Singapore’s central bank initiative to offer up to five digital bank licenses to suitable applicants comes with highly anticipated moves into uncharted territory for Singapore’s banking landscape. With the expansion of the policy to include non-banking financial companies (NBFC), Singapore can look forward to the innovative value propositions these firms can introduce when the final application results are announced in mid-2020.
Details from the Singapore Salary Benchmark 2020 published by professional recruitment services firm – Michael Page, highlights increased efforts from firms towards digital transformation in anticipation of stronger digital banking infrastructure.
Achieving these standards will intensify the demand for specialized technology and financial skills in Singapore. Nilay Khandelwal, Managing Director of Michael Page Singapore comments, “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, digitization, Artificial Intelligence (AI) and analytics will be in high demand.”
Singapore will continue to be the city of choice for private equities, venture capitals and hedge funds looking to expand in Asia Pacific. This constant entrance of firms coupled with new regulations will also drive the demand for professionals specializing in governance and compliance. According to the Salary Benchmark 2020, these experts are expected to receive a 10 – 15% salary increase when switching jobs within similar industries.
“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,” advises Nilay Khandelwal.
Following the announcement by the Bank for International Settlements (BIS) to set up an innovation centre in Singapore, this is anticipated to increase job creation in the Big Data, cloud computing and information security spaces. In addition, more firms in Singapore are investing heavily in networks and systems which will drive further employment in cybersecurity. These areas of niche technology are likely to command a 12 – 15% salary increment when switching jobs.
“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,” observes Nilay Khandelwal.
The Michael Page Salary Benchmark 2020 also brings attention to the waves of disruptive technology, automation and transformation hitting a variety of industries across Singapore. Companies outside of technology such as those in the retail, FMCG and professional services are going through digitization initiatives and adopting agile business models to stay competitive in dynamic Singapore.