Financial sector expected to add 6,500 jobs in 2021, building on last year’s expansion

Moving on to tech jobs in finance, Menon said technology has become central to how financial services are produced, distributed and consumed.

“Can we imagine what life would have been like during last year’s ‘circuit breaker’ lockdown if we didn’t have PayNow or FAST?” he said.

“Many of these digital financial services would not have been possible without the financial industry’s strong technology workforce.”

Listing the functions required to develop financial applications, including business analysts, system and security architects and software developers, Menon said many of the technical skills required are in short supply in Singapore.

SHORTAGE TECHNICAL SKILLS

The tech workforce in Singapore’s financial sector is estimated to be between 25,000 and 30% higher than in 2014.

Mr Menon said the increased demand for tech jobs has benefited Singaporean workers.

“Singaporeans’ share of tech jobs has remained steady at around 35% over the years,” he said.

“But with the rapid expansion of the tech workforce, this meant 2,200 additional tech jobs for Singaporeans. This is an increase of more than 30% in five years, from 6,700 jobs in 2014 to 8,900 jobs in 2019.”

The proportion of Singaporeans working in tech jobs is also uneven across different specializations. Singaporeans account for 70% of net job growth for cybersecurity engineers and UX/UI designers, and 50% of net job growth for data analysts and data scientists.

“It’s encouraging, given that these are in-demand positions. But these are also niche positions where the number of hires is relatively low,” Menon said.

“In 2019, net job growth for software engineers was 200, 10 times that of UX/UI designers. Less than 20% of those 200 software engineering jobs went to Singaporeans.”

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