Digitisation gains pace in Singapore as more jobs available in digital banks

The Monetary Authority of Singapore (MAS) is expecting digital banks to employ a “sizeable number of people”.
By: | December 16, 2020

“The numbers could be smaller in the initial, starting years, but as they progress towards becoming full-functioning banks and expand their business scope over the next few years, we expect their bench strength to grow,” MAS said. 

“This will add to the overall jobs created by the financial services sector, furthering our commitment to ensuring that this sector creates a future-ready workforce with a strong Singaporean core and provides the best opportunities for Singaporeans.” 

The central bank did not provide an estimate of the number of new jobs digital banks might create. 

Such jobs include key roles in leadership and management, and positions across business units and functions such as sales and marketing, business development, compliance and human resources. 

In the lead-up to the 2022 launch of digital banks, there will be four licences awarded: two will have digital full bank licences – tech giant Sea and the Grab-Singtel consortium; while the other two will have digital wholesale bank licences – Ant Group and a consortium comprising Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management. 

At least one of the four digital banks have started hiring.  Grab-Singtel consortium is looking for three groups of talent: banking veterans with operational expertise; talent in the fintech sector who can identify and bring innovative services to market; and tech leaders well-versed in cloud technology and data, said chief executive Charles Wong. 

The consortium has hired 10% to 15% of the 200 positions it needs to fill by the end of next year, in roles dealing with data, cyber security and technology. 

Digital banks offer retail customers services such as opening accounts, accepting deposits and issuing debit and credit cards, but have no physical presence, with all banking services provided online. 

READ: Singapore: Technology will disrupt 90% of HR roles in three to five years

Digital wholesale banks can serve corporates and small and medium-sized enterprises. 

A survey conducted by tech giant Microsoft and market research firm IDC Asia Pacific in September showed that nearly 75% of Singapore firms are accelerating digitalisation due to COVID-19, said The Straits Times.