Monetary Authority Of Singapore Estimates Over 9,400 New Financial Sector Jobs Available In 2022
Now that the world is slowly going back to how it was before Covid-19, it looks like it’s shaping up to be an exciting time for job seekers in Singapore.
Just a few days ago, Changi Airport Group announced that they are hiring over 6,600 staff to support the expected surge in air travel.
Now, the Monetary Authority of Singapore (MAS) estimates that there will be more than 9,400 new jobs in the financial sector this year.
Many of these roles will be in tech and engineering, which remain in high demand.
More than 9,400 new jobs in financial sector on offer in Singapore this year
Speaking at the Singapore Financial Forum on 19 May, MAS chief Ravi Menon declared that the country’s financial centre is “doing exceedingly well” and that “prospects remain bright for the years ahead”.
Even the Covid-19 pandemic, which crippled most industries, did not affect the financial sector.
According to Mr Menon, it grew “four times faster than the overall economy”, creating 5,800 jobs over the past two years.
In total, MAS estimates that there will be over 9,400 new permanent hiring opportunities in Singapore’s financial sector in 2022.
Out of this, more than 3,000 roles will be in technology. The highest demand is for engineers and software developers, with at least 700 opportunities.
Those in this position will develop digital finance services, apply blockchain technology in trade finance, and use programs to detect suspicious financial activity.
“Strong Singaporean Core” & diverse global talent needed to grow
Mr Menon then noted that in order for the country to keep growing as a leading international financial centre in Asia, it needs “a strong Singaporean Core complemented by a pool of deep and diverse global talent”.
He clarified that this “Singaporean Core” strategy is not the same as a “Singaporeans only” one. The latter would be “fatal for Singapore as a global financial centre”.
There are simply not enough locals to meet the fast-expanding specialist needs of financial institutions.
Instead, it’s about “building good skills”, “ensuring fair hiring opportunities”, and equipping people to advance in their careers.
An estimated 3,000 Singapore citizens held senior roles in the financial sector in 2020, up by 80% compared to 2016.
MAS ramping up efforts to help three areas of local talent
MAS has organised schemes to help develop talent for the financial sector over the years and they plan to do more.
Moving forward, they are ramping up efforts to help three areas of local talent:
- Polytechnic graduates
- Mid-career professionals switching from other sectors
- Overseas Singaporeans in finance and technology
Mr Menon emphasised that it’s important to continue embracing “high-quality global talent” alongside growing the Singaporean Core.
Addressing the recent updates to employment pass policies, he said that this “will not hinder firms from continuing to have access to the talents that they need for their growth in Singapore”.
The new framework, he explained, isn’t to lower the intake of Employment Pass (EP) holders.
Rather, it is to enable the entry of high-quality global talent in a more transparent and flexible way to complement the local workforce in Singapore.
As he reached his conclusion, Mr Menon reiterated that “welcoming global talent is not a choice”, but “a necessity”.
More opportunities for Singaporeans & global talents
It’s heartening to know that despite the challenges over the last two years, such a major industry hasn’t just survived, but thrived.
With the new jobs, Singaporeans can look forward to more opportunities to grow and support the financial sector. Embracing global talent will also help to bring the country’s financial centre to new heights.
As the world continues to open up, we’re looking forward to hearing more exciting announcements in the near future.
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Featured image adapted from HSBC.