Gender diversity challenges in Singapore's finance industry

SINGAPORE: Women held just over one in five, or 20.8%, of C-suite positions in Singapore's financial industry in 2021, according to recent analysis performed by Deloitte.

Its research also found that for women in senior leadership or non-C-suite roles, the share was 24.5% in Singapore.

While these figures were well above Asia-wide averages from the five market (Mainland China, Hong Kong, India, and Japan were the other four), Deloitte says there is still room for the finance industry in Singapore to catch up with others with diversity much closer to 50% female leadership.

"While Singapore’s numbers compare favourably against regional averages for Asia, more work needs to be done to advance gender equity across the financial services industry, and financial institutions should review and evaluate how they plan to advance in leadership across their organisations," Deloitte said.

Women in C-suite roles in financial institutions in Singapore increased by two percentage points (to 20.8%), and women in senior leadership positions rose from 18.2% to 24.5% between 1998 to 2021.

Women in next generation roles, or those in manager or equivalent titles below senior leadership that could be the next generation of women leaders, climbed from 27.7% to 44.9% during the same period.

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