The Institute of Banking and Finance and Paragon University have inked a memorandum of understanding with Paragon International University Cambodia to promote collaboration to bridge the skills gap between the academic institutions’ programmes and the banking industry needs.
Through the MOU, the IBF and Paragon University will collaborate in various initiatives to bridge the gap between the rapidly evolving skills needs of the banking industry and those provided by the higher education system.
The Paragon University will benefit from this collaboration with IBF in aligning its curriculum to the industry’s expectation through IBF’s competency frameworks and textbooks, as well as training of trainers and consultation, all of which are led and developed by Cambodian industry experts.
In return, IBF will benefit from the university’s consultation, evaluation and feedback in helping the industry to understand the needs of their potential workforce.
Dr Hang Chuon Naron, Minister of Education, Youth and Sport said, “The higher education programs in Cambodia have expanded rapidly to meet the needs of the growth in various sectors, but this growth lacks synchronisation with the requirements of the industry due to non-existence of collaboration and cooperation between the two.”
“I applaud this initiative led by the IBF, supported by the ABC and CMA, as well as the positive cooperation of Paragon University to participate in this inaugural collaboration.”
He added that this collaboration showcases how employers and universities can work together in a systemic approach to improve graduates’ capacity and employability prospects, and thus serve as an inspiration for other industries to work with their relevant educational institutions to do so as well.
Association of Banks Cambodia (ABC) Chairman, Dr In Channy, said: “It is so important for the Financial Sector and the Education Sector to come together like this, as when students graduate and start their first day in a bank or at any financial institution, they tend to need a lot of training. We need curriculums to be improved so that they follow the real needs of the banking industry.
Chea Serey, Assistant Governor and Director General of the National Bank of Cambodia, said “In improving education, everyone should play a role, especially as an industry. NBC has worked with the industry to initiate the IBF and is pleased to see the impact of IBF on the overall ecosystem of banking capacity building from graduates to banking professionals, together contributing towards a knowledge-based economy, and serving the purpose towards the country’s economic development and sustained growth”.
Eang Sophalleth, Honorary Chairperson of the Paragon International University, remarked “The MoU Signing Ceremony between Paragon University and the Institute of Banking and Finance is a good testimony of Paragon’s commitment to building university-industry partnership.”
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.