FITI, taking financial knowledge to the next level

Financial Institutions Training Institute Limited (FITI) office in Thimphu

SHERAB DORJI

Thimphu

To help employees gain advance knowledge in finances in the digital era, the five commercial banks and two insurance companies in the country takes up the training programmes that are provided by Financial Institutions Training Institute Limited (FITI).

Besides, GIC Bhutan Reinsurance, National Provident and Pension Fund (NPPF), National Cottage and Small Industry (CSI) Development Bank, Royal Securities Exchange of Bhutan Limited (RSEBL), Nubri Capital and Credit Information Bureau, RENEW Microfinance Private Limited are also taking up the trainings.

FITI was established in 2011 with the aim to act as centre of excellence for the financial sector’s human resource training in the country to promote and develop professionally qualified and competent bankers and financial service personnel.

Till date, the number of participants (in-service personnel) who availed both long and short-term trainings since FITI’s full operation since from 2018 onwards, from Financial Service Providers (FSPs) and Central Bank comes about 450 participants who attended the training.

The head of training curriculum design and marketing, FITI, Sonam Phuntsho said the growth trend is very positive despite the global pandemic.

FITI offers long-term (flagship programs), short-term (financial associated) and customized programs for in-service personnel of FSPs, central bank and for the graduates.

The institute also provides in-country short-term trainings in the field of soft skill and entrepreneurship development program with in collaboration with government agencies.

An official from FSPs said that despite from our little experience in the field, it gives us more idea in an adaptation of new financial technologies and methods.

Many financial institutions take up the long-term programmes and trainings offered to pre-service as par the details given by FITI about the program, duration, fee structure, program content and all other requirements which many of the financial institution finds very helpful.

FITI also launched the flagship programmes which helped the growth of the financial institution in the country.

Some of the flagship programmes that FITI have launched include JA-FITI a continuing professional development program, Post Graduate Diploma inBanking (PGDB) and five certification courses that are Risk Management, Credit Management, Pension Management, Insurance and Banking Operations.

To impart knowledge, skills and enhance professionalism besides networking and exposure the programmes had been very helpful to the FSPs. “Our clients have now started appreciating the kind of training FITI offers and the little impact it had in their overall functioning,” says Sonam Phuntsho.

The overall benefits FITI expects from such trainings are increased business profits, improved performance, accuracy and quality, communication, compliance with rules and regulations, improved recruitment and career opportunities and development of good customer relations.

“I did my training and am great full to my institute for granting such an opportunity as it had really helped me to enhance my knowledge and more importantly I learned how to deal with the customers,” an official from FSPs said.

“The programmes and training provided by FITI are very advanced which helps our employees to upgrade their skills and knowledge which gradually helps an employer like us,” said a manager from one of the FSPs. 

Sonam Phuntsho said they are very optimistic since they have unconditional support from the Central Bank and the FSPs, and of course our Shareholders.

He further added that the company do foresees some challenges specifically to in building credibility and recognition of our programs outside Bhutan.

Meanwhile, FITI is in discussion with some of the reputed training institute like London Institute of Banking and Finance (LIBF), UK for accreditation of both flagship and professional certification programmes to access their global recognized training programmes and to source highly qualified faculties.