More Singaporeans hold senior roles in finance sector than 6 years ago: SM Tharman

THE number of Singaporeans who hold senior roles in the finance sector has increased more than 80 per cent compared to 6 years ago, said Senior Minister Tharman Shanmugaratnam in a written parliamentary reply on Monday (May 9).

A poll by the Monetary Authority of Singapore found that 46 per cent of the senior roles in the sector were filled by Singaporeans in 2020; 21 per cent by permanent residents; and the remaining 33 per cent by work pass holders.

On the whole, as at the end of 2021, 71 per cent of the total financial sector workforce are Singaporeans; 14 per cent permanent residents; and 15 per cent work pass holders.

Tharman gave these figures in response to a question on the proportion of Singaporeans, permanent residents and Employment Pass holders in the finance sector.

He added that in absolute terms, more than 3,000 Singapore citizens now hold senior roles in the sector. This is an increase of more than 80 per cent compared to 6 years ago.

“These proportions have remained stable over the years, with a gradual increase in the proportion of Singapore citizens holding senior roles in the finance sector,” said Tharman.