Singapore is a world-class financial centre. The financial sector accounted for 11.6% of Singapore’s gross domestic product in 2011. Finance and Investment Banking in Singapore are booming despite global economic uncertainties. Traits such as a stable economic and political system, conducive legal and tax policies, reputation for integrity, and harsh penalties against crime and money laundering, have contributed to Singapore’s healthy status.
Most of the world’s largest and most reputable financial institutions can be found in Singapore, adding to the diversity, size and depth of Singapore’s financial sector that includes investment banking, the Asian dollar market, foreign exchange market, bond market, equity/derivatives markets, asset management and insurance.
“Two key areas within this sector will be Risk & Compliance and Product Control.”
Singapore has the fourth largest forex market in the world after London, New York and Tokyo. The risk management sector is expected to be a major growth area in coming years. Singapore’s Economic Review Committee highlighted an opportunity to establish a risk management facility in Singapore and set up the Asia Risk Exchange (ARX).
Finding work in Singapore’s Banking & Finance Industries is becoming more challenging due to stricter visa rules, foreigner quotas and the turbulent economic conditions experienced in the second half of 2011. That being said, Singapore’s job market in this sector is still inviting according to James McEwin from Marks Sattin: “Within finance & banking in Singapore, two key areas moving forward will be around Risk and Compliance and Product Control. Financial Institutions are open to overseas candidates as many of the skills required are not ‘geographically specific’”.
For more on finding work in Singapore, have a look at our job guide. Here you’ll find information on how to find work, snapshots of other job sectors and visa arrangements.
Almost all of the world’s top financial institutions have regional or even global headquarters in Singapore.
For the latest Banking & Finance roles in Singapore, visit Gateway Global Careers.
It is a very informative and useful post. Thanks. It is good to read this post as it increases my knowledge and awareness.