Job-hopping banking tech talents in Singapore could command up to 15% raise

They are in hot demand as the city prepares to grant virtual bank licenses.

Digital banking and tech banking roles can command an average of 10-15% salary increase when they switch jobs within the industry, according to a report by professional recruitment services firm Michael Page.

The launch of five digital bank licenses in Singapore intensified the demand for specialised technology and financial skills in Singapore. In particular, roles related to fund accountant, compliance manager, digital marketing, and software developers are amongst the most in-demand as firms enhance their digital banking infrastructure.

“With these advances in digital banking, Singapore is well-placed to hone her value proposition as a hub for premium high-tech regional and global services. Expertise in different transaction platforms, digitisation, Artificial Intelligence (AI) and analytics will be in high demand,” said Nilay Khandelwal, managing director of Michael Page Singapore.

Also read: Bank headcounts rise with tech talent boosting numbers

The Bank for International Settlements’ (BIS) decision to set up an innovation centre in Singapore is anticipated to increase job creation in the Big Data, cloud computing and information security spaces. In addition, more firms in Singapore are investing in networks and systems, which will drive demand for professionals with cybersecurity expertise. These areas are likely to command a 12-15% salary increment when switching jobs, noted Michael Page.

Apart from tech banking roles, professionals specialising in governance and compliance will also see an increased demand driven the constant entrance of international firms coupled with new regulations. Demand will also be further buoyed by Singapore’s status as the city of choice for private equities, venture capital and hedge funds looking to expand in Asia Pacific.

“In order to secure employment, professionals will require strong stakeholder management skills as well as display a level of technology know-how combined with functional expertise within financial services. This will be key as we foresee more digital transformation projects in this space,” advised Khandelwal.