Singapore’s Financial Sector To add New Jobs

Singapore’s Financial Sector To Add Over 9,400 New Jobs In 2022

SINGAPORE – The Monetary Authority of Singapore (MAS) estimated that the local financial industry will offer over 9,400 new jobs this year, reported The Straits Times on Thursday afternoon (19 May, SGT).

Of this figure, a third or more than 3,000 jobs will consist of technology-related roles, of which 700 are expected to comprise engineers and software developers, said the central bank’s Chief Ravi Menon.

Given the number of talented workers needed by Singapore’s financial sector, Menon said the city-state needs to grow a robust local talent pool, while attracting global talent.

As such, it’s inadvisable to implement a “Singaporeans-only strategy,” as such a strategy would be fatal for Singapore as a global financial hub, as there’s not enough local talent to meet the fast-expanding specialist needs of financial firms, he explained.

Rather, the ideal course of action is to ensure fair hiring opportunities, as well as develop good skills and capabilities in the city-state’s domestic labour force. In fact, the central bank estimates that there were over 3,000 Singapore citizens in senior roles in the financial industry in 2021, up by over 80 percent from 2016.

“The financial sector is growing rapidly and creating more jobs than our small local workforce can meet. Our labour market is tightening with unfilled vacancies and rising wages.”

“If we do not remain open to global talent, our financial sector will lose its competitiveness and growth will be sub-par,” warned Menon.

Notably, Singapore is now home to over 50 multinational and regional innovation labs and more than 1,400 fintech companies.

In 2021, the city-state recorded a record high of US$3.9 billion (S$54 billion) in fintech investments compared to US$2.5 billion in 2020.

For example, JP Morgan has teamed up with Temasek and DBS bank to establish Partior, a multi-currency platform for cross-border settlement.

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