There are about 3,010 jobs available in the financial services sector in Singapore, with most of them are for professionals, managers, executives and technicians (PMETS). These jobs for PMETs make up 57 percent of the nearly 5,200 jobs, traineeship and attachment openings available in the sector as at the end of last month, said the Ministry of Manpower (MOM) in its final jobs situation report for the year.
Roles with the highest number of job vacancies include compliance officers or risk analysts, which have a median monthly pay of $9,100, as well as software, Web and multimedia developers, which have a median monthly pay of $7,750.
In addition to these vacancies, the Monetary Authority of Singapore’s (MAS) Employment Outlook Survey found in June that more than 30 financial institutions intend to hire for about 1,800 jobs from July this year to June next year. Half of these positions are in technology functions, including application developers and business analysts, The New Paper reports.
Increased hiring has been observed in private banking and wealth management, corporate banking, consumer banking and insurance, according to the pilot MAS survey.
“MAS continues to look for new opportunities to entrench, grow and strengthen our enablers, with the end outcome of ensuring our financial services sector continues to create good jobs for Singaporeans,” said Ms Thong Leng Yeng, executive director of MAS’ financial centre development department.
Trade and Industry Minister Chan Chun Sing said the financial services sector has done well with 4.7 percent growth amid the Covid-19 pandemic. However, “disruption in the financial services sector will continue, if not accelerate”, he added.
Adoption of technology and data use was sped up around the world, enabling new products and services. It will also support the innovation necessary to meet the increasingly diverse needs from various segments of the market, said Mr Chan. Despite these changes, the need for people to trust in financial institutions remains the same.
Singapore has established itself as a safe harbour for funds amid the pandemic and geopolitical shifts, and it must continue to leverage this as a key advantage, said Mr Chan.
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