Ravi Menon: A tech-enabled financial sector – is our workforce ready?

Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the "Growing Timber" MAS-IBF Webinar Series, 4 May 2021.

Good morning and thank you for joining us.

At the "Growing Timber" webinar six months ago, I spoke about:

• how jobs are the central economic challenge of our times;
• where the job opportunities in financial services are;
• how we can make our tertiary students job-ready for the financial sector; and
• how we can help our mid-career workers retain their jobs amid technological changes.

Today, I want to focus on two topics:

• an update on job opportunities in financial services based on MAS' latest employment outlook survey; and
• the most challenging part of our jobs and skills agenda – job specialisation, specifically in the area of technology, based on a deep dive study MAS has done.

On both topics, I will be sharing for the first time some granular data and information so that we can have a deeper understanding of the challenges and opportunities on the jobs and skills front in the financial sector.

Job Opportunities – Employment Outlook for Financial Sector

Let me start with job opportunities.

The financial sector added 2,200 net jobs in 2020 – a year when the economy as a whole shed 180,000 net jobs.

• About 2,800 net jobs went to Singaporeans; non-Singaporeans accounted for a net job loss of 600.
• This 100% Singaporean share of net job growth is unusual. It reflects
  • the impact of the Job Support Scheme that shored up local employment; and
  • the border control measures during the COVID-19 pandemic that made the employment of foreigners difficult.