News: 43% of senior roles in financial sector in Singapore held by locals: MAS

Employee Relations

43% of senior roles in financial sector in Singapore held by locals: MAS

Meanwhile, within the sector’s overall workforce, Singaporeans make up about 70 per cent, while permanent residents (PRs) make up another 14 percent, as per Monetary Authority of Singapore’s (MAS).
43% of senior roles in financial sector in Singapore held by locals: MAS
Reflecting “Singapore’s role as an international financial centre”, as per MAS managing director Ravi Menon, across the country’s entire financial sector, Singaporeans make up about 43 per cent of senior management.
 
"As our financial sector attracts more regional and global HQ (headquarter) functions, it creates more good jobs and opportunities for Singaporeans," said Menon.
 
He further added that it also means a higher proportion of foreigners in senior management in these functions as FIs (financial institutions) understandably draw from a global talent pool to fill these positions. The regulator has been working with FIs to develop a strong local leadership pipeline, and Menon believes that the industry is making progress. 
 
Earlier this year, the central bank set up a S$125 million package to encourage financial institutions to retain, train and hire Singaporeans. Of the 47 employers, 30 are in the financial services and professional services sectors, including banks and fund managers. These 30 also have a high concentration of PMETs from single nationalities.
 
With a commitment to grow the Singaporean core in the financial sector MAS will intensify its engagements with FIs’ senior management on their workforce profiles. Menon said, "Although Singaporeans are “well represented” across business functions, the local proportion needs to be improved in areas such as technology and risk management."
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