Singapore’s financial sector to add 6,500 roles in 2021

5 May, 2021 12:00 AM printer

SINGAPORE: Singapore’s financial sector has plans to add 6,500 jobs this year, but the “large mismatch” between demand and supply of technology workers means the industry will continue to depend on foreign tech talent over the next few years, said Ravi Menon, managing director of the Republic’s central bank.

“There are simply not enough Singaporeans applying for tech roles. The problem is not jobs, it is skills,” said Mr Menon, who on Tuesday delivered a webinar on the employment outlook for the sector in 2021, report agencies.

Our financial sector has shown that technology creates far more jobs than it displaces, he added, noting that the Monetary Authority of Singapore (MAS) expects between 2,500 and 3,500 new tech roles to be created for the sector annually, over the medium term.

But many of the tech skills required to do the jobs are in short supply locally, he stressed.

That said, there is strong demand for non-tech roles among the 6,500 new jobs to be added to the sector this year, with close to 4,800 hiring opportunities in functions such as relationship management, product sales, compliance and risk management. Relationship managers account for over a quarter, or 1,300, of the hiring opportunities in non-tech roles.

The demand for financial planners and relationship managers is likely to be sustained, Mr Menon said.

“Singaporeans are becoming increasingly conscious of the need for proper financial planning such as ensuring against health risks and saving and investing for retirement,” he said.

About 6,000 of the newly-created positions this year are permanent jobs, and about half of these roles are in technology and consumer banking. Mr Menon also highlighted that 44 per cent of the 6,500 roles are open to mid-careerists with adjacent or no experience.