SINGAPORE (Oct 30): Singapore is poised to see intensifying demand for specialised technology and financial skills on the back of disruption in the banking landscape, according to a report by recruitment consultant Michael Page.
In June, the Monetary Authority of Singapore (MAS) announced that it would be offering up to five digital bank licences to suitable applicants – two digital full bank (DFB) licences and three digital wholesale bank (DWB) licences.
See: Singapore to offer up to five digital bank licences
As the policy broadens its horizons to include non-banking financial companies (NBFCs), Michael Page opines that Singapore is poised to benefit from innovative value propositions that these firms could introduce when the final application results are announced in mid-2020.
The recruitment firm’s Singapore Salary Benchmark 2020 report highlights the increased efforts from firms towards digital transformation in anticipation of a stronger digital banking infrastructure.
“With these advances in digital banking, Singapore is well-placed to hone her value proposition as a hub for premium high-tech regional and global services. Expertise in different transaction platforms, digitisation, Artificial Intelligence (AI) and analytics will be in high demand,” says Nilay Khandelwal, managing director of Michael Page Singapore.
According to the report, Singapore remains the city of choice for private equity, venture capital and hedge funds looking to expand in Asia Pacific. The constant entrance of firms, coupled with new regulations, will in turn drive the demand for professionals specialising in governance and compliance.
These experts are expected to receive a 10 – 15% salary increment when switching jobs within similar industries, according to the Salary Benchmark 2020.
“In order to secure employment, professionals will require strong stakeholder management skills as well as display a level of technology know-how combined with functional expertise within financial services. This will be key as we foresee more digital transformation projects in this space,” says Khandelwal.
As the Bank for International Settlements (BIS) looks to set up an innovation centre in Singapore, Michael Page is also quick to foresee higher job creation in areas such as Big Data, cloud computing and information security.
These areas are also likely to command a 12 – 15% salary increment during the switch of jobs, it adds.
See: Bank for International Settlements sets up innovation hub centre in Singapore
In addition, as more firms in Singapore turn to heavy investments in networks and systems, the report notes that further employment in the cybersecurity space can be expected.
“In these sectors of strong professional demand, Singapore is very much a candidate’s market. Many businesses are wisely tackling the market pressures head on by investing in crucial skillsets. This can come in the way of hiring the right talent at a salary premium or upskilling their existing employees with training and development plans,” says Khandelwal.
Beyond companies in the technology sector, the report highlights how a variety of industries across Singapore are being hit by waves of disruptive technology, automation and transformation.
These include industries such as retail, fast moving consumer goods (FMCG) and professional services – all of which are undergoing digitalisation initiatives and adopting agile business models to stay competitive.
