REGULATION of financial services in Singapore is a strong driver behind the growth of professional jobs here. According to recruiter Morgan McKinley’s Asia-Pacific Employment Monitor released on Friday, Singapore saw a 7.4 per cent increase in professional jobs in the 12 months to January 2014.
At least 15 per cent of the job increases came from regulatory hiring, said Morgan McKinley’s chief operations officer for Asia-Pacific, Richie Holliday. He said that this stems from a “global desire to have a more stable financial services sector” post-credit crisis. But new regulations have led to an increase in risk, compliance and audit roles, both in banks and large corporations, he noted. As a result, there has been aggressive hiring in the regulatory space in the past two years, he added.
According to Mr Holliday, as financial transactions carried out by banks and wealth management institutions here tend to be of higher volume and value relative to other countries in the region, more people are needed to ensure compliance.
Also, with Singapore’s position as a leading hub in areas such as shipping, large corporations are also subject to regulation.