Finance sector to create 6,500 jobs in 2021

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Paul Howell
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Financial Services

Approximately 6,000 of these new jobs will be permanent positions.

Financial institutions in Singapore are expected to create 6,500 jobs for 2021. This is according to Monetary Authority of Singapore (MAS) Managing Director Ravi Menon.

"Financial institutions are offering 6,500 newly created positions in 2021," Menon said in a speech on May 4.

He added that 6,000 of these jobs would be permanent positions. Half of them are in technology and consumer banking, while the remaining jobs are spread across other business lines and functions.

Approximately 44% of these jobs are expected to be open to mid-careerists with adjacent or no experience.

"Financial institutions are willing to train mid-careerists for these new jobs. Mid-career jobseekers should avail themselves of the opportunity to be trained into these new roles," Menon said.

There are 4,800 hiring opportunities for non-tech roles such as relationship management, product sales and compliance and risk management.

Relationship managers account for 1,300, or 28%, of these non-tech jobs.

Technology will continue to lead hiring demand, with 1,700 opporunities in 2021.

Software engineers account for 30% off these jobs, whilst business analysts and jobs in digital transformation account for another 25%.

Over the last 5 years, the financial sector created 21,000 jobs, one out of four of which were in technology. Singaporeans took up 75% of these positions.