Referees are authorized buying staff who are paid commission for the transactions they perform.
In the past, an effective property market meant that remisiers would be occupied with purchases. But with the increase of economic tech companies offering online brokerage service, remisiers have to move up the price ring, said Mr Nallakaruppan.
The new Remisier Development Programme, which aims to help remisiers acquire new skills and offer more services to their clients, was launched by the SRS and the Securities Association of Singapore ( SAS ).
” We are truly transforming this remisier career from a transaction-based strategy to a more value-added, value-advisory approach”, he said.
According to Mr. Nallakaruppan, the industry’s licensing may also change as the industry’s licensing landscape moves along.
” We want to refresh the brokerage as well as the remisier profession”, he said. ” Make it fascinating, interesting, attractive and all that, but that new entrants may appear in”.
Remisiers in the equities and fixed income space, in his opinion, are superior to personal bank and relationship supervisors. ” We do ( this ) day in, day out”, he said, noting that many remisiers have decades of experience. Two-thirds of SRS people are 60 years old and below.
The Singapore property market could even profit, said Mr Nallakaruppan.  ,
” Remisiers are a portrait of the market- but once remisiers does add value to clients, clients can make income, it rejuvenates the share market”, he said, adding that it works in tandem with other work. ” It’s not in warehouses.'”
The new program, according to SAS president Luke Lim, supports various efforts to expand the share market in Singapore, including the creation of a critique group, which was announced by the Monetary Authority of Singapore.
He said it satisfies the demands of current remisiers while introducing new talent to the sector and creating a strong and resilient capital market.
Remisiers can encourage interest in healthy initial public offerings in the market and foster investor engagement following the stock’s listing.
” Remisiers will be the human behind the stock, talking to clients”, he said. ” There’s a key role to play here”.
” There are many cylinders firing, but it’s important that we do our part”.
REMISIER DEVELOPMENT PROGRAMME
Following consultations in April, the SRS and SAS organized three training courses for remisiers to learn how to use artificial intelligence, trade securities, and improve their “personal branding.”
Each course is a full-day session conducted in person by trainers, including a former remisier.
The Financial Sector Development Fund will provide funding of up to 70 per cent of the course fee of S$ 800 ( US$ 625 ) to eligible participants. The remaining 30 % of the fees will be sponsored for SRS members for the time being.
SRS has around 400 members, and the industry has around 2, 000 remisiers.