Rajah, Minister in the Prime Minister’s Office and guest-of-honour at the event, echoed this sentiment during a fireside chat with UWS president Georgette Tan. She emphasized that confidence is built through experience and success. "Once you get that very first success, it becomes a foundation upon which you can build," she remarked, underscoring the importance of early achievements in nurturing self-assurance.
Commitment to Advancing Women in Tech
Amol Gupte, Citi’s ASEAN head and country officer for Singapore, expressed enthusiasm about the initiative, stating, "We are pleased to continue our efforts in advancing women by equipping them with skill sets and mindsets to succeed in STEM-related careers." This commitment aligns with Citi’s broader goals of promoting diversity and inclusion within the tech industry.
The Growing Tech Landscape in Singapore
The timing of Stem First is particularly relevant given the burgeoning tech landscape in Singapore. According to statistics from the Infocomm Media Development Authority (IMDA), the number of tech professionals in Singapore has surpassed 200,000, with approximately 10,000 new tech jobs being created annually over the past three years. Notably, women now make up 41% of the tech workforce in Singapore, significantly exceeding the global average of 28%.
A Bright Future for Women in Fintech
As Stem First embarks on its journey, it stands as a beacon of hope and opportunity for young women aspiring to enter the fintech industry. By providing essential skills, mentorship, and a supportive community, this programme aims to pave the way for a more inclusive and diverse future in technology and finance.