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Morning Coffee: The finance skills you’ll soon need to succeed in Singapore

The finance skills you’ll soon need to succeed Singapore

Enter the future

Want to know which Singapore finance jobs will be secure and sought after in a few years? Listen to what a panel of industry bigwigs is saying about the city state’s future as a finance centre – a clear indication of emerging skill shortages.

The Monetary Authority of Singapore’s Financial Centre Advisory Panel (FCAP), made up of 24 members from banking, insurance and asset management, has now held its first ever meeting, reports the Business Times. As well as patting itself on the back about the recent expansion of wealth management, insurance, foreign exchange and derivatives in Singapore, the panel pointed out where the country needs to up its game.

A move to the buy-side should be on the agenda of more bankers in Singapore as the “buy-side ecosystem” needs to be strengthened, according to the panel. Recruiters we’ve spoken to recently have already noted a pick-up in private equity jobs this year – this looks set to continue.

The panel members also highlighted the need for Singapore to have more family offices, which would open up more opportunities for private bankers looking to escape the revenue stresses of their sector, but would also potentially exacerbate the skill shortages currently afflicting wealth management.

The FCAP offered some encouragement to fintech professionals in Singapore. While many IT roles are being offshored to cheaper locations in Asia, there is a need to build up FX electronic trading capabilities and to promote digital distribution and advanced analytics in the insurance industry.

With the MAS having been integral to Singapore’s development as a finance centre to date, it would pay to keep an eye on the panel’s further pronouncements. It will meet twice a year.

Meanwhile:

Chinese M&A bankers put on brave face. (Finance Asia)

ICBC profits inch up in the first half. (Financial Times)

Deutsche Bank staff questioned in Libor investigation. (Guardian)

Why Chinese bonds are staying strong. (Wall Street Journal)

Bank of Communications sees profits slow down. (South China Morning Post)

CITIC to consolidate its Hong Kong and mainland property operations. (South China Morning Post)

Singaporeans aren’t taking to mobile banking apps. (Straits Times)

Mitsubishi Corp to buy at least 10% in Olam from Temasek. (Straits Times)



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