2022 wasn’t the best year for tech companies, but that can’t be said for all tech workers in general, given that several industries, such as banking and engineering, have been hiring to tap growth opportunities and are willing to offer attractive salaries to attract talent.
In fact, in late 2022, the Straits Times projected that there would be a high demand for tech roles in the banking sector, with those with the necessary skills and backgrounds earning 20% more when switching industries and jobs.
As a Standard Chartered spokesperson share, various tech disruptions that have emerged in our banking sector have led to demand in hiring rising, such as:
- Digital banking: The Monetary Authority of Singapore (MAS) has issued digital banking licenses to non-banking entities, allowing them to offer banking services without physical branches. This has led to increased competition and innovation in the banking industry.
- Fintech partnerships: Many banks in Singapore are partnering with fintech companies to offer innovative financial products and services to their customers. These partnerships allow banks to leverage the latest technology to provide better customer experiences and increase operational efficiency.
- Blockchain and cryptocurrency: The use of blockchain technology and cryptocurrencies is gaining popularity in the banking sector in Singapore. Banks are exploring the use of blockchain for payments and settlements, while some are also offering cryptocurrency services to their customers.
- Artificial intelligence: Many banks in Singapore are adopting artificial intelligence (AI) to improve their customer service, risk management, and operational efficiency. AI is being used to automate processes, analyse customer data, and provide personalised recommendations to customers.
- Open banking: The introduction of open banking regulations in Singapore has increased competition and innovation in the banking industry. Banks are now required to share customer data with other authorised financial institutions, allowing for the creation of new financial products and services.
Singapore’s “natural advantage” in digitalising our banking sector
In fields such as fintech, investment in Singapore is growing, and the industry in Singapore is pushing hard for digitalisation.
The Monetary Authority of Singapore’s (MAS’s) Chief Fintech Officer (CFO) Sopnendu Mohanty shared at the Innovate Finance Global Summit 2023 how Singapore has focused on nurturing the country’s business-to-business (B2B) market and helping fintech companies build infrastructure to support bank and corporate needs.
“The only chance we had in this space was to think differently about fintechs,” Mohanty said, adding that this approach paid off during the Covid-19 pandemic, because there was “huge demand” to start digitising at speed.
“B2B fintechs suddenly found themselves in a very good position,” he added.
“Looking at Q1 2023, we are up 20-30% against the previous quarter. I think we should definitely be equal or better than last year,” the CFO shared, with more growth in the B2B space, due to high interest rates and Singapore’s well-positioned banking industry.
Mohanty believes that Singapore has a “natural advantage”, given that it’s part of the global financial ecosystem.
“We (Singapore) have positioned ourselves as being interoperable and open to a coordinated global response when it comes to finance systems.
“We believe that the financial sector has no boundaries. This whole notion that there’s a competition between different cities and countries is absolutely a misplaced competition,” he said. Mr. Mohanty even admitted: “We try to learn from the United Kingdom’s fintech day and night and copy shamelessly what they’re doing well!”
What tech jobs are banks hiring heavily for in Singapore?
In Singapore, some of the most in-demand jobs within the tech sector by jobseekers and employers include:
- Software Developers and Engineers: With the increasing demand for digital solutions and software applications, software developers and engineers are highly sought after in Singapore. They are responsible for designing, developing, and maintaining software applications and systems.
- Data Scientists and Analysts: As data becomes an increasingly important asset for businesses, data scientists and analysts are in high demand in Singapore. They are responsible for collecting, analysing, and interpreting data to help organisations make data-driven decisions.
- Cybersecurity Professionals: With the increasing number of cyber threats and security breaches, cybersecurity professionals are in high demand in Singapore. They are responsible for designing, implementing, and maintaining security measures to protect organisations from cyber-attacks.
- Cloud Computing Professionals: With the increasing adoption of cloud computing technologies, cloud computing professionals are in high demand in Singapore. They are responsible for designing, implementing, and maintaining cloud-based systems and applications.
- Artificial Intelligence (AI) and Machine Learning (ML) Engineers: With the increasing interest in AI and ML technologies, AI and ML engineers are in high demand in Singapore. They are responsible for designing and developing AI and ML systems and applications.
Read More: Banking and Financial Services – Hiring & Salary Outlook 2023
What skills are needed to jump on the banking tech bandwagon?
If you’re looking to move to the banking sector, a mix of industry-relevant vertical and horizontal skills is essential. Standard Chartered’s spokesperson shared which skills matter and why:
Vertical skills
- Industry-specific knowledge: A deep understanding of the banking industry, including trends, regulations, and best practices.
- Technical skills: Expertise in a specific programming language, software tool, or technology platform, depending on the role.
- Domain expertise: Specialised knowledge in areas such as cybersecurity, artificial intelligence, or cloud computing.
- Product knowledge: Understanding the product or service that an organisation offers to meet customer needs.
Horizontal skills
- Communication: Effective communication skills for collaborating with team members, explaining technical concepts to non-technical stakeholders, and building relationships with customers.
- Problem-solving: The ability to identify and solve problems to create innovative solutions and navigate technical challenges.
- Analytical thinking: The ability to analyse and interpret data for informed decision-making and to identify patterns and trends.
- Adaptability: The ability to adapt to change, which is crucial in the constantly evolving marketplace
