Kevin Tay, one of OCBC’s leading corporate bankers, has joined NETS, the Singaporean electronic payments giant, as head of corporate planning and strategy. His move comes as several other payments firms step up their hiring from banks in Singapore.
Tay has been with OCBC since 2015 when he was appointed head of cash product management for Malaysia, according to his online profile. He was promoted to director last year, in a relationship management role in global corporate banking, covering the real estate sector.
His NETS job, however, marks a significant step-up in Tay’s career because he is now helping to drive the business strategy of the company with the largest payments infrastructure in Singapore. Tay’s consulting experience will come in handy in his new strategy role. Prior to OCBC, he spent 20 months as a management consultant at McKinsey & Company in China, focused on the financial services, real estate, logistics, and manufacturing industries.
NETS may be Singapore’s most established payments firm, but it is not the only one poaching business strategists like Tay from banks. As we reported last month, GrabPay hired Chun Han Quah from UOB as head of regional schemes and financial institution partnerships.
This trend is only set to gain pace this year as new players enter the payments market and existing ones increase their hiring. The latest company to launch an e-wallet in the Republic is local gaming firm Razer. UK company Revolut announced plans in February to create new jobs at its APAC headquarters in the city state.
These fintech firms aren’t just hiring business strategists like Tay and Quah, they’re also raiding banks’ technology teams for talent, say recruiters. There’s “continued demand” for developers to work on payments apps in Singapore, says Clarence Quek, a senior client solutions director at recruitment firm Randstad.
New NETS recruit Tay started his career as a management associate at DBS and worked there for three years until 2008. He then joined OCBC – his first of two stints at the bank – as a deposits and liquidity management product manager.
Image credit: Nikada, Getty
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