Singapore's finance sector fuels tech jobs hiring boom

SINGAPORE: A third of over 9,400 new jobs available in the financial sector for 2022 is in technology, according to the Monetary Authority of Singapore (MAS). More than 3,000 IT jobs are available, with 700 of them going to software developers and engineers.

The rising demand for tech jobs is attributed to the implementation digital financial services and trade finance, blockchain technology, and the application of artificial intelligence for detecting fraud and money laundering.

At the inaugural Singapore Financial Forum in May, MAS chief Ravi Menon said that the Asian Development Bank is optimistic that robust exports and domestic demand will propel rising Asia's growth rate to more than 5% per year in the future years.

Menon clarified that the hiring spree is not a "Singaporeans-only strategy," stressing the need to simultaneously build a strong local talent pool while absorbing foreign workers.

He added that limiting the opportunity to local workers would affect Singapore as a global financial centre because there are not enough Singaporeans to meet the top-tier demands of financial companies.

"If we do not remain open to global talent, our financial sector will lose its competitiveness and growth will be sub-par," Menon added.

In his speech, he also emphasized the promising opportunities in sustainable finance. "In Singapore, we are developing strategies to build a comprehensive ecosystem for green and transition financing. We are aligning financing efforts with credible sectoral transition plans that provide clarity about transition pathways and carbon emission targets, and this in turn generates investor confidence and catalyses greater sustainable finance flows," he said.

Singapore presently has over 50 global and regional innovation labs, as well as over 1,400 fintech businesses.

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