Transaction Banking Module Marks 10th Anniversary With a New Look

Come January 2023, NUS BIZ’s transaction banking elective will be updated based on the banking industry’s trends of real-time payments, digital assets and emerging technologies.

The module, jointly run by Citi Singapore and NUS BIZ, teaches penultimate and final-year undergraduates advanced payments, liquidity management and trade topics. The revamped elective will cover contemporary content such as the evolving transaction banking landscape; the impact of emerging technologies and digital assets on payments and liquidity; and how Environmental, Social and Governance (ESG) considerations and digitisation are impacting trade finance.

The students are graded based on class participation, test performance, and the quality of their group projects. The elective gives students a preview of the transaction banking profession. In addition, it prepares them for an internship or a career in transaction banking, corporate banking, commercial banking and the fintech industry.

Adjunct Assistant Professor Ted Teo (Dept of Finance), the instructor for the elective, says students are given a deep understanding of the transaction banking space.

“The Transaction Banking module provides students with a foundational knowledge of the international payment systems, the latest developments in the global payment infrastructure and their interplay with the fintech ecosystem. In addition, students learn how trade services and finance mitigate risks and free up working capital in global trades. With this fundamental knowledge, students will be able to appreciate the complexity of managing liquidity and risks in corporate treasury,” said Adjunct Asst Prof Teo.

The course was introduced in January 2013 to meet the demand for transaction bankers in Singapore. More than 1,000 students have taken the course, with an average of 50 students per semester intake.

With the course’s tenth anniversary coming up, BIZBeat spoke to three BBA alumni about their experiences.

Nicholas Foo (BBA 2019), Assistant Vice President, Global Transaction Banking, OCBC

While I had heard good things from seniors, the biggest reason for taking the module was due to an experience I had during a banking internship in my third year. I spoke with my managing director, who described this course he co-created and asked whether I could take it. His description of how it was conceived and its real-world design focus reinforced my decision to enrol in the course.

The module provided a strong foundation in transaction banking and gave insights into dealing with the challenges and demands of corporates. Looking back, this was one of the most applicable courses I took at NUS.

Christabel Tan (BBA 2019), Vice President, Regional Sales, Global Liquidity & Cash Management, HSBC

I took this module as a final-year student. I was sure that I wanted to start my career in a bank but undecided about the specific banking area. As an undergraduate, I had heard much about wealth management and investment banking, but I realised I knew nothing about transaction banking. A senior then convinced me to take this module with her as an opportunity to gain exposure to this area of corporate banking. I could also equip myself with the knowledge for a career in this field if I decided to pursue it.

This module was memorable because it sparked my interest in transaction banking and taught me the fundamental concepts that would serve me well through my graduate programme interviews and the early days of my cash management career. Beyond the syllabus, we also had professionals from relevant fields share their own industry experience. This meant that I had the opportunity to observe how these concepts were applied in the bank and learn more about the key trends driving the industry.

Sally Choo (BBA 2019) Trade Product Associate, Financial Institution Trade & Risk Distribution, Bank of America

This module has provided me with a good understanding of the transaction banking industry and the key banking products. The industry knowledge I gained was helpful for my interviews for transaction banking positions. The sharing of industry experts was also helpful in helping me understand what a full-time job in transaction banking entails. This has also helped me decide on my full-time career.

This module gave me a comprehensive overview of the transaction banking landscape and key products. The curriculum covered cash management and trade finance, the two major components of transaction banking. The module is also very relevant for students as it balances lectures, case studies, team projects and industry practitioners’ sharing sessions. Our lecturer Ted Teo is also an industry expert with a wealth of knowledge and provided timely guidance and feedback to students. Ted was patient, clear and structured in his explanations and provided many industry examples. Overall, I enjoyed the module, and it has enriched me with relevant industry knowledge on transaction banking.