MAS estimates 9,400 new permanent roles for financial sector in 2022
Vivienne Tay
THE Monetary Authority of Singapore (MAS) estimates that there will be more than 9,400 hiring opportunities for permanent roles in the Republic’s financial sector in 2022.
More than 3,000 jobs will be in technology, said MAS managing director Ravi Menon in his opening remarks at the Singapore Financial Forum 2022.
The highest demand - weighing in with more than 700 opportunities - will be for software developers and engineers, as they support activities such as designing and developing digital finance services; applying blockchain technology in trade finance; and using artificial intelligence to detect fraud and money laundering.
New jobs in sustainable finance will also be available, from executing ESG (environmental, social, and governance) transactions to advisory services and product development.
“Many of these jobs will draw on traditional finance expertise such as product structuring, risk management, reporting and pricing, but layered and infused with new knowledge on sustainability,” Menon added.
He noted that 5,800 net jobs in financial service were created in the past 2 years. This came as the financial sector grew by an annual average of 7.2 per cent during 2020-21, 4 times faster than the overall economy. Growth has been broad-based, spanning the banking, insurance, asset management and payment services sectors.
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MAS said that it is stepping up its efforts when it comes to local talent, particularly with polytechnic graduates, mid-career professionals from other sectors and overseas Singaporeans working in finance and technology.
To support mid-career transitions, the Institute of Banking & Finance (IBF) and Workforce SIngapore (WSG) will launch a new wealth management accelerator programme.
The 3-month programme will be targeted at mid-career professionals with a passion for customer relationship management and an interest in pursuing a wealth management career.
The programme will include structured and on-the-job training to provide participants will the skills to be licensed and hired into relationship management roles. MAS added that 7 major retail banks will participate in the inaugural programme to fill close to 200 roles.
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